Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through our links, at no cost to you. Please read our disclosure for more info.
If you have been doing freelance work after a regular job, then you may be thinking of turning in your resignation letter so that you can turn your freelance career into your full-time profession. Before you walk into your supervisor’s door for the last time, however, you will want to think the process through. Here are four considerations you will want to keep in mind when starting a small business from your freelance career.
In This Post:
Find Your Niche Market
One of the first keys to building a successful small business is to identify your niche market. For example, if you want to be a web designer, then decide who your primary customers are going to be. You may discover that you are very talented at designing websites for companies within your current field because you already have the detailed knowledge and contacts there that your competitors are lacking. On the other hand, you may discover that you are really talented at designing websites for other business owners in your geographical area. Whatever you decide, write it down clearly on a piece of paper as it will make other important decisions much easier when you know your goal.
Identify Your Target Audience
Now, that you know your niche market, you need to decide who is most likely to be good customers. Think about what customer problems your business is going to help solve. Then, consider who is going to have those problems. Do not limit yourself to understanding just their demographics, but also make sure that you understand their psychological makeup. Consider why a customer with that problem would want to do business with your company instead of your competition.
Establish Your Professional Contacts
No business operates in a bubble. Therefore, you will need to surround yourself with professionals that you can count on to help you make smart business decisions. At a minimum, you are likely to need an accountant to make sure that you keep your tax records in order and a business lawyer to make sure that you stay on the right side of the law. Identify these people early and trust their expertise as they are likely to have good advice. Look for someone who you feel comfortable conversing with and someone with experience.
Consider Equipment Needed
The type of business that you operate determines the type of equipment that you will need. For example, many people are highly successful at using trucks, like those from Arrow Truck Sales, to haul livestock to market or to help people move from one home to another. On the other hand, if you are going to build something, then you are likely to need tools. While it may be tempting to try to cut costs, in the beginning, understand that quality usually pays for itself in the long run, especially since you will be working with these tools daily.
It can be scary and exciting to turn your freelancing career into a small business. Making your own decisions gives you plenty of room to build a successful business.
