GOING FREELANCE: A CHECKLIST TO GET YOU STARTED
So, you’ve decided enough is enough - it is time to quit your 9-5 and build a life with more freedom and flexibility - it’s time to go freelance! This is what I did over 6 years ago so I understand how scary and overwhelming it can be, but don’t worry, I’m here to make it easier for you. This article will provide you with a check list covering everything from registering self employed to how to market your business, and if you need further help you can either buy my detailed guide or book in a mentoring session with me.
Sure, transitioning from a 9-5 job to freelancing is a big step and requires careful planning. Here’s a comprehensive checklist to guide you through the process:
Financial Preparation
Savings: I would try to save a financial buffer, so that your living expenses are covered for a few months whilst you are starting out. I would also keep adding to this as you become an established freelancer, as you never know when someone might cancel a contract.
Emergency Fund: Set aside additional funds for unexpected expenses.
Legal and Administrative Setup
Business Structure: Decide on the legal structure of your business (sole trader, limited company, etc.).
Register Your Business: Register your business with HMRC if you're operating as a sole trader, or set up a limited company.
Insurance: Obtain necessary business insurance (professional indemnity, public liability, etc.).
Bank Account: You may want to open a separate business bank account, depending on how you set yourself up. I, for instance, am a sole trader and use my personal bank account for all personal and business transactions. I use the LITT app for all my finances, including keeping track of my expenses so that it is easy to separate them on my bank account.
Financial Management
Accounting Software: Choose accounting software to track income, expenses, and invoices.
Taxes: Understand your tax obligations and set aside money for income tax, VAT (if applicable), and National Insurance.
Invoice System: Set up a system for creating and sending invoices.
Building Your Business
Business Plan: Create a business plan outlining your services, target market, pricing, and goals.
Portfolio: Build a portfolio showcasing your work.
Website: Develop a professional website to market your services. Include on this your offerings and services, case studies, testimonials, and contact information.
Marketing Strategy: Plan how you will market your services (social media, networking, advertising, etc.).
Transitioning from Employment
Notice Period: Check your contract and give your employer the required notice.
Exit Strategy: Plan your exit from your current job, including knowledge transfer and handover of responsibilities.
Networking and Client Acquisition
Professional Network: Start networking with potential clients and other freelancers in your field. Join groups on Facebook and LinkedIn, connect with people on LinkedIn, and announce that you are stepping into freelancing and woudl like to connect with our likeminded people.
Freelance Platforms: Sign up on freelance job platforms (Upwork, Freelancer, etc.).
Referrals: Ask former colleagues and friends for referrals and testimonials.
Skill Development and Tools
Skills: Ensure your skills are up-to-date and relevant to the freelance market. There are plenty of free courses to brush up on your skills - check out Udemy for some cheap options too. I would also suggest that you keep developing as a professional - keep learning and improving your skills through courses, workshops, and industry events.
Tools: Invest in the necessary tools and software for your freelance work (laptop, software licenses, etc.).
Routine and Productivity
Work Schedule: Set a regular work schedule to maintain productivity.
Workspace: Create a dedicated workspace at home or consider a co-working space.
Time Management: Use time management tools to track your work hours and manage projects.
Legal and Contractual
Contracts: Prepare standard contract templates for your clients, and always ensure you have a notice period - i.e. 30 days to terminate the contract [as this will give you ample time to replace the client/finances].
Legal Advice: Consider consulting with a legal professional for advice on contracts and other legal matters.
By following this checklist, you can systematically plan your transition to freelancing and set yourself up for success! Feel free to comment with an questions, or email me at hello@amynicholson.co.uk. Here’s to finding a life of freedom with freelancing!