Even though freelance work is becoming increasingly popular, there are many myths and misconceptions about solo work. From the image of the young city guy sipping a latte and casually playing the piano on a MacBook on the terrace, to the image of the constantly stressed freelancer, needing clients to pay the bills, freelancing evokes dreams and concerns at the same time.
The challenge lies in the fact that there are few clear rules, and for the most part, each individual has to fend for themselves. That said, there are some guidelines that can help you keep your cool and lead a successful, productive, and balanced freelance life.
- Leverage different channels to fill your pipeline
When you’re a full-time employee, you don’t have to think about where your next assignment will come from. As a self-employed worker, you wear several hats: CEO, accountant, project manager, and salesperson. Your livelihood depends on the relationships you establish with your clients, the completion of your projects, the quality of your references, and most importantly, your ability to maintain your client portfolio.
One of the best ways to do this is to take advantage of multiple channels, which will ensure a steady flow of business and prevent you from relying too much on a single source. Some examples: join a freelance network like Hired that connects you with companies looking for contract collaborators, offer discounts to encourage your existing clients to refer you, and attend networking events to ensure that other professionals know you and send you business.
- Create a routine
One of the most envied aspects of solo work is the ability to set your own schedule. This is especially true for early birds or night owls who don’t like to stick to usual work hours. That said, it’s important to create a routine and maintain discipline.
When setting up a schedule, remember to allocate time for market research, networking events, courses, or training to help you update your skills, as well as for marketing, so that even when you’re not working on a client project, you’re still growing your business.
An effective approach is to block time on your calendar as if every event were an important meeting. Set aside time slots of 60 minutes to 2 hours to do creative work without having to check emails or call clients.
- Stay on top of your taxes
It’s important to have an accurate understanding of the taxation that applies to your company and your income. The help of a good accountant and a good lawyer should not be underestimated in this case, especially when you’re just starting out. Some freelancers find that the cost of an accountant is far outweighed by the time, money, and headaches associated with tax issues. However, being a freelancer allows for a simplified tax process, and it is more than possible to manage without third-party help.
- Don’t neglect retirement savings
A simple way to start is to set up a recurring monthly transfer to a retirement account. Some of my more ambitious freelance friends invest their savings in social trading platforms to help their capital grow faster.
Social trading minimizes risk by copying the investment orders of successful and profitable traders. Others prefer to invest through traditional banks or through forex and CFD brokers like those featured on trading-online.pro.
Give yourself a break
At first glance, working for yourself seems like a vacation in itself. No rules, no boss. However, without a supervisor or a human resources department encouraging you to take time off, it becomes easy to skip holidays in favor of more working hours (and hopefully more income). But everyone deserves a restful and rejuvenating vacation now and then. Make sure to plan ahead, let your clients know you will be less available temporarily, tidy up as much as possible, and take the time to truly relax.
Navigating the freelance world can be challenging, but by staying organized, planning ahead, and keeping your finances in check, you can reap all the benefits of being a solo entrepreneur and enjoy a fulfilling career.
