7 Steps To Setting Up a Successful Freelancing Business
We previously considered the reasons some people choose to establish a home-based freelancing business. This time, we will be looking at the requirements and taking the first steps to set up a successful home-based entrepreneurship. With the evolution of technology, combined with the affordability and access to key technology, there has been a steady growth in the number of freelancing employment opportunities.
The Pros To Setting Up A Successful Home Based Freelancing Business
There are a number of pros to set up your own home based freelancing business. Besides the reasons covered in our previous blog, “Are you thinking about working from home”, additional pros include:
- It is a fast and affordable way to broaden your employment opportunities.
- You are relying on your skills and experience to offer services and do not need additional licenses or certifications. The services are based on your knowledge and skills you have.
- You get to choose the services, clients, industries, and jobs you want to do.
- You can focus your skills on one specific area like social media marketing or offer services based on your combined knowledge and experiences like a virtual assistant.
- You choose the number of clients and the hours to work.
Tools And Resources
You will need the correct equipment and resources. This will enable you to maximize on your potential. There are a number of resources and apps available at little or no cost which will enable you to establish effective communications with clients, regardless of where they are located. The following is an example of the apps, programs, and resources available to you:
- Slack is a great app for both communication and file sharing.
- Telegram is an easy to use app which enables you to communicate, share files and develop groups.
- Google Hangouts
- Google Docs
- Google Drive
- Process Street templates
- Doc Hub
Take some time to check out the apps, read terms and conditions and also the reviews for the apps you would likely be using. This will ensure that you are choosing the apps best suited for your needs.
7 Steps To Get You Started
- Compile a list of your strengths and weaknesses and the services you will most likely be interested in offering. Once you have made the list, you can start to narrow down the services to the tasks for which you are most likely suited and enjoy doing. Your strengths and weaknesses perform a critical role in the services you are offering. For example, you cannot offer translation services if you are not bilingual in the language you are offering. Services you can offer will depend on your own wants, needs, and abilities. These services can include anything ranging from bookkeeping to project maintenance.
- List your potential clients. Once you have decided on the services you can offer, compile a list of possible clients and markets that are most likely in the market for the services you offer. This list can include any possible market that is most likely to outsource their services such as solo-entrepreneurs. Drop shipping stores, real-estate agents and more.
- Start with a business plan. Your business plan will constitute the foundation of your home-based business and will enable you to execute your plan in a structured, concise and logically grouped manner. Your business plan will equally serve as a benchmark for your performance goals and growth. (1)
- Produce a business name which is unique and will describe the services you offer. Do not limit the growth of your business with the name. If you start off offering transcription services but later add translation services, it is not logical to name the business ABC Transcriptions. Employ a name that will allow you to grow and include supplemental services as you continue to establish your services.
- Establish a business account. There are a number of resources available which will enable you to be paid from anywhere across the globe. Most of these services enable you to invoice the client and request payment via the services. This is a significant way to keep track of and manage your payments. To get an idea of what is available and what you can expect, you can check out the services offered by Paypal, Payoneer and mobile payment apps.
- Develop your marketing plan. This will serve as a guide to ensuring that you are reaching your maximum potential and utilizing the available resources to their maximum potential. You can include social media, advertising, website and more. It helps to recognize who your market is and how best to reach out to them.(2)
- Most importantly, consistently deliver a top-quality service. Do not oversell yourself just to succeed in obtaining the job. Be realistic and do not underprice your services. Reliable clients with the best interest of their business at heart will pay for good services. Establish an excellent working relationship with your clients, stay professional and deliver quality work, every time.
Next time we will take a look at how best to use your skills and knowledge.