If you are thinking about starting your own business, sometimes you might think to yourself that it would be so much easier if you could quit your job and focus on your freelancing 100%. However, in many cases it is best to wait to quit your job. There are many things that you will want to do before you quit to freelance full-time.
If you build up your freelancing services and clients before you quit, you will be more prepared and you will still have your hopefully stable day job income to count on. When first starting out with freelancing, it may takes months or years before you reach a stable level of freelancing income that you can live off of.
Build your services.
What services are you going to offer with your business? Will they be online services? Will you be selling a product? What kind of funding will you need in order to start and grow your business? There are a lot of things that need to be thought about.
Having a built-up portfolio is very important.
Build your clients.
What type of clients are you targeting? Will your clients be mainly other businesses? Or will you be selling directly to a certain market such as selling on Etsy? Advertise your services and/or products and make sure that people know who you are and what you are offering.
Figure out what your budget and cash flow needs to do.
How much do you need to make each month in order to pay your bills? Think about how you will save for retirement as well. Will you be okay financially if you have a bad month?
How will you legally set up your business?
Will you have a partnership? What about an LLC? A sole proprietorship? They are positives and negatives of each. Thinking about taxes and your liability is important as well when determining what form of business you will run.
What would you do to make sure that your freelancing services are stable?