Starting a freelance business is a rewarding experience. Freelancers are people who choose to be self-employed, acting as both the employer and the employee, while providing services to multiple clients. The steps to launching a freelance business are not that complicated if they’re broken down. Here are 5 steps you can use to start a freelance business:
The beginning stages of a freelance career can be tumultuous. While you look for freelancing gigs, you’ll still have bills to pay. Instead of quitting your job and hoping for the best, save enough money to create a 4 – 6 month runway so you don’t have to worry about bringing in a steady income while you establish yourself as a freelancer.
Nearly every business has a defined mission statement, which is a summary that details the goals and values of a company or individual. If you don’t know what your goals are, it’s harder to achieve them. This exercise will help you determine what you want to do as a freelancer, and how you can make those aspirations a reality.
Once you go freelance, it’s very important to carve out a workspace in either a home office or a rented business space. Without a workspace, you may feel distracted or less able to complete your work.
EIN is an abbreviation for Employer Identification Number. The Internal Revenue Service (IRS) uses this nine-digit number for tax purposes. It is not legally required for sole proprietors (individual freelancers) to have this federal tax ID. However, it’s a good idea because you can use it to complete various business dealings without the use of your personal Social Security Number (SSN).
Lastly, to help drum up early business, start by soliciting those in your immediate professional circle. It’s a lot easier to land a gig with someone who knows you than it is with someone who doesn’t. Build a website or online portfolio to showcase what you do, and be sure to update all your social media channels to reflect your new career path.
As a freelancer, you’ll have a lot more control over your life, both personally and professionally. Don’t wait to get started. If you get your EIN online form completed today, you’ll have your new EIN waiting in your inbox by tomorrow. Plus, you can check EIN status online any time you want — it’s that easy.
Follow these steps to launching a freelance business and become your own boss today!