Freelance business has always been a tricky one, and it appears it will stay that way for years to come. No matter what line of business you are in, coding, designing, writing, etc… beginners never know what to expect.
But here we have a cool tip from a professional who made it in the freelancing world and is rather eager to help out.
Thinking About Costs
Grace Smith is a professional designer and writer situated in Northern Ireland and she has a word of advice for you.
“To any freelance newcomer I would say first and foremost you need to think realistically about costs, such as equipment, software, insurance, premises, tax, the list goes on. You also need to think about your potential earnings and ask yourself ‘what do I need to survive on?’ Being honest and realistic about your financial requirements is important.”
When you start thinking about all the opportunities you will get once your business starts to flourish, Smith says it might be wise to consider finding someone to do all the accounting work for you.
“I’ve found that financial planning is key, as you need to have the budgeting skills to set aside enough money to pay taxes (and other expenses) each year and live comfortably as well. Find a great accountant as they are worth their weight in gold and their advice is invaluable! It’s essential to approach the business side of being a freelancer from a professional perspective, if you want it to flourish and be taken seriously.”