Ready to quit your corporate job to freelance? Here’s what to consider.
If you are thinking of leaving your full time job to pursue your craft.
Here are some things to consider:
Before you take the leap
Before striking out on your own, it’s a good idea to first set a business plan for yourself and your new endeavor
That means writing out in simple language what the goal of your business is, who your audience is, understanding your why and what you’re hoping to charge.
Put your finances upfront
When you’re in a full-time job with a steady salary flowing into your bank account, it’s easy to ignore your personal finances. You have a guaranteed monthly income; your taxes are taken at source, so you don’t even have to think about that; and you have all those extra benefits like insurance and pension contributions.
As you start working for yourself, you’ll need to wake up and get on top of both your business and personal finances. Before you start, you’ll want to first make sure that it’s going to work for your personal situation—whether you have student loans, large mortgage payments or young kids to take care of.
SAVE UP
Start saving.
You need to set aside money in your business.
The first few weeks and months may not go according to plan so make sure your day to day and important bills such as rent are paid while you are still figuring things out.
Get it all in order
Register you business.
Brand your business idea. Draw up contracts.
Create social media platforms.
Build a website. Set your rates.
Get everything in order before you take the leap. So that when you do launch, you’ll spend time on doing the actual work rather than be unprepared.
Speak to an accountant or business consultant
What will the tax situation look like as a freelancer or creative entrepreneur? What is everything you need to be registered for? Tips on how to navigate the business side of freelancing?
Figuring this out early on allows you to be prepared for all the legal aspects of running a business. It also allows you to learn and know more about your business idea and model.
Get your first few clients now
The last thing you want to do is have no one ready to pay you once you’re on your own.
Start getting to know your local business community. Go to networking events. Tell everyone what you do and who you work with.
Good luck with your new venture! Wishing you a successful creative business!