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The pros and cons of freelancing
In the world of freelancing, you are your own boss. You can choose when you want to work and pick the projects you want to work on.
Freelancing is also hard work. You will have no steady paycheck and must manage your finances and workload. You have to source your own clients and risk not getting paid.
Despite the downsides, there are still many successful freelancers. Some tips can help you get your business get up and running.
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Create a business plan
A business plan can help set you to think about your business as a whole. You'll determine your target audience, your mission, competition etc.
There are hundreds of free online business templates available. You can make it as in-depth or surface level as you want.
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Set business goals
Goal setting is vital to any successful freelance business. Without goals, it's difficult to move in the right direction.
- What do you want to achieve as a freelance business owner?
- What are your long-term goals?
- What are your monthly and quarterly goals?
Setting small, actionable goals can help you accomplish more than you thought possible.
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Control your costs
A new business will often incur some startup costs. If you are new to freelancing, create realistic income goals.
What can you truly expect to earn each month?
Consider what you need to outsource and what you can do. If you earn money as a 1099 contractor, set aside some of your earnings towards your quarterly taxes to the IRS.
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Market yourself
As a freelancer, you are a big part of your brand. Consider how to market yourself. Think of ways you can set yourself apart from your competition.
Don't just market your service or product. Most clients will choose to work with you because of you.
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