Freelancing is an effective business model that will remain viable for a long time. Thousands of people kickstarted their careers with freelancing and now own a stable business with recurring monthly income. As a freelancer, there are no geographical restrictions; you can be in any country and still make substantial earnings in the standard currency, U.S. dollars. Before getting started, there are a few prerequisites.
Necessary Tools To Start A Freelancing Business
You can’t simply start a freelancing business; you need a few things to help you establish, sustain, and grow your business. Here are the five essential tools:
- A Laptop: Depending on your service, you need a laptop that can handle all the tasks without holding you back.
- A Mobile device: Any mobile device will do. It will help you stay in touch with your clients whenever needed.
- Internet connection: You need a stable internet connection to operate devices like your phone and laptop.
- Bank account: Go to your local bank and open a current account that accepts international payments; you can also start with a savings account.
- PayPal Business account: You are working in a global marketplace; PayPal will help you convert a foreign currency into a local one. It also provides you with data for analysis and invoices for tax purposes. Moreover, they only charge you 6% fees, which is otherwise 20% on some freelancing platforms.
Equip yourself with these five tools, and you will be ready for your new freelancing enterprise.
Questions Before Starting a Freelancing Business
Questions Before Starting a Freelancing Business:
Before getting started, you need to describe and justify your service. There is a list of questions that you need to write down and answer honestly. These questions will bring clarity to your business and make you stand out from those who are cluelessly pitching to clients. Answer the following questions carefully:
- Why are you starting the freelancing business?
- What do you wish to accomplish from this business, and when?
- What is it that you offer?
- How are you going to complete your task? Jot down all the steps.
- Why are you a better recruit than others who have been doing it for years?
- What are your selling points or core values?
- What sectors are you going to serve?
- Who are your potential clients?
- How much are you going to charge for your service? Will it be per hour or project?
Take your time to answer these questions; you will be glad you did.
Getting Started With Freelancing
Getting Started With Freelancing:
Freelancing is a rewarding business; it teaches you various skills on the way that stays with you forever. Entitled as a one-person company, you wear multiple caps and be exceptional in numerous roles to make it successful. Even if you don’t earn a million dollars, you will learn precious lessons that are probably worth more and will change the trajectory of your future. Follow the steps below to get started:
Step 1: Pave the right path
There are two ways to commence your freelancing journey. You can choose either: First, you signup onto any existing freelancing platforms like Upwork, Fiverr, Freelancer, etc. These are some of the well-established platforms that you can trust. Conduct some research and find out which platform works best for you. Don’t create an account everywhere, be smart be professional.
The second way is to create your own platform, aka website, and display your services and skills. Remember, you will have to personally reach out to people on social media platforms like LinkedIn, Instagram, etc. You may have to run some ads to gain exposure.
It is more accessible to signup on Upwork or Fiverr and get started because you don’t have any credibility yet. You may not know how to find clients and convince them to hire a newbie over the internet. Freelancing platforms act as security for both clients and freelancers. Clients trust these platforms, and you have a higher chance of getting hired when they meet you via Upwork or Fiverr. However, these platforms charge you 20% of your earnings, so let’s say you complete a project for $1000, the client will pay you the same amount, but you will receive $800 in the bank. A conversion fee, platform fee, and withholding fee add up to 20%.
Therefore, if you already have some rapport and testimonials, you keep all the profits this way, but you bear all the risk of signing contracts, ensuring the client pays, etc. There are pros and cons for each; we assume you have no previous work proof, testimonials, or client base, so signing up on one of these platforms makes much more sense.
Step 2: Setup a professional profile
The fundamental way freelancing platforms operate is that clients post their job descriptions and requirements. You read the description, find out it’s what you do, and submit a proposal convincing them to hire you. They like your proposal, go through your profile to verify your expertise, set up an interview to know you better, answer every single one of their questions (typically about you), and then hire you.
Once the contracts are signed, you complete the work, submit it, and they make the payment. Freelancing platforms take care of everything and ensure you receive money in your bank account.
To fit well into this process, you need a professional profile. Even if you are just getting started, looking sharp is always fruitful:
- Add a decent headshot picture of your face as the profile picture. It will build trust in the eyes of your potential clients.
- Write a smart description that establishes your skillset, highlights your core values, and gives an overview of your workflow. If you can’t write it, hire someone on Fiverr for $5 to do it for you. It is a critical step and needs to be pertinent.
- Complete your profile, and don’t leave any field empty unnecessarily. You may be asked about your qualifications, so be transparent and truthful.
- Attach some samples of your work. Put your best work on display because you will be judged based on it.
- Make your pricing and submission deadline clear.
- Analyze other freelancers’ profiles that serve similar clients as you. Take pointers from their profile and improve your own.
Step 3: Maintain a spreadsheet
Since you’re just starting out, you don’t need to spend money on CRMs. Google spreadsheet will do the trick. You must maintain a proper spreadsheet of all your clients, the work you performed, how much money you earned and/or is pending, and attach invoices for tax purposes. A simple monthly spreadsheet will include the following columns:
| Sr No | Client Name | Project Desc. | Start Date | End Date | Total Project Value (Amt) | Paid/ Pending | Amount received in bank | Fees Paid (Total – Received) | Total Earnings |
Step 4: Find Clients
You’re all set and ready to work. Freelancing platforms will automatically display a few relevant and available jobs. Use the search bar and filter options to explore all the jobs. Once you find the one you like, send proposals to captivate the clients and focus on standing out from the crowd.
It is best to have a standard template already saved with you. It should include your introduction, values, expertise, work, price, and timeline. Don’t waste time writing a new proposal for each client; you have work to do. Simply switch the names and send the same proposal to every client.
One note or hack to getting more clients is sending as many proposals as possible. Don’t send just one and wait for days; send as many as you can every day, and eventually, you will get replies. If you get multiple responses together, you are in charge of choosing which project to work on—Indeed, a good problem to have.
Step 5: Be diligent and submit work on time
It isn’t easy to get hired, but it is more challenging to retain that client. If somebody is giving you an opportunity to work and get paid, get it done to the best of your ability and improve with time. Never let any client down because the next time they need the same service, guess who they will come to? You!
Set appropriate deadlines, and don’t be over-optimistic; if a particular job takes three days to complete, ask for five days because unforeseen circumstances also add up—better stay safe than sorry.
Step 6: Ask for testimonials
After you complete the job and get paid, one last thing is still pending, a review. If the client is satisfied with your service, they will happily give you a positive review. Remember, the more positive reviews you have from your clients, the more chances you have of getting new clients.
When the client sends a message of satisfaction, send a new message that sounds like this:
“Thank you. I am glad to see that you are satisfied with my work. Before we part ways, it will help me a lot if you leave 5-star ratings and a positive review. Here’s the link. It will help me get more clients. Thank You. P.S. If you need me again, drop me a message, and I will quickly respond. Looking forward to working with you again.”
Conclusion
That’s all there is to starting a freelancing business. Repeat the five steps above, and you will always have work. Nothing is stopping you from starting your freelancing journey. The only question right now is: When will you start?
