Updated: Jun 29
You have worked hard and developed your skills...
You're considered an expert in your field...
Is it time to be your own boss as a self-employed freelancer?
Smartphones and social media marketing make getting into business for yourself a little easier, but there are a few things you should consider first.
#1 - You're not the boss, your customers are the boss
You are the one who must meet their expectations, so it is very important to communicate and negotiate with your clients what you are able to do, and when you will complete their project. Be specific and get specific answers from your client before starting their project. You will need to set boundaries for your clients so that you are able to do your work without interference as well as have leisure time to spend as you please.
#2 - You just became a salesperson
When you worked as a translator for a translation company, you didn't have to do the marketing to get your clients. Clients don't grow on trees, you have to reach out for new customers while taking care of your current customers. Why? Customers turnover, they give someone else the business or they stop needing your services. You work hard to keep your clients happy and ask them for referrals. If you want to keep busy, you can't rely on one customer to pay your bills every month.
#3 - You also have to handle Accounts Payable and Accounts Receivable
Even if you hire your sister-in-law to do your bookkeeping, you are responsible for getting payment from your customers. Know the value of your work and what the market is for your services and charge accordingly. Also very important is qualifying clients regarding credit. Get paid upfront or a 50% deposit to cover your expenses, in case the client takes a long time to pay. I have known excellent electricians who failed to work for themselves because they were bad at getting paid.