Navigating the Transition: How to Turn Your Freelance Work Into a Small Business

Your particular form elation does not in any way have to be as whimsical as this gentleman’s seen here.

Image via Freepik

Guest Writer: Shauna Friedman

Transitioning from a freelancer to a small business owner is an exciting yet challenging journey. While you've honed your skills as a freelancer, you should consider several crucial steps to make this transformation smooth and successful. This FreelanceMikey article explores the key points that will help you leap from freelancing to running your small business.

Get Covered

As you make the transition from freelancing to running a small business, it's imperative to consider the importance of insurance coverage. Protecting your investment means safeguarding your business against unexpected challenges.

This includes obtaining liability insurance to shield yourself from potential legal issues, securing health insurance to ensure your well-being, and covering your equipment to safeguard your valuable tools. Being adequately protected provides peace of mind and ensures your hard-earned work and assets are secure, even in uncertain times.

Learn New Skills

Pursuing an MBA degree is essential when evolving into a small business owner. While your freelancing skills are the foundation of your business, it's equally crucial to understand the intricacies of business strategy, management, leadership, self-awareness, and self-assessment.

Consider enrolling in an online MBA program or specialized courses to better understand these critical aspects. Investing in your education will empower you to make informed decisions, navigate challenges, and set your business on the path to long-term success. You might also benefit from meeting with a consultant who can guide you from freelancer to entrepreneur!

Make a Business Plan

Creating a comprehensive business plan is the cornerstone of your small business's success. This plan serves as a roadmap, clearly defining your objectives, strategies, and goals. It outlines your business's vision, mission, and core values while detailing your target market, competition analysis, and financial projections.

A well-thought-out business plan guides your day-to-day actions and is a powerful tool to attract potential investors or partners. It demonstrates your commitment to your business's success and provides a clear direction for growth.

Plan Your Marketing Initiatives

Your marketing plan is pivotal in effectively reaching your desired audience. Transitioning from freelancing to a small business means branding and promoting your services or products more comprehensively. To achieve this, tailor your marketing efforts to align with your brand identity and objectives.

This personalized approach allows you to connect with your audience on a deeper level, creating a stronger brand presence. Identify your unique selling propositions (USPs), select the most suitable marketing channels, and craft compelling messages that resonate with your target market. A well-executed marketing plan is essential for attracting and retaining customers and driving business growth.

Prioritize Your Network

Networking is a powerful tool that can significantly impact the growth of your small business. Building relationships with peers, clients, and industry professionals opens doors to numerous opportunities, collaborations, and referrals. As you transition to a small business owner, invest time in attending industry events, joining online communities, and engaging in meaningful conversations.

Establishing a strong professional network increases your visibility and provides valuable insights, support, and potential partnerships. Networking is a continuous process that can lead to a steady stream of clients and business growth.

Stay Legally Compliant

Before fully operating your small business, it's crucial to research and obtain the necessary permits and licenses. Compliance with local, state, and federal regulations is essential to avoid legal complications that can hinder your business's progress. This step ensures that your business operates smoothly within the boundaries of the law and reduces the risk of fines or legal disputes.

Depending on your industry and location, the required permits and licenses may vary, so it's essential to research and adhere to all applicable regulations thoroughly. Legal compliance provides a solid foundation for your small business and fosters trust with clients and partners.

Wrapping Up

Transitioning from freelancing to a small business is a significant step in your career journey. By following these key points, you can protect your investment, enhance your skills, and set your business on the path to success.

Crafting a solid business plan, developing a marketing strategy, networking, and ensuring legal compliance are all essential components of this exciting transition. Embrace these steps, and you'll be well-prepared to thrive as a small business owner, enjoying the benefits of independence and growth in your entrepreneurial journey.

Four of the Most Important Freelance Jobs to Hire Out for Your Small Business

Screen Shot 2019-09-19 at 6.23.38 AM.png

by Courtney Rosenfeld, gigspark.biz

There are many advantages to hiring out freelance work for your business. If you run a small business, for instance, you may have realized that you don’t need a full-time staff. Or, perhaps you would like a full-time staff but can’t afford it. Either way, hiring freelancers can free up time and money for you to spend on growing your business in a way that would be much more difficult than if you were paying a full-time staff. 

Yes, it still costs money. But it can cost less money than paying a staff over time, and the growth and reduced stress you experience will likely make it more than worthwhile. Determine what kind of projects you need done, set your budget, ask around for referrals, and review job boards. Once you have a candidate in mind, send them a test project. If they return a completed project to you on time that meets your standards, you may have a keeper. If not, keep looking until you find a freelancer in that specialty who provides the product you’re envisioning. 

Finding the best freelancer you can at a price point you can work with will help you focus on the tasks you need to, and it will ultimately help your business flourish. While there are many different types of freelance work, these four are some of the most essential ones to consider. 

Virtual Assistants 

Any successful business owner will tell you that delegating tasks is vital to effectively running a company. When you delegate tasks that don’t come naturally to you and that will waste your time, you can spend time on things that grow your business. There are many tasks that can be taken care of by a virtual assistant, and looking on the right job board can direct you to qualified, reliable candidates. Essentially, a virtual assistant can do anything from administrative support and scheduling to customer service and data entry. 

Web Designers

It’s no secret that an awesome website is necessary for any small business. There are many platforms available today that allow someone with minimal design knowledge to build a website; however, these websites are often easily spotted, and the limited features of these platforms can make it difficult for your site to stand out among the crowd. Bringing in a web designer can give you a unique, high-quality site with responsive design technology. Also, a professionally designed site will be more reliable, run more efficiently, and increase your company’s search engine optimization (SEO). 

Content Writers

Providing audiences with written content has become increasingly important for small businesses of all kinds. Having a blog on your website that discusses industry-related subject matter and offers expert advice highlights your company’s credibility. Qualified content writers can write about topics your audience cares about in a readable way. Furthermore, they can clearly translate ideas that you don’t know how to put into words, and they can provide an unbiased view of your products and services.

Social Media Managers

Finally, hiring a social media manager can prove invaluable to your business. Social media sites like Facebook, Instagram, and Twitter offer affordable (and sometimes free) marketing tools, and bringing in a professional who knows how to utilize and manage those tools can free you up to work on the things you’re best at. A social media manager can lay out a strategic plan for your social presence, consistently post meaningful content, promote your brand and products/services, expand your customer reach, and ultimately boost your sales. 

As a small business owner, virtual assistance, web design, content writing, and social media management are all jobs you should consider hiring out to freelancers. Remember to find the best candidate you can within your budget, and test them out before committing to multiple projects. Hiring qualified freelancers can free up your time to focus on the projects you do best so that your company can grow and thrive as much as possible. 

Photo Credit: Burst

Courtney Rosenfield started her career in the gig economy after several years of enviously watching others do the same thing. She started Gigspark to be a resource and a first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.