February 20, 2021
How to Build a Business from Your Freelancing Job
Guest Author: Brittany Fisher
Few jobs offer more freedom and flexibility than working as a freelancer. Beyond the ability to work from home on your own time, freelancing offers limitless opportunities for advancement. Once you’ve found your footing as a successful freelancer, launching a business is an excellent way to expand your growth potential! The type of business you launch depends entirely on the kind of freelance work you’re doing, but the general requirements are similar across all industries. Here are four tips brought to you by SoLo Funds to get you started!
Advance Your Education
The best entrepreneurs are always learning. If you’re looking to break into the world of business ownership, it may be worthwhile to go back to school! Consider pursuing a Master of Business Administration (MBA) degree to learn the various skills you will need to thrive as a business leader. Among many other things, a reputable MBA program will teach you about marketing, global economics, business accounting, ethical leadership, and managing people. To earn your business degree while juggling your freelancing job, enroll in an MBA program from an online university.
Assemble Your Team
When your freelancing hustle becomes a growing business, you will need to hire a few team members to ensure everything runs smoothly. Outsource any work that is draining your time, like administrative tasks or financial matters. Focus on your strengths as a skilled professional and hire experts to fill in for your weaknesses. For example, if you’re an amazing web developer but you don’t have much of a knack for design or copywriting, outsource these projects to freelancers who will help your business thrive.
Adapt Your Branding
When pitching your services to clients as a freelancer, you were trying to sell your own personal brand. Not that you are transitioning to a business, you may need to adapt your brand to better fit with your new marketing strategies. As Keap explains, building a respected and well-recognized brand is one of the best things you can do for your budding business! And don’t wait until you’re up and running to get started. Launching right out of the gate with a solid brand identity will help you create cohesive marketing materials, website copy, and social media content.
Register Your New Business
Besides branding your new business, make it official in the eyes of the law and tax authorities. If you want to operate a business under a name that isn’t your own, you will need to register as a legal business entity. Registering a business involves choosing a unique name, choosing a type of business entity—such as sole proprietorship or LLC, and submitting your business information to your state filing office. If you plan to hire employees or apply for a business credit card, you will also need to request an Employer Identification Number (EIN) from the IRS. Don’t miss any of these essential steps as you make the leap from freelancer to business owner!
Separate Your Finances
When you become a business, be sure to separate your business and personal financial accounts. This will help you treat your business like a separate entity and avoid jeopardizing your personal finances when your business needs help. At the same time, keeping your accounts separate will make tax season a lot easier! Organizing your business expenses and keeping track of spending through a dedicated business account will ensure you don’t miss any important write-offs that could save you money.
Are you ready to transform your side gig into a business? Don’t waste another second! Launching a business is a fantastic way to take your freelancing career to the next level. As long as you plan carefully and do your due diligence, you’re bound to enjoy success as an entrepreneur.
Does your budding business need an injection of cash? The SoLo Funds community can you give access to short-term funding through affordable loans!