How to start a freelance business: To the point step by step guide to help you set up your freelancing business the right way.
Based on a survey by survey by Kelly Services the demand by managers to hire free agents is headed by Asia with 84%, followed by Europe,80%, America with 54% and the US with 47%. And, according to a forecast by statista, the number of freelancers in the united states will reach 86.5 million which make up 50.9% of the total workforce by 2027.
Thanks to the advance in the IT now More companies are looking to hire a freelancer and more people are now looking for freelancing lifestyle for various reasons. A statista survey pointed out the number one reason for choosing a freelance lifestyle for 81% of the freelancer in the US is to be their own boss.
Most probably you are reading this article to be your own boss or make more money freelancing part-time. Let’s see how you can step by step build your own freelance business as full time or part-time freelancer.
How to start a freelance business
Step: 1 select a niche for your freelance business
start your freelance business by Selecting a profitable niche that line up with your personal background and that have enough client. Targeting a particular niche will help you to specialize, perform better in delivering your work and win your competition.
To select a niche you can go to freelancer sites like upwork, Fiverr and the like freelance sites and assess freelance niches that you have familiarity or something that you are interested in.
If you are interested in a bigger niche then you can niche down depending on your personal background and profitability of the niche. For example graphics design is a very big niche you can niche down to luxury business card design or logo design niches.
Step 2: Find a Business Name and buy a domain name
If you want to sell your business one day, if you want to subcontract some work to other freelancers, and if you want to hire an employee; you need to have a business name and you probably want to be a solo-proprietor.
To name your business you need to select something that fits your service and that is unique. Perform Google research to check if the name is already taken. Most importantly search your countries database of trade names if your name is registered you may have to change or modify your business name.
You can use your name if you want, however you have to research and find out if it is already taken or not.
You also have to perform research if the domain name is available for your business name.
Step 3: Create a website and start blogging
Create a website to showcase the best work in your portfolio, list your services and share your contact information.
Having a website will help you to look more professional and you will land more clients.
Having a blog section, where you blog about matters related to your niche will help you to build credibility and land more client through inbound marketing. (Inbound marketing is a marketing process which involves your clients finding you before you find them).
You have to write some guest post on other relevant high domain authority sites as well.
Don’t abandon your website after creating it. You have to regularly create examples of the content that your client wants. And, build a library of related work you can showcase your clients.
When your clients see what they want for themselves on your website, you can easily persuade them you can create what they want.
Step 4: Learn How to Pitch and price your service the right way
No matter how skilled you are if you can’t pitch your strength and persuade your clients you can help them, you will get a hard time converting your prospect into paying clients.
You have to develop your skill to find, reach out, and convince new clients for your freelance business.
To pitch your prospects you can use these basic guides.
- Make a strong entrance with a personalized pitch that shows, you have your homework knowing your client.
- Make a strong entrance with an elevator pitch email that already provides immense value & shows you’ve done your homework.
- Show how your strength can help your client.
- Anticipate any question that your client may raise and answer it precisely.
- Show relevant work samples and past projects to demonstrate your expertise and to win your clients’ trust.
- Use a visually appealing proposal.
Price your service the right way
So many freelancers try to undervalue their service to win their prospects mind. But that shouldn’t be your way of doing business. as there are some clients that give priority to low priced service there are lots of clients that give priority for quality service. When you undervalue your service there is a high chance these clients think your service is of low quality.
More importantly, undervaluing your service kill your motivation which may lead you to deliver a poor quality job. This eventually chases away your clients. and as well, your business is not going to make you enough profit.
The pricing of your service should be based on the value you provide. Unfortunately, many freelancers learn this the hard way.
When you bid a freelance project never underprice your service. Try to compete based on the value you can provide and if you can you should consider starting your bid at a little bit higher price than what you think your price should be.
Your pricing should also consider fees related to taxes, cost of living, etc. if you compete based on quality that you can provide then considering this fees will be a lot easier.
Step 5: Billing/invoicing
You can use accounting tools like QuickBooks to perform your billing and invoicing task. Invoicing alternative like the one provided by Payoneer could be a great alternative to target customers worldwide.it can be used to collect your money from 2oo countries around the world.
Step 6: market your freelance business on social media
Be active on social media like Facebook, Twitter, youtube, linked in, dig and etc. and build a group of people that you can influence. Help others and get engaged with the community by commenting, by posting helpful information and sharing important resources.
List your freelance business portfolio and sample business on freelance sites like upwork and the like kinds of freelance websites (don’t underprice your service to compete on these sites).
Do inbound marketing like blogging on your own website, gust blog on others website, and posting on social media.
Do outbound marketing like cold emailing, cold calling and approaching companies and other various ways.
find a freelance niche that you are familiar with and simply start your freelance business. grow your business by investing in your self and in your business as money comes in.