Making The Move From Freelance To Small Business
Working as a freelancer is the ideal way to take your career in the direction you want to go. You get to be the boss, which means calling the shots and working in the way you want to work. It can take time for your freelance venture to take off, but once it does, it can be difficult to know which direction to take next.
Many freelancers go on to start small businesses, bringing a whole new element to your work. But the move to a small business isn’t always an easy one, and you might need to start doing things differently.
Here are some pointers for making the move from freelance to a small business.
Take time to learn about running a business
Working as a freelancer can mean that you simply get on with the job you need to do and leave it at that. But when you make the move to a small business, there are a lot of other considerations to take into account. For example, you’ll be dealing with leadership, reporting and the other challenges that small business owners face. It doesn’t hurt to take the time to learn about running a small business to help you boost your confidence and feel more in control. Take courses, read books and talk to other small business owners to enhance your knowledge.
Bring more people on board
One of the biggest differences between being freelance and running a small business is employees. Growing your venture into the business can give you more scope to bring people on board, which can help you with getting the business off the ground. You’ll want to make sure you recruit employees for your business who are talented and great at what they do - bringing in those who are inexperienced at this stage could hinder your aspirations.
Reassess your financial and legal obligations.
Another thing that will change when you switch to a small business is that you’ll need to reassess your financial and legal obligations. If you didn’t have business accounts before, you’ll need to get them in place now. Hiring an accountant or using accounting software will also help make running your business easier and ensure your taxes are all paid accordingly. Familiarise yourself with the hidden costs of running a business and start putting more money aside to cover unexpected expenses.
It also helps to bring legal advice on board to help you with your business. Business law experts Slater Heelis can provide you with a complete range of legal services to get your business off the ground. This is a valuable service for getting contracts in place as well as protect your business from threats.
The move from freelance to small business is an exciting one, but you’ll no doubt have a lot to learn along the way. Take your time and absorb all the knowledge that you can and soon you’ll be on the road to small business success.
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