7 Steps To Setting Up a Successful Freelancing Business

7 Steps To Setting Up a Successful Freelancing Business

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
  • Grammarly
  • Screencastify

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.

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Are You Thinking About Working From Home?

9 Reasons People Choose Freelancing

If you are reading this, it is more than likely that you have been considering your options with regards to working from home as a freelancer. If freelancing is something you have thought about, hopefully, this article can offer you some support, information, and resources that will assist you in making your decision.

Easier Said Than Done

Working from home may not always be as easy as it sounds, and, neither is it a decision to be taken lightly. However, once you have made the decision and have a growth plan in place, with dedication, discipline, and support, you can successfully manage and grow a thriving, home-based career from the comfort and security of your own home. Being self-employed takes planning and goals but with the right business plan and dedication, there is no doubt that you can make this work.

Statistics show that there are over a million freelancers in the Philippines that earn between $10-$50 an hour. This is well above the minimum wage for the average Filipino employee. The study also went on to show that 74.8% of these established freelancers have chosen this career path as it gives them the freedom to set their own schedules and can enjoy the freedom of working from anywhere. (1)

I set about asking a few established freelancers what motivated their decisions to work from home and what they hoped to achieve with their decision.  In some instances, the reasons for making the decision were vastly different, however, what did remain similar, was their feedback on what they hope to achieve.

Here are 9 of the  of the most common reasons that have motivated freelancers to take the step to being self-employed and establishing a home-based freelancing business:

  1. Amount Of Time and money spent commuting

Did you know that on average, Filipinos in Manilla spends up to an hour and 6 minutes a day just commuting to and from work? This means that on average, employees have spent 16 days a year commuting, that does not take into account any delays or parking issues which are also a regular occurrence (2)

  1. Difficulty in arranging work schedules around family and childcare
  2. Office and workforce politics
  3. Workplace stress
  4. Unemployment or limited employment opportunities (3)
  5. Earning minimum wage due to limited employment opportunities
  6. Limited opportunities to showcase skills
  7. No growth opportunities
  8. Disability

Let’s take a look at what some of the benefits of freelancing are, and most importantly, what those benefits mean to you.

Flexible Time Management:

One of the most common benefits of freelancing is flexible time management. Many freelancers have established their freelancing careers around having the flexibility to schedule their office hours and tasks around accommodating their families and children, and most importantly, being able to work from anywhere. (4)  Not only have you cut out the costs associated with external childcare, but can also have the freedom to schedule your workday around your family’s needs and spending time with them.

“I was getting home after 6 pm every weeknight. Not only was I tired, especially after the long commute and rushing to collect the kids from after-school care, but also, once dinner and homework were done, it was time for my kids to get to bed. I just never seemed to have quality time with my children anymore. I really missed that, it broke my heart not being there with them when it really counted. “ Vera, Virtual Assistant & PA. Philippines 

How Much Time And Money Do You Spend Commuting?

I am sure that most of you will agree that commuting, is not always fun. You have to get up early and drag yourself out the house in a hurry to only have to spend time doing nothing constructive but sitting back and watching the world pass you.

Ask yourself this:

  • How much time do you spend commuting a day?
  • Now, calculate that time by a week, then a month and, a year. Now ask yourself, what could you have achieved in that time?
  • The same applies to the costs of commuting. How much of your hard-earned cash are you having to spend to actually earn an income?

Endless opportunities

Can you imagine the benefits of having access to global employment opportunities? From the comfort of your own home, you can work for a company or individual based anywhere in the world. Where there might be limited resources or opportunities for someone with your skill set within your own towns and communities, freelancing introduces you to bigger, better employment prospects. As a freelancer, you can decide which of your skills to display and can even focus on what it is you love doing.  You make all the decisions and choose the work you want to do.

“I worked at a local market. It was the only employment I could find at the time that was close enough to home and there are not many jobs for men that do not include some form of physical labor which I was limited to due to disabilities. I honestly hated the work, it was the same mundane tasks every day but it helped pay the bills and I had no other choices. I started freelancing a year ago and my business has taken off.  I have been employed as a Customer Service Agent for a company based in the USA and with nothing but my laptop and WiFi, I work 30 hours a week as a live chat consultant and, earn 3 times more than I did working 50 hours a week at the grocer. I have also been able to take up my studies. Being able to plan my own schedule has been a great way for me to improve myself“ Daniel VA Philippines.

Where To From Here?

Let me make a suggestion, make a list and jot down all the possibilities and opportunities if you were to choose to freelance. I found that making lists are a great way to logically sort your thoughts and an even easier way to sort, prioritize and weigh up the options.

Now ask yourself, if you could choose the hours you want to work, could reduce your expenses, and earn what you are worth. Most importantly, with getting to choose the jobs you want and, do the things you love doing, versus doing what is available to you, where do you see yourself in 5 years? (5)

Next time, we will take a look at what it takes to setup a successful online freelancer.

  1. http://www.profilesasiapacific.com/2016/09/08/freelance-economy-philippines/
  2. https://psa.gov.ph/content/employment-rate-january-2018-estimated-947-percent
  3. https://www.thevahandbook.com/manage-childcare/
  4. https://www.thevahandbook.com/why-become-virtual-assistant/