How to Start a Freelancing Business
With a very competitive world and high inflation rate, it is so hard to survive life had it not been for the businesses around us, the very bloodstream of our economy.
In a typical family, the father works to provide for his family and normally the mother stays at home to oversee the welfare of each member of the family. Partnership in life is like a business, the father who provides the needs of the family is like the “capitalist” and the mother who manages the resources is the “active or managing partner.” As family grows bigger, children’s needs become a concern. Many of us wanted to progress financially but with so many expenses, the sole provider is not enough nowadays. Having a business is one way to progress in life, but the questions of many is how to start a freelancing business.
Things to consider in starting a freelancing business:
1. Know your talents/interest and the kind of business you want to have.
Much as we wanted to start a business, the dream business we wanted is something that we can’t afford to start because it needs a big capital. In this case, we should start to make freelancing business plan. Evaluate what are your talents and use whatever you have to start a business. Use those talents to earn and save first and build fund for your dream business. Most of the successful business owners started as a freelancer where they use their talents, abilities and skills to earn and save their money to eventually pursue the dream business they wanted.
2. Know the needs of the customers/clients.
a. We should observe and know what our customers wanted to buy from us. Successful business owners learn from customers daily. We can learn a lot by observing and talking to our customers. Aside from the traditional way of observing customers, observing the trend in the digital world would greatly help in predicting the potential freelancing business we might consider to venture.
b. Identify your skills, interests and experience that we could offer to our customers/clients. Example of this is freelancing. Freelancing is a serious business So as freelancer we should render the best service we could do for our clients. Clients' business success is our success as well.
3. Make market research.
Observe the competition. We should also consider our suppliers. Talk to suppliers to find quality products at low cost, or buy low. In setting sales price, we should buy low and sell high. Consider mark up as to cover the other expenses such as transportation and the like. Study which product is fast moving and learn how we can improve our products even more. Be updated with the digital trend of freelancing business.
4. Keep written records.
This is one of the business essential. Successful business owners keep daily records. Sometimes it is hard to start a new habit, the habit of keeping written records. These are the income and business expense log. The purpose of this record keeping is to know if we are making a profit. These records would determine our business growth.
5. Separate business and family money.
Successful business owners don’t steal from their business. Business owners should pay themselves wages or commission regularly separate from their business money. Business money should be in a different account from our personal money. Whenever there are big opportunities to buy low products and sell high later, we won’t have enough fund should we keep on borrowing it for our personal use. This is often the mistake of many business owners that leads to bankruptcy. We should always keep in mind our business goal which is to grow our business.
With so much competition in the world market, business owners should make business strategy that would make them be competitive. Seeking the help of freelancing business assistant (virtual assistants) knowledgeable in Social Media Marketing and Management would be a great help in letting the world know that your business exist and let others know what you can offer. As your business progresses, there will be many willing to lend you a helping hand. Business owners need not to be a one man worker, he needs to learn to delegate some task. Giving opportunities for others to progress as well. Never forgetting our humble beginning and sharing the blessings enjoyed through hard work and people who made the business success possible.
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