By: Derek Goodman
The pandemic has forced tens of thousands of small businesses to shut down permanently. While this will make any entrepreneur hesitant about launching a business, the growing need for digital services suggests this could be a great time to break into the gig economy. Freelance marketers, content producers, web developers, and designers have seen no shortage of work through the pandemic, and demand will continue to grow as more businesses shift online.
Launching a business is always fraught with uncertainty. Thankfully, you have access to several resources that can help you get your bearings, like the Boston Content community for content producers and marketers. Let’s explore some common freelancing challenges so you can prepare for a smooth launch!
Finding Clients and Pricing Services
Before hanging out your shingle, elemental strategies should be considered and planned out. Two of the most common questions to be addressed are how to find clients and how to price services or products. Both of these areas of your freelance business can be researched on sites like Freelancer.com and Upwork. You don’t need to be a premium member of sites like these in order to look through the listings to gauge how much others are charging. It’s especially easy to see who’s hiring freelancers as well. Also look into purchasing the latest Writer’s Market, a resource that many freelancers consider a must-have. The book is updated annually and the website is updated almost daily; it comes chock-full of information such as pay rates and publishers’ information, including what they’re looking for.
Keeping your LinkedIn page up to date is also important, as this step of the process relies on networking. Put your feelers out to see who else is doing work similar to you, and it never hurts to message those within your network to see if they know of anyone looking for freelance talent. Getting the word out to your peers about your new business is just one way to spread the news; tell everyone you interact with, including family, friends, the person who cuts your hair -- you may be surprised who needs your services.
Hiring Team Members
Most freelancing businesses start as one-person operations. As your business grows and takes on more clients, you may need to onboard a few team members. This is a great sign that your business is expanding! Delegating extra work to employees will free up your time so you can take on a managerial role, eventually building your freelance gig into a full-fledged agency.
Before you hire employees, you must register your business with the IRS and obtain an Employer ID Number (EIN) so you can report and pay payroll taxes. This is also a good time to establish an organized payroll system. Business owners can benefit from a full-service payroll program that includes time tracking, direct deposit, and automated tax filing. If you only have a few staff members, look for a simple payroll calendar template that works with your employee scheduling and time tracking system.
Paying Taxes
As Smart Money Mamas explains, paying taxes is one of the most complicated parts of running your own business, especially if you employ staff. One simple mistake could leave you liable for fees or penalties, and could even trigger an audit. It may be worthwhile to work with a tax professional when tax season rolls around. Whether or not you decide to do your own taxes, make sure you keep accurate records throughout the year. You don’t want to miss claiming business expenses that could save you money!
Juggling Clients
If you’re not yet ready to hire employees, make sure you’re prepared to manage several clients on your own. Juggling clients can be very challenging. Some days, you might find yourself spending more time messaging clients and fielding calls than completing paid work. And if your clients start contacting you at all hours of the day, you’re going to burn out quickly.
Scope creep is a common issue among freelancers. Web designers, for example, experience scope creep when clients ask for additional website features after establishing the original goals and objectives of their web design project. This can cost you undue stress, time, and money. Right out of the gate, set clear boundaries with your clients so you can avoid scope creep or doing extra, unbilled work to keep them happy..
Finding Work-Life Balance
One of the most difficult elements of freelancing is achieving the elusive work-life balance. Juggling your professional and personal life is a lot harder when you work from home and manage your own business. If you were employed in a traditional office before the pandemic, making this shift can be tough!
Creative Boom recommends investing in digital tools that will help you save time throughout your workday. Look for apps that will track your work hours, automate client invoicing, monitor social media, send emails, and allow for effortless file sharing and collaboration with clients and team members. Saving time on these administrative tasks will give you more time for family, hobbies, and anything else that’s important in your life.
Are you ready to start a remote freelancing business? Don’t let COVID-19 hold you back! Digital services are primed for the pandemic-era economy. Whether you’re launching a one-person side gig or a digital marketing agency, research and planning will get you far. There are services such as nDash, a content creation platform, that help the world's top freelance writers. This platform can help you find new clients, get paid on delivery and set your rates.
As you launch your business, take advantage of all the resources that are available to you. Boston Content is a community for content producers and marketers, offering networking opportunities, tips, workshops, and more. Visit the website to join our community today!
Ready to learn more from top voices in marketing & leadership? Check out our book club! Every new member gets the book of the month for free - along with the chance to win giveaways to local bookstores and coffee shops!
About the author:
Derek Goodman created Inbizability, a site to offer you tips, tricks, and resources to help in realizing business ability and potential now. He is an entrepreneur who always wanted to make his own future. He knew growing his own business was the only way to do that.