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Are you looking for a business where you are your own boss and not answerable to anyone and you have your time and space? Then a starting a freelance business is just right for you.
A freelance business is owned by a single individual they take control of their finances and time. The freelance business industry is filled with creative and it the past years it has grown exponentially and this is as a result of the growing use of internet, website and social accounts (Facebook, Twitter, Instagram &YouTube.)
There are advantage and disadvantages of becoming a freelancer.
- You don’t need investment money to start a freelance business.
- It is one of the fastest ways to earn extra income if you have a 9 to 5.
- It allows you freedom of time over your schedule and concentrating on what you are good at.
- Once you start earning the profit margin is high.
- You have control over the quality of your services.
- It can get lonely working on your own.
- The first few months are tough and rough, and it will be clients are hard to come back.
- You will be limited as to how much money you can make at a time.
- Competition is high especially if you choose a niche that is high in demand like website building or social media manager.
- It can be stressful because you are taking on a task that is intended for multiple individuals.
Freelancing Business Ideas
There are many freelance business ideas that would require less or zero capital.
- Photographer: figure out what area you are most comfortable with for example wedding, lifestyle, commercial etc.
- Video-grapher: many telecommunication companies today outsource out of base video service to freelancers, you tubers are always in need of video-grapher service. The startup cost is high because video cameras and its accessories are expensive.
- Web designers: this service is becoming very high in demand, you have an edge if you can convince any existing business to have a website and there are numerous courses and resources out there to improve your skill every day.
Also, you can become a tutor on web creation and designing, there are newbies who will pay to learn this service.
- Graphic designers: as long as business has their brands online they will always be in demand for graphic and there are potential students who want to learn how to become a graphic designer, you can be a tutor and designers for both students and customers.
- Copywriter: they write pieces write sales piece, landing pages, social media posts, ads and email marketing campaign. Their aim is to convert readers to happy clients.
- Writing: this aspect of freelancing is high in demand for blogs, books, email newsletters, magazines and lots more. The possibilities are endless in the writing industry. To succeed pick a niche stick to it and grow your profile.
- Marketing Strategist: they map out plans for campaigns to increase the revenue of their clients, some are content influencer’s.
- Project Manager: they help keep new or existing projects of all types on tracks, they supervise and make sure that things get done and on time.
Freelancing Business Models
Basically a freelance model is a plan for how the business is going to make money and stay relevant in the industry.
- Specialist Model: Even though the market is smaller it is less competitive, this model covers people who are freelance expert in a field yet they have experience in other fields and have the opportunity to combine both services.
- Solo Model: The profit margin is high for solo freelancers but how much you make is limited at a time. This service is for beginners who don’t want to invest high capital in any business. They do all things, accounting, salespersons, project managers etc. They do all the billings and are responsible for the overhead cost.
- White Model: This type of model is not regular but it can be very effective, it is a situation where by you partner with your competition to grow your business. It’s a case where by a producer gives out his product to another producer to rebrand and sell. it can be simple put s reselling your work to your competitors.
- Exporter Model: This is for people who manage projects and can work with other people effectively. Freelancers in the category take lesser pay to supervise projects and you can take on as many projects as possible at the same time.
- Outsource Model: When a company is overwhelm with clients or can’t afford to employ a full time staff they out-source the project to a freelancers, this could include accounting, social media manager, virtual assistant, web maintenance and lots more.
- Gig Model: Gig model work is hourly base, they find customers easily and they have an edge over their competitor. They price their gig services lower than the regular which gives them more gig and quick turnovers.
How to Start a Freelance Business
- Question your Intentions.
Every business industry has its laid down rules, roles and downside, it’s advisable you question you intentions to be sure you know what you are in for.
For example are yourself why I’m I doing this, is it to become my own boss, get back at your boss, and pursue your passion? In addition, what sacrifice are you willing to make for it, is it a side hustle, and how much time are you willing to put in?
It is imperative that you answer these questions and more before you can really ascertain if you want to become a freelancer.
- Financial Situation
It’s not easy to walk out of a 9 to 5 that pays the bills but if you have made up your mind take a look at your current financial state (your savings) and how long it can sustain you.
You need to be careful because in the freelance world the jobs are not readily sitting down waiting for you to come and get them, also research and get familiar with personal and business related expenses.
Put all this into consideration before you decide to become a full time freelancer.
If you want to make an impact and succeed in a short space of time you need to put your 110 percent and maintain the energy. You are your own motivator and you need to believe in yourself and why you are doing what you’re doing.
It’s good to set goals but be realistic and ensure they are specific, attainable, time based and relevant. Make sure these goals have a solid direction for your business.
Keep track of your set goals and dedicate time to each client’s projects every week or day depending on the duration of the project.
Lastly, set long term and short term goals for projects, long term keeps the revenue coming in and short term are one-off projects.
- Business Legal Ends/Pricing
Get a good understanding of the legal and administrative ends of the freelance business, take actions in formalizing the business entity, for instance your tax payment, your contracts outlook and pricing/finance management.
Research your clients demography and how you intend to reach them, be sure to invest in marketing as the money begins to come flow in, map out a plan that will help solve clients’ needs better than your competitions.
- Online presences
Create and keep an online presence (Website, Facebook, Instagram, Twitter, LinkedIn etc.), be sure to update your profile every now and then, also put up samples of work you have done in the past on your social accounts to give prospect an overview of projects you have carried out in the past.
In addition, get your satisfied clients to write a review and rating of your services, this is good for your brand online.
Aside creating an online presences and advertising attend functions, join associations that related to your field. It will not be an easy task but take out time to network, give out your complementary cards and learn to keep up conversations.
In the end bear in mind that no business can succeed without contact and contacts are gotten from networking, don’t abuse relationships, be consistent and outstanding with your service and finally offer a couple of free services to avail you the opportunity to show your skills.
Freelancing business analyst
The beauty of working a freelance job is the ability to control your time, most times work from home, control your finance and choose your clients but it’s not every time you have a gig.
If you are looking at getting into the freelance business analyst industry here are a few tips for you.
- Online Job Boards
As an online business analyst the internet is your office and with the help of the internet you can get access to freelance market place and gigs. For example with Toptal, Upwork, and Fiverr you can get freelance business analyst gigs.
- Online Profile
As a freelancer you need to invest a lot of time in building your online presence and profile, also emphasis on the skills that you possess and the content on your wall should be tailored to your profession.
Whatever you stake out is telling readers and potential clients that you know what you are and they can depend and trust you with their projects and money. Lastly be generous with displaying positive reviews, recommendations and past projects from well satisfied clients.
- Skill Set
Take advantage of every opportunity to display your full skill set in any project given, for instance you have worked closely with an interior designer and you know how the business function while your core area is marketing you can include that to your skill as an interior designer analyst and always keep your profile updated.
- Adapt Quickly
When you get into the freelance business analyst industry quickly acclimatize to it, learn the roles, the history, cultures, goals and finances in other to break even and start making recommendations and new initiatives.
No doubt there would be challenges when you take on projects as a newbies but take time to research and it is good opportunity meets you prepared so work heard in advance.
- Career development
No doubt you are a pro or a beginner it’s imperative that you invest in yourself as the world is now a global village you can take courses online to improve personal career. Freelance business analyst career is broad and there are plenty of courses online with certification to brand and improve on your profile.
For example, the institution of business analysis, project management institute, international requirement engineering board. You can also carried out research on how to improve your career academically.