8 Things Freelancers Need To Think About Before Something Critical Happens

/in /by

Being a freelancer has some incredible perks, but it can also be tough at times. You don’t always know if you’re going to get paid, and what exactly are you supposed to do if you fall ill and can’t work? Here are 8 things freelancers need to think about before something critical happens!

Getting Insurance

Getting insurance is possibly one of the smartest things that a freelancer can do. Insurance can help to cover you when you’re ill, even in the hospital, and you won’t be left in the lurch so badly if you can’t work. It’s a small expense to pay each month for long-term peace of mind!

Knowing Your Worth

Knowing your worth is crucial as a freelancer. Have you ever considered that you could be undervaluing yourself? Many freelancers make the mistake of offering really cheap rates to get clients, but this could be a huge mistakes. Your clients will want quality, rather than to save money. They want to make sure they get the most out of their money, so rather than trying to do the cheapest price, figure out your worth and make sure they get the best value for money. If they give you $3000 to design their new business website, make sure you design the best business website for that price imaginable.

StrategyDriven Entrepreneurship Article
Photo courtesy of Free Images via flickr

Finding Somewhere Suitable To Work

Finding somewhere suitable to work is imperative as a freelancer. Working from home is relatively cheap, but it can come with many issues. You can experience interruptions, find distractions, and find it difficult to separate work and home life. It could be better to lease an office – there are sites out there that make leasing offices easy for you. You need to consider what’s more important; getting things done in a healthy environment, or working in your pyjamas?

Keeping Accurate Records

Keeping accurate records is something every freelancer must do to avoid getting into trouble with the government. You must make sure you accurately record what you earn, what your business expenses are, and every other relevant piece of information that impacts your business. When it comes to filing your tax returns, you’ll need this information, and you’ll wish you had it if you ever get audited!

Building A Wonderful Reputation

You get a wonderful reputation by consistently producing quality work, pure and simple. You must do your best for your clients again and again, and this will help you in terms of recommendations and things like that. If you cut corners, chances are, your reputation will be mediocre at best.

Developing A ‘Paid Up Front’ Policy

A paid up front policy can be a little scary to reel out, but it makes sense when you have unpaid invoices to worry about. You should ask for a deposit at least from new clients or those who haven’t been to you in a while. This not only ensures you get your money, it shows you that a client is serious about the work.

Turning Clients Down

Turning clients down is sometimes something you have to do if you’re going to be true to yourself. You must be honest about limitations if a client asks you to do something you’re not comfortable or confident with. Clients are not as scary as they seem, and will respect you for being honest. You could even offer to refer them to somebody else who can do the thing you can’t. Who knows, the client might hire you anyway!

Knowing When To Take A Break

It’s too easy to exhaust yourself mentally and physically when you’re a freelancer. You must set boundaries for yourself and only break them in exceptional cases if you’re going to produce the best work and have a great work/life balance. You should take at least one day off and do not work on that day. Everybody needs some down time and a day off! During your work days, make sure you get up from the computer, stretch, meditate, go for a walk, or do something else to give you a break from the screen. It can be tempting to sit there and plug away to get things done as quickly as possible, but sitting in front of a screen for 10 hours without even having eaten lunch isn’t healthy at all. Never feel bad for taking a break!

If you’re a freelancer, make sure you make a note of these things today. The sooner you take them on board and implement them, the more your quality of life should improve and the safer your business will be!

Ask Yourself These Questions Before Starting a Business

/in /by

StrategyDriven Entrepreneurship Article
Photo courtesy of Steve Wilson via flickr

There are few things more thrilling or satisfying than developing a good idea. Buoyed with a sense of self-pride and elation, it can be easy to become swept away in dreams and possibilities. The reality, however, is that it takes more than a good idea to turn a profit. Here are the five questions that you should ask yourself before you take the plunge.

Is there demand?

The difference between a good idea and a phenomenally fantastic idea is whether or not it results in the provision of services or products that are in high demand. It is the difference between struggling along and making it big. Take the time to really research your market and decide what level of demand there is. This doesn’t have to involve weeks of investigatory work; you may find that finding an area with high demand for a product doesn’t take all that long at all.

StrategyDriven Entrepreneurship Article
Photo courtesy of Anthony Easton via flickr

Are you passionate?

Follow your heart; do something you are really passionate about. This may sound like trite or wishy-washy advice because you’ve heard it so many times before, but the fact is that you’re more likely to succeed if you’re passionate about what you’re doing. When we enjoy doing something and really believe in an idea, it naturally becomes easier to dedicate the required time and effort. This is crucial when the times are tough and reaching a profit is years away; it simply has to be about more than just the money.

Can you deal with the possibility of failure?

Being an entrepreneur means being a gambler; there is no way around this. There are certainly ways of mitigating risk, like working with business insurance providers such as Kingsbridge, but this won’t negate all risk. It’s why only certain individuals take the leap of faith required for funding, building and maintaining a business. With so much at stake, are you comfortable with taking a risk? Does the idea of failure scare or challenge you?

StrategyDriven Entrepreneurship Article
Photo courtesy of Sebastien Wiertz via flickr

Can you stand out?

Competition is a real threat for all potential businesses. Even if your business idea is unique, chances are that after some time, new competitors will copy your business model and enter the fold. So how will you set your business apart? What defining features will make it memorable and distinct? There are a lot of businesses out there who may not make the most unique products in their field, but their way of producing their products (perhaps a greener approach to production) and marketing themselves makes them stand out among similar brands.

Do you have the skills?

Self-belief is one of the most powerful assets you can have, transforming doubts and obstacles in to opportunities for self-improvement and personal growth. Before you start a business, you have to identify any fears or misgivings and eliminate them. Trust that you have the skillset that will allow your business to flourish and survive. Confidence attracts others and breeds credibility.

How did you go? Are you still feeling positive about starting your own business? What other vital questions do you think should be asked?