Estimated reading time: 2 mins
Each and every day millions of people wake up and decide that today is the day. They no longer want to be in the 9-5 grind, they want to wake up every day and do the thing that they love. Imagine waking up at whatever time you feel like, pouring a hot coffee and checking a schedule that you put together. Knowing that the ‘name above the door’ is yours, and yours alone. But somehow you have to balance getting your business off the ground, with keeping a roof over your head.
Things To Think About
When you first launch your business, try to avoid piling on loads of expenses. Keep it as basic as possible. While it might be tempting to buy brand new everything – just don’t. Flying or traveling to expos and networking events, the latest software, or the latest computers. It’s tempting, of course, to feel the part you might want to look the part too. But think smaller. Your living room can be your office for a while, your mobile can double us as your diary/word processor/live chat offering. Think small scale just for a while.
Always think about your insurance for your house. Often you need specific coverage for home businesses.
Open a new bank account, that you will only use for your business income. This will stop your finances getting messy, and causing confusion come tax times. You don’t need to splash out on a business account that comes with a monthly charge and a discount on networking events. You need basic and simple.
Getting your first client is a fantastic feeling, sometimes it quickly fades though, when you realize that you don’t know as much as you thought you did, and you have no idea how to send large files. Well, for the first one always look to skill up, learn as much as you can. And, the second one is as simple as Digital Pigeon.
Multiples streams. Having more than one income stream can keep you running when it gets really tough. Spreading your work over a few platforms like Upwork, Freelancer, People Per Hour – offering a range of services and packages might help keep you afloat in the harder months. Here is another list of part time jobs to help in your search. Of course, don’t take on more than you can safely accomplish.
Even if you are opting to trade as a freelancer instead of a business, you still need to have some type of plan. What do you want to earn? How are you going to earn it? Do you have a business plan to help guide you through the next few years? What about a financial forecast that covers the next 12 months? Making plans can help you keep track of your progress as well as give you goals to hit on month by month basis.
In the early days of business, it is all too simple to be seduced by introductory offers and ‘must have’ tech. But what you need is a space to work, a simple plan, and the fire in your belly to get it done.