How to set up a freelance business

How To Set Up A Freelance Business?

How To Set Up A Freelance Business?

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Whether it’s creating your own hours or knowing that you can make some serious money when done correctly, putting the pieces together to set up a freelance business can be a lucrative venture almost anyone can take on.

There are no specific skills you need to make it a success, in fact since you’re a freelancer you can pretty much do anything you want to make cash – as long as there is a market for it.

But doing the actual work is the easy part since you’re probably more than knowledgeable on the subject.

The hard part is setting up your freelance business since there is so much to consider.

From figuring out your unique business name to setting up your bank account; it can be all quite stressful without prior knowledge or any form of guidance.

But don’t worry about that, this article has you covered and I will walk you through the process of setting up your freelance business so that you can be as successful as possible.

Figure out your niche

We can’t give you too much direction on this choice, since it all depends on what you’re good at and what you’re interested in.

It can be anything from writing articles for outdoor lovers or doing web design work for interior designers.

But if you’re completely stuck on the idea of what your niche should be, here are some ideas:

• Health and fitness
• Self-improvement
• Nootropics
• Cryptocurrency
• Pets
• Golf

As you see from above, there are a variety of niches which you could be a part of and apply your knowledge too, depending on what exactly piques your interest.

Write a plan & set prices

People go into business with their foot on the gas pedal but they have no idea what direction they are taking, so they inevitably crash and burn.

Just like anyone who goes throughout life without a plan.

When starting with your freelance business it’s important to write down a plan, a detailed one if you can, of what you’re going to be doing to ensure that your business is going to be successful.

• Do you plan on working every day of the week?

• Are you only going to target specific companies?

• Are you going to eventually hire people?

• How much are you going to pay yourself vs how much goes back into the business?

These are some of the questions that need answering so that you can effectively plan out how you’re going to hit your goals when it comes to your freelance business.

And obviously, one question we’ve forgotten to mention which you’re DEFINITELY going to need to think about is:

What are you going to charge your clients?

Buy a domain and create a website

The next thing you’re going to want to do if you intend to take this whole freelance thing as seriously as possible is to create a website.

Or at least get someone else to do it for you.

If you have a small amount of start-up capital, you could very easily do this on your own since there are plenty of web templates that are very easy to set up out of the box.

On top of that, you’re going to need a place to put your website; so you’re going to want to buy a domain too.

Your domain should be closely linked to your business’ name if you can, you should find and buy a domain that has your business name in the address.

If you’re looking to get a domain for your business then use our #1 rated domain hosting service provider GoDaddy. I’ve used GoDaddy for years. They offer exceptional customer service and a well-supported platform. Use the link below to secure that website name today as your first step in getting the online presence for your business.

#1 Rated For Registering Your Domain Name

One of the first things you will need to do as an entrepreneur is to establish your online presence. I’ve been using GoDaddy for years and have nothing but good things to say about them. Purchasing a domain name is a seamless process and their customer support is second to none. So go pick that domain and get going with Godaddy today.

Godaddy App Small

If you are looking for the lowest cost option available today to get a domain name and website then our #1 rated provider for you is Hostinger. Check out the link below to get you the lowest cost best performing website off the ground today.

#1 Rated Low Cost Shared Webhosting

If you’re looking for the lowest cost, highest performing shared Webhosting platform then look further than Hostinger. They offer high-performance WordPress site hosting services, with good uptime and at a fraction of the cost of the competition. It takes minutes to set up and you’re site is up and running. They also offer 24/7 support if you need it.

Hostinger Servers

Get email and quality business productivity software on the cheap

Now that you have a domain name you need email and business productivity software. Our #1 rated cloud-based service for this is Google Workspace. With Google Workspace you have everything from email, document editing, cloud storage, calendar apps, video conferencing and so much more. Learn more about Google Workspace below.

#1 Rated Cloud Based Business Productivity Platform

Google’s Workspace cloud-based business productivity solutions are the industry gold standard. I use this amazing suite of applications to run my business and strongly recommend them to anyone. This includes mobile apps, web apps, cloud storage, calendar and more. Now that you have a domain, put it to work on the best email platform on the market, Gmail. 

Google Workspace Gmail

Register your business

Now that you know what your business is going to be all about and you’ve got a website to let people know where they can find you and your services.

You’re going to need to set up your business in another way.

The legal way.

This means registering your business and letting the authorities know that you own and work for this business too.

This is so that you can pay the right amount of tax when that time comes around, and for all the other boring business reasons we won’t get into in this post.

Just know that it’s something you definitely need to do and it’s as important as anything else on this list; and beyond legal reasons, it will make this whole thing look a lot more legible which will instill entrust into your future clients.

Good legal advise is important, especially during the early stages of setting up your freelancing business

This is all dependent on what stage you’re at, what personal assets you have and so much more. I would strongly recommend you consult with a tax and legal professional. 

The tax professional will guide you financially while the legal professional will walk you through any legal guidance based on your current situation and future business plans. 

If you’re looking for a legal partner on the budget to help you get your business incorporated and guide you along with the growth of your business, then I highly recommend you check out our #1 rated online legal business service, Incfile. Incfile can assist you with your incorporation needs and more, check out Incfile below today for more information.

#1 Rated Online Business Legal Service

Incfile makes incorporating a company as easy as possible, so you can focus on the important things. Beyond free LLC filing, they have a full suite of startup services, which means Incfile not only helps you get started but supports you in your continued success as your one-stop-shop.  So for all of your legal business needs check out Incfile today.

incfile desktop

For more information on registering your business to make it a distinct legal entity. Click the link to the Small Business Administration website.

Open a business bank account

Still, on the topic of legal stuff, you’re going to also want to open a business bank account.

Not only does this make tracking things easy for you both for peace of mind and legality wise.

It also makes you look a lot more professional when you are charging your clients.

If they were sending their money to your personal account, they’d be left wondering if you were even a legit business person.

For the sake of hoping they’re going to recommend your service to their friends and business associates, you’re going to want to do this as soon as possible.

It is paramount that you separate all of your business and personal expenses. To facilitate that, you will need business banking. Click the link here to learn more about opening a business banking account

Our #1 rates business banking partner is NovoNovo is ideal for freelancers, startups and small businesses looking for business banking. To learn more about Novo’s services check out the link below.

#1 Rated For Business Banking

Novo is a powerfully simple business banking platform with no hidden fees built for small business owners. Since launching, freelancers, startup founders, and small business owners alike have been opening business accounts in minutes, securely and easily with no minimum balance requirements. Simplify your business finances with Novo.

Novo card and mobile Phone

Keep track of everything

As a freelance business, you’re going to also need to keep track of your expenses and your taxes simply for the purpose of being able to recall this information whenever you need it the most.

Most importantly you need to see if you’re actually making money to see if your business is worth working on.

This will also allow you to see if any improvements need to be made to ensure that you hit your goals.

There is also a scenario where you might be overspending, keeping track of your spending and your incoming money will help you to identify this so you can do what is necessary to solve this issue.

The bottom line: Track everything. The ins, the outs, and most importantly, your taxes.

 If you want to take on your accounting and tax needs, then look no further than QuickBooks and TurboTax. They are both our number one recommended partners for both accounting and taxes. For more information check out QuickBooks and TurboTax below.

#1 Rated Accounting Software

The most reputable and supported business accounting solution on the market is QuickBooks. You don’t need to be an accounting expert to start using QuickBooks. From its elegant profits/loss displays to invoicing, payments, managing expenses, a nice mobile platform, payroll integration and so much more. The best part of all, it’s free to try.

QuickBooks Overview Phone

#1 Rated Tax Software

Everyone needs to file their taxes one way or another. So when I want to take on the inevitable, I use TurboTax. It’s fast, simple and there is even a free option. If for some reason you need help, they even offer real CPAs or EAs that can help with advice or a line by line review. I have been using this software for years and I’m happy to recommend it to you.

Turbotax devices Phone

I personally think it is always a good idea if you’re serious about a new venture to get the foundation set and start things off on the right foot. That means having the right corporate structure in place, your legal, accounting and taxes all in order, especially if you start to pull in revenue and you have customers.

Don't forget business insurance

This one of those things that everyone typically forgets, but could help you avoid major headaches in the future. Business insurance is there for a reason, not only to protect you, but it is also mandatory to have in many situations.

If you’re new to business insurance and are looking for the simplest way to find out what you need to get your freelance business off the ground, then look no further than Embroker

I can’t recommend them enough and they’re my #1 rated partner for business insurance. It’s completely free to check out their service and simple starter packages to give you that peace of mind when you start your new business. Learn more about Embroker below.

#1 Rated For Business Insurance

How much will my business insurance cost? What insurance coverage does my small business need? Visit Embroker and get a free quote in just a minute! I can’t speak highly enough about their robust services and business insurance offerings. They make the business insurance and purchasing process fast and simple. Try Embroker for your business.

Embroker Insurance In Minutes

Market yourself and remember to network

It’s all well and good having a website set up and all of the legal stuff in order, but you’re actually going to need clients and to get those paying clients you’re going to need to market yourself in the business world.

As well as networking with those who are already established.

If you’ve placed yourself into the fitness niche, then it’s time to get a bunch of emails together and cold email fitness professionals to see if your business can help them in any way.

This goes for any niche really; find where exactly your ideal clients are and go see if your services can help them.

Pros & Cons of starting a freelance business

PROS:

CONS:

With the pros and cons covered, if you’ve got the time and the drive then you can very easily make freelance business work for you.

You could even start this sort of thing in your free time.

Using the money you make from your 9-5 to help fund your freelance business meaning that you’ve pretty much got no risk associated with it since you have a stable job to fall back on if things go catastrophically wrong.

Links for entrepreneurship, business startup information, free startup guide and business tools and resources

For more information on learning how to open your own business. Click the link to the usa.gov website.

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Frank Makrides

Frank Makrides

Is a former financial technology industry executive, licensed realtor, real estate investor, an award-winning speaker, has been published, holds multiple patents and is passionate about all things personal finance and entrepreneurship. He is also a proud husband and father of 2 amazing children.

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