Many 9 to 5 employees of small and large firms often desire to have an established business of theirs or better still go freelance with their skills. Such thoughts come up on those days when you probably get really frustrated or exhausted at work and you just wonder if the money was worth all the stress. Perhaps, you may know a handful of people who quit their jobs to go freelance and they really seem to be getting a hang of it. Freelance not only gives you flexibility but also gives you an opportunity to explore other interests.
Without any deniable doubts, freelance holds a lot of benefits when you get a hang of it, otherwise, it would probably be best to remain at your 9 to 5 till you are well equipped to go freelance. Basically, because there’s no job security that comes with freelance. You must be ready to put in so much effort to build your brand and consistently secure customers. Your inability to do that would render you broke.
So, before you quit your job and jump into freelancing, here are a few tips you may want to consider.
Have Business Goals: A business focus would help you channel your energy into the precise services you would like to offer. You can identify your niche by paying close attention to the things that shape your business interest. Some budding freelancers already have this in place, however, it is one thing to have a business focus and another thing to know the needs or demands required in that area. Personal research would open a window into the market, that way, you are able to predict the success of your business both short-term and long-term.
Have a solid financial background: Every good Business person when health with the reality of Investing soon comes to the realisation that it takes money to make money.There are no fixed rules as to much you must have before going freelance. However, there are amount limits to have before starting certain businesses. In a nutshell, before quitting your job and starting your own business it is best to have a solid financial backup as in investments or savings accounts. Most times, the early part of freelance could be really dry as a lot of work has to be put in securing well-paying clients and customers. The degree may differ by business type or individual, should in case you find your business playing out contrary to what you had in mind you can always fall back on your financial backup till you get a hang of running the business.
Be ready to take risks: The whole process of freelancing is a risk. That you have considered quitting your 9 to 5 for freelancing is a risk. There are no free meals or bonuses or clients that “grow on trees” when it comes to freelancing. You must strategically plan out how you want your business to go. This involves taking risks and preparing for the worst-case scenarios that could happen. The first step to mitigating possible risks is the willingness to take risks when there is a demand for that. For example, you decide to go into mini-manufacturing. Thanks to technology you may not necessarily fly down to China or wherever to look for manufacturers the whole process can be done online. Unless you have the time and funds to travel in search of a good manufacturer, you must be willing to take a risk that the manufacturers you find online based on recommendation will be able to manufacture the exact thing you had in mind and use quality materials.
Learn business and marketing strategies: Remember, going freelance means that you are ready to take full responsibility for running your business as a business owner. Therefore, you must have a well-planned out business plan or business strategies you would use to execute your business. For employees who work in the marketing department and other related departments of their firms may have an advantage in adapting a few business and marketing strategies which would be useful when setting up their freelance business. On the other hand, if you have little or no experience whatever in business strategies you can self-educate yourself by looking up videos on the internet.
The business strategies may include the ways you intend to:
Build your brand Create brand awareness
Secure well-paying and loyal clients/customers
Earn customer trust
Secure referrals through satisfied customers
The list is quite exhaustive, however, it is without any doubt that as you go deeper into your business more strategic ideas begin to surface.
Contrary to what many people assume, becoming your own boss is a lot of work. The success of your business is dependent on the amount of effort you put to make it work.
A successful business doesn’t just happen, you must be willing to put deliberate and necessary efforts into making it work.
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