Market Overview

Converting From Freelancing To Owning a Small Business

With the Internet, many people can make a good living from their bedroom. In fact many do so, and making your daily wages can be done from your bedside (although somewhere else in the house would probably be a better idea).

There are many ways that a person can make a living with freelancing on the web. The most common one is by writing content for people that need it for their web sites, but if you peruse Freelancer.com you will find hundreds of different freelancing opportunities – many that require highly advanced skills, and many that don't.

One way to get a top tier Freelancing gig is to become an authority in online forums. Online forums can be some of the most productive places in terms of work and finding information on the web. You can usually pull a lot of work out of forums and network at the same time. The advantages of this, instead of using a freelancing site, is that 1) you get to know your clients a lot better and 2) you will usually have long term work. Freelancer websites are good for short term work, but is hard work at low rates, and it usually leads to bad performance – making both the client and worker unhappy.

Turning it into a Business

Microfinancing can help you turn your freelancing opportunities into a small business. Usually when you are just starting out, there are a lot of up-front costs. Acquiring assets, buying software, and doing a little bit of outsourcing can make your expenses start to pile up.

converting freelancing to small business

Microfinancing freelancers that show consistent income streams is one of the best things microfinance institutions can do. The Internet is a proven place for people to start their own business. All you need is a good idea and a lot of hard work and anyone can make it.

Microfinance isn't the complete answer to those in need of small loans, but when given the chance it can provide a great service to freelancers of the Internet looking to start their own business. Micro crediting is another good idea, or if you can, get a small business credit card – and better yet make sure they are cashback credit cards.

How to use Loans to Turn Your Freelancing into a Small Business

What you must remember as a freelancer, is that not everything that works on a small scale will always work on a large scale. Now that you have a long term client or a few of them, it is time to start building your systems. You may have had some systems before, but the majority of freelancing work can be summarized by the Nike motto – “Just do it” – and it is a probability that you have been “grinding it out,” more or less, to get what needs to be done – done.

Developing systems for your new business is a beautiful thing. It will start to automate processes for you, and watching the system you put in place start to function as it should is like a work of art. Here are a few tips for automated systems:

  • If you have any employees – Use an internal collaborating system to work on projects together
  • Using new software is a great way to “invent” services (or systems of providing services), and there are many benefits to using new software)
  • Outsourcing is vital: Define jobs and action steps that can be outsourced whenever possible
  • And finally – Get your family to help in the early stages! That's what they are there for!

It can be hard changing a will but you can consider several options; starting again or ammending your existing will to incorporate your new wishes. This will ensure you are protected for the future and all of your assets are covered.

People who read this article also read:

  1. How To Cut Business Operational Costs By Outsourcing IT Services
  2. Internet – Low Risk/High Reward Business Startups
  3. How to Get Better Business Insurance for Less



The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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