Becoming a freelancer has become increasingly popular. People opt for this line of business not just because of good pay but also because of the flexibility that comes along with freelancing, as well as the high demand for freelancers of all kinds today. This is especially true for freelance writers. The fact of the matter is that many companies are in need of original and high-quality content. And, for that, they are also in desperate need for skillful content and copywriters.
There’s no shortage of work but the competition is fierce nonetheless. However, starting a freelance business is quite more challenging than it seems. There’s always more to it than just simply finding gigs online. As self-employed, you’ll have to manage both yourself and your business. With that in mind, here are a few important things to know if you want to start a freelance business.
Pick your niche
Almost anything can be turned into a freelancing business today ranging from web development and design to online brokerage and writing, among other things. You have to pick what suits you the most. If you opt for freelance writing, which is the most common type of freelancing jobs, you’ll have to choose a niche you’re most comfortable with. Of course, not all niches are paid the same, which is another important thing to know before you start out. That said, here are a few niches you should consider before starting your business.
- Freelance Journalism – A well-paid niche but difficult to get into. It pretty much comes down to pitching articles to newspapers, journals, magazines, etc. If the article is interesting enough, the publishers will accept it, and you get paid for it nicely.
- Web Content – Articles related to SEO (Search Engine Optimization), such as long-form articles, social media posts, and other keyword-focused content.
- Medical and Scientific writing – Jargon-focused articles related to a specific industry. If you’re knowledgeable, your job is to portray the research and experiments in layman’s terms.
- Technical writing – Similar to medicine and science but only this time about computers and technology.
- Copywriting – Basically, copywriting is selling through writing. You must be able to convince people to make a purchase by writing compelling sales ads, product descriptions, newsletters and so on.
- Freelance Blogging – You can start a blog and write about some specific topics or write for someone else’s blog.
- Business Writing – Business-related content, such as how to attract employees, write resumes, start a business, etc.
There isn’t much overhead for starting a freelance business but you should be prepared nonetheless. To start with, you’ll need a computer and a good Internet connection. Furthermore, you’ll need the right tools to help you out, especially in the beginning. As an example, if you want to become an online broker for currency trade, you might get some training on reliable platforms beforehand. It’s also a good idea to have an office space, even if it’s just a separate corner in your home.
While you can work from home, it can become monotone and solitary. This can negatively impact your productivity and motivation. In such cases, consider working from a café or a coworking space. The key is finding out what works best for you. Some people prefer solitude overworking in crowded places, which is why freelancing is, indeed, an ideal career path for some.
Manage your finances
The thing about freelancing work is that you won’t have a steady income all the time. Sometimes, you’ll have difficulties finding work, which means your finances will take a blow. That’s why it’s important to have this fact in mind when starting your business. You will have to budget wisely, in order to manage through a dry period.
A good strategy is to have an emergency savings account. That way, you can allocate funds when business is going more than fine so that you can have a backup plan in place when business isn’t going so well. Moreover, it’s very important to make the best of the money you already have.
For instance, by having a handy Spree credit card you can earn cashback rewards and discounts on your online purchases. That way you can save money by spending money and everything you manage to save will eventually help you out in one way or another.
This is also important if you want to build an exit strategy that will leave you with a profit. Lots of people who venture into this line of work have this goal in mind. Make sure to Google “how to sell my business fast” so that you can create the right plan for yourself. That way, you can be sure to get the most out of your venture.
Even though freelancing can be a well-paid job, you still need to get paid, to begin with, so that you can cover your own expenses. What’s more, you might run into troublesome clients who can’t or won’t pay you on time. That’s why you have to be financially secured until you can resolve any outstanding issues.
Determine your prices
Another important thing to know is that most of the time, you’ll have to set a price for your own work or negotiate the price with your clients. In other words, you’ll rarely come across a steady fare. This fact alone is enough to give a lot of people time for a pause.
If you’re new to the freelancing world, you are probably terrified of the idea that you’ll have set your own prices, mainly because you have no idea how to do that. That’s okay and you don’t have to worry too much about it. As a matter of fact, there are a few ways you can approach this matter. As an example:
- Research an average price in your niche
- Research the hourly rate for freelancers in general.
- Try to estimate how long the project will take.
- Learn how to communicate the price with a client
- Be firm when negotiating
Another important aspect is factoring in the quality of your work into the price. If you’re good at something, you might as well get well-paid for it.
Starting a freelancing business can be a profitable endeavor. However, as highly sought-after this line of work may be, it’s still a competitive market. That’s why it’s important to know all there is to know about freelancing so that you can make the best out of it.