Starting a freelance business is one of the best things that can happen to you … but … Are you really ready?
Today I want to discuss about how to find out if you’re ready to fly on your own, once you’ve made the decision to change your life, quit your job, and start freelancing.
Hello, I’m your host Kaycinho, I’m a digital alchemist, and this is episode number two of a module dedicated to the decision phase of starting your business. So if you haven’t seen the first two episodes, I invite you to check this playlist.
And by the way, this module is the first module of a course taking you from the burning desire to become your own boss to actually launching your freelancing business. So if you want access to the full course (videos will be added until the course is complete) by clicking here.
Now, let’s go back to our initial question: are you ready to go all-out on being a business owner?
Now to answer that question, given the fact that everyone’s life is different and that there are many parameters, it’s impossible to give a one-for-all rule. But instead, I’ll give you some guidelines that helped my along my journey.
Starting a freelance business: do you have the required skills?
The first question you need to ask yourself when thinking about starting a freelance business is: “Do you have the required skills?”.
It may sounds silly, but before you can start a business, there is a core set of skills that you actually need if you want to build a business.
And I’ll illustrate that with an example.
The right attitude
Not too long ago, a friend of mine asked my advice because he wanted to make a career change.
He was very interested in becoming either a web designer or a web developer. That friend had the right attitude: he knew where he wanted to get, and knew it would take some work to do it.
Also, if you followed the previous video in these series, I can tell you he did the right thing by asking advice to someone experienced in the field, and who’d been through the same questions: me!
The good news, as I told him, is that in the web industry, you don’t have to study 5 years to be on the market.
Now don’t get me wrong, it is always good to get proper education. But, some people either do not have the time, the financial resources, or both, to spend 5 years learning something that can nowadays be learned in a few months and for a fraction of the cost.
I redirected this friend to TeamTreeHouse.com, which is a platform that teaches you web design, coding and much more. After playing with it a little bit, he really enjoyed it and I think he felt relieved that it wouldn’t take him years to make a move.
We all start somewhere
Now of course, you will not become an expert designer or developer after completing a few projects on such a platform… But I never heard of anyone who started a new path as an expert, and the matter of the fact is that, with dedication and work, you can master pretty much anything.
The sooner you start, the better.
And if, like my friend, you want to become a web designer or developer, you can get your free trial at Team Treehouse by clicking here.
It is an affiliate link, which means that I do get a commission if you enroll after clicking on my link but:
-I only recommend TeamTree House because I’ve used their service and really recommend it for beginners
-affiliate links help me grow this website & the youtube channel so I can provide that content for free
Skills you also need.
So back to our story, as I said, mastering the core skills of your freelancing business is the bare minimum. Because the truth is that your core skillset is just one part of the skills needed to run a business.
Now depending on the type of business you want to do, and if you’re on this channel I would assume it would be digital-related, you will either need to master those skills yourself or to outsource.
For example, how do you get on with:
– commercial tasks
– marketing tasks
– administration tasks
If you freelance, most of the time initially you’ll be on your own you will have to run these tasks yourself. At least until you can outsource or even recruit employees so that you can focus on what you’re good at.
At the beginning, for most people, you’re going to have to learn that yourself.
That’s when YouTube, or platforms like Lynda, Udemy and Amazon Kindle come in handy.
No need to learn it all, but you should at least have good notions and resources to go to, should you need guidance.
One tip that might help you is to use audiobooks such as on the Audible platform. You can listen and learn, while driving, running or whatever activity allows you to listen at the same time.
Ok so that was for the skills.
Starting a freelance business: do you have the financial resources?
The second question you should ask yourself when you wonder about starting a freelance business is : ”Do you have the financial resources”: to hold for 6 months?
In the form of either money you have saved or maybe you can sleep at your parents house for a few months.
When I was getting into freelancing, I remember being told I’d need money for 3 months. But the reality was that it was more like 6 months before money was coming in steadily, and a year before I could start breathing again.
Now, it may well go faster for you depending on your location, your niche and the needs you have (or don’t have).
You will also need to invest some money in your business.
Outside of business legal fees, which depend on the form of company as well as the place where you are establishing your business, you will need to do some investment if you want to do things professionally.
It could be paying for some ads, getting some gear like a faster computer, or software that will speed up your work and make it look more professional. But one way or another you need to have a budget for that.
The good news is that there is a ton of free or cheap software out there to get you started.
Starting a freelance business: do you have a plan?
The third question you should ask yourself when you are thinking about starting a freelance business is : ”Do you have a plan?”.
Now do you actually have a plan?
I remember being overwhelmed at the beginning because there were so many things to think about and so many resources out there that I felt like I had too much on my plate.
But what I’ve found is that sometimes, simpler is better, and I’ve started directing my research towards simpler yet effective resources.
Watch out for a future video about the resources I recommend as well as simple yet powerful plans you can activate. I wish I’d had those kind of resources when I was just getting started.
Starting a freelance business: do you have a network?
Now question number four you should ask yourself when thing about starting a freelance business is : “Do you have a network?”.
That part, when I used to read about it, I was like “meh”, we’re in the digital era aren’t we? Facebook, LinkedIn and so on.
But the thing is, we are still flesh & blood humans, and the connections we make with one another face-to-face still have a very strong impact and can help launch your business and / or find business partners, even if your business is purely digital.
Are there business events in your area? Business groups that meet locally?
You may well by surprised by what you might get out of it! I know I did and never again will I underestimate the power of a network.
Starting a freelance business: the next steps
So we’ve reached the end of this video, and in the next one we’ll discuss about whether you should follow your passion or the opportunities around you.
I hope that this video helped you nail down if you are ready to move on with your business project full time. Now I’d like to know if you can relate to what I shared in this video and your experience about taking the big plunge. Let me know in the comments.
If you watched the companion video and if you like it, please give it a thumbs up, as it really helps growing the channel and if you know someone that could benefit from it, I’m going to ask you if you’d like to share it now.
Because let’s face it, there are so many things to do in a day that if you don’t do it now you’ll probably forget.
Now if you want to brand, market and grow your business it in the Digital Age make sure you subscribe to my email newsletter so that you never miss your share of digital alchemy and tips, tools, services and case studies that can help you grow your business online.
So I hope to see you around here or on the Youtube channel, and in the meantime, don’t forget to invest in your success!