From Freelancer to Business Owner

Updating this article to include: Creating A Digital Marketing Strategy

Most small business owners often overlook the obvious - how to ensure longevity for the business. In addition to the seven 7 tips for transition, I am adding the following step: How To Create A Digital Marketing Strategy

AMA Consulting Services

“It can be especially challenging to create a brand for your business, and decide on what type of service or product you can offer. That is why this guide has been designed to help you understand how to integrate digital marketing strategy into your business model, and how you can use it to build your brand as well as reach out to more customers”. This article was shared by AMERICAN IMAGE DISPLAYS

A Contribution by Derek Goodman - Inbizability.

Become a small business owner

Maybe you began freelancing as a side hustle, but now you’re bringing in nearly enough income to make it a full-time job. It might be time to establish a small business and transition to entrepreneurship! From hiring contractors to finding the right invoicing system, these tips will help you level up from freelancer to successful small business owner.

A major contributing success factor for your business is increasing your website traffic. Increasing website traffic is pivotal; understanding the pros and cons of Search Engine Optimization (SEO) will go a long way in helping you to meet and exceed your business goals and key objectives.

The key to every successful website is traffic. Without it, you don’t have people visiting your site, checking out your content, and giving you much-needed clicks and sales.

Consider these 7 Tips for The Transition

Virtual Presence

If you’re ready to become a business owner, it’s time to clean up your virtual presence and make sure that your website and social media profiles look professional. You should also ensure that you clearly convey your brand identity and specific services that you offer. Sera Solutions recommends using your website to tell the story of your company to connect with potential customers.

Boost Your Marketing

In order to go from part-time freelancer to full-time entrepreneur, you’ll need to focus heavily on networking in the first few months of running your business. You need to bring in new clients and customers so that your business becomes sustainable and profitable. You can do this by cold calling or emailing possible clients, but implementing passive marketing strategies can help you save time. RevLocal suggests networking through LinkedIn and Facebook and optimizing your website content for search engines.

Business Formation

Now that you’re a business owner, you’ll want to register your company in your state. You may want to establish an LLC for your business in order to qualify for additional deductions during tax season, enjoy management flexibility, and gain personal asset protection. It’s best to take care of this task early on — you don’t want to miss out on the benefits! Make sure to organize all of your necessary documents before you start the filing process.

Money Management

When you were freelancing, you may have had another job that paid some of your bills. But now that you’re running a business, you don’t have a steady source of income from traditional employment. That’s why you need to manage your money very carefully.

Every entrepreneur should have a small emergency fund saved up before officially launching their business. Inevitably, you will have some months when sales are quite slow, and knowing that you have a savings account to tap into when you need it can bring you peace of mind and stop you from making risky business decisions out of desperation. Keeping all of your financial documents organized will help you stay on track.

Payroll System

One lesson most business owners learn quickly is that certain aspects of bookkeeping are complicated. This becomes abundantly clear when you’re big enough to hire staff. Payroll for small business involves collecting and withholding taxes, calculating net pay, tallying deductions, and so forth. Leaning on outside services is typically the best solution. Look to providers who ensure accuracy and offer things like auto check generation, tax payments and free direct deposit.

Tax Preparation

If you’ve used the DIY method of tax prep every year, note that business ownership can quickly complicate handling your taxes solo. This is why it’s in your best interest to have an accounting professional on your team. A certified professional accountant is educated in the complexities of tax regulations, as well as annual changes; this is a pro who can help you keep you in good standing with the IRS and even help your bottom line. Their services will be worth the investment.

Outsourcing

As a freelancer, you probably worked as an independent contractor for several entrepreneurs — and now, you’re on the other side of this relationship! If you feel like you’re drowning in work, it’s time to start outsourcing. Since you’ve been a freelancer, you already know what qualities to look for in anyone you hire. You could even consider hiring a personal assistant — this will free up time that you would normally spend on administrative tasks. Just make sure that you have software for remote team management if you choose to bring on contractors or full-time employees.

Shifting from freelancing to entrepreneurship can be challenging. But running your own business is also very rewarding! By following these tips, you’ll be more than ready to tackle the transition.

Photo via Pixabay