The transition between working for a company and then venturing out to freelance or run your own business can be an exciting time. The thought of not having to answer to a boss hovering around your desk can be extremely liberating. The stress of having to not only complete work to get paid but also find that work can be too much for some. This results in a person reverting back to a traditional job which they could have taken a step back if returning to their previous company.
The people that handle this transition the best are the most likely to continue to work remotely for as long as possible. Eliminating the need to go into an office allows a person to live anywhere in the world and work as long as there is a reliable internet connection. The freedom to do this opens up possibilities of moving to a country with a very low cost of living allow a person to save up more per year. People that do this for extended periods can retire years earlier than they would have if they had stayed in the US.
Build A Client Base That Offers Stable Income Before Leaving Your Job That You Have
The last thing that anyone wants to do is take a step back in their career due to venturing out on their own only to quit a few months later. Building a client base is important as this will help you budget for your new income level. A nice nest egg is important to have as well to avoid any financial issues. For those people that understand they can live off of their current client base stick it out as long as possible at your current gig. The two streams of income are going to be great but keep in mind that this will not be permanent. There are times companies that have employees leave on good terms to be self-employed can be offered contract work by their previous employer. For this reason it is important to do everything in the correct manner including your notice before leaving as well as leaving clients of your current employer off of your sales target list.
When Pitching A Bigger Client In Person, Rent An Office Space
People freelancing for themselves or with a small company might only need one or two large clients. For this reason closing as many as possible without impacting quality of work is imperative. This will give a freelancer the ability to source work out and take profits off of the top. Building a network of other freelancers that provide excellent quality work, communicate issues, and hit deadlines can be a massive resource for earning potential. A freelance writer that sources 50 articles a week to another writer taking $10 off of the top can make $500 a week and around $2000 a month. This can be nearly considered passive income if there are very few to no errors that need editing. Closing sales with large clients can allow you to offer other freelancers consistent income while profiting from their work. A venue hire (like those available at Meetinkz.com) is a great option for those looking to rent out spaces for meetings or even larger events. Do not allow the fact that you run a small operation keep you from working with industry giants!
Use Your Personal And Professional Network To Help Close Clients
A freelancer that is high quality and produces nothing but the best work can be easy to recommend. T taking pride in your work is important as a professional or personal contact might not be willing to put their reputation on the line for subpar work. Working with those that were referred personally can be both pleasant or ruin a relationship. There are those people that are terrible to do business with even when you know them personally. Doing small test campaigns or jobs first before signing a large deal is imperative. Ruining professional or personal relationships can stunt the growth of a client base quite quickly so the test will be an audition for you as well as the client.
Don’t Be Afraid To Dump Problem Clients
There is going to come a time when freelancing long enough that a company that you have worked with undergoes change of management or is purchased. The new management could not put treating freelancers at the top of their priority list. Dropping payment rates or making payment terms unfair to the freelancer are examples of what can be done. Late payment is done by plenty of companies working with freelancers due to most freelancers needing the work. Do not be afraid to drop one of these problem clients as they might not be profitable as you spend so much time dealing with them and potentially neglecting other clients. A business relationship needs to be mutually beneficial instead of one party benefiting in a massive way while the other struggles.
Transitioning from a traditional job to the freelance world is going to be tough. Stay as productive as possible during the infancy of your self-employment as setting up a good base for your business is essential!