In these modern times it seems that more and more people are realising the benefit of giving up their jobs and working for themselves instead. Being a freelancer isn’t always easy, there are plenty of things to consider before you go it alone and there are likely to be some pitfalls on the way, but the benefits far outweigh the negatives and you will soon realise that it was the best decision you ever made.
If you are thinking about becoming a freelancer but not sure where to start, we have put together this guide on how to go freelance!
Before you even think about becoming a freelancer, you need to make sure that it is definitely something that you want to do. What are your reasons for becoming a freelancer? Is it so you can be your own boss? Is it because you like the idea of being able to work from home and keep flexible hours? Freelancing isn’t always as simple as you may think and there are cons that can be compared against the pros. Think about this before you branch out alone and you will know whether or not it is the right idea for you.
One of the first decisions that you need to make is the type of business that you are going to run. You can choose between setting up a Limited company, acting as a Sole Trader or having a Partnership. Each one is different and will have different requirements, which you will have to consider before you make your decision.
You are going to need to name your business, this is a given. Your name should always be professional and inoffensive and by law it is important that it doesn’t contain any sensitive words. If you have decided that you don’t want your company to be Ltd, then this should not be a feature in your name and if you are going down the Ltd path then you need to ensure that the name you have picked is unique by visiting Companies House.
Next on your agenda is branding, branding is what is going to get you recognised and ensure that you stand out against your competitors. This is particularly vital if you are entering a crowded market. Take time when creating your visual identity and make sure that you create a logo as a first port of call as this can have an impact on your website and any stationary.
If you want to really keep on top of your finances, then you are going to want to make sure that you have a business bank account. This should always be something that you do as a priority. The bank that you choose will want to see you in order to set up the account and you will need to provide some information on your business, including a letterhead with your logo, your business name and address and some photo ID. Which means it is important for you to have these things ready.
These are just some of the things that you need to do before you become a freelancer. You also need to think about your Tax and NI as well as where you are going to work from. If you are still not sure on the process, or the things that you need to think about, then there are a number of things that you can think about in order to have a viable business that is going to work!