3 Financial Considerations of Freelancing
I’ve been building my freelance writing and VA business for over just about 9 months. In that time I’ve learned a lot! I’ve also increased my earnings, and had some fun too. But if I could go back and start all over, there are a few things I would have done differently based on what I know now.
Unfortunately, that’s not how the world works. But I’d still love to share some of these ideas with you in case you are considering starting up a freelancing business of your own. Hopefully you can learn from my mistakes. Haha! 🙂
Get a Mentor
I was very lucky that one of my first freelancing jobs came from Cat. She’s an amazing mentor with a lot of knowledge and wisdom to share. She’s built up an amazing business and I’m so honored to be a part of it. Cat has even launched her own Freelance Coaching class to make it even easier for you to learn from her and build your own freelance business. If I hadn’t already started freelancing before her class started, I totally would’ve taken it.
I put off getting a new blog design for a long time as I just didn’t want to spend the money. But now that I have, I’m so happy I did it. My redesign launched just last week and I’ve already gotten more offers to help me monetize my blog. A professional design is also more attractive when potential new clients are looking to hire you. The design of your personal website technically has nothing to do with your ability to write and generate new content, but I think it still matters to potential clients. If they get the field narrowed down to only 2 remaining candidates I guarantee they’ll choose the one that looks more professional! If you need help with a professional design, get in touch with Grayson. He’s the bomb.com!
Consider the Financial Impacts
Starting a side hustle is a great way to get rid of debt, or help you make extra progress toward any of your financial goals. But there are several financial things you should consider before moving full-steam ahead with starting your own freelancing business. Carrie launched an amazing new class to help you get all your business finances sorted out and I really wish I had taken it at the very beginning of my business. There’s a ton of great info packed into the weekly modules and even being an established business, I still found a lot of the information helpful.
Each week the class tackles a different topic from how to make your business legitimate with a DBA license (if you don’t know what that is, that’s ok I didn’t before this class either) to different types of business accounting software and everything in between. I’m so glad I took this class before finishing up my tax return this year since it was my first time gathering information and claiming business deductions for my freelancing business. You can find out even more about Carrie’s Solopreneur Finance course and register for it here. It is definitely worth more than the registration fee she is charging as I’m sure the course saved me way more than $77 on my taxes for this year alone. Not to mention all the lessons I learned that I can apply going forward to help me save even more money and maximize my tax deductions and more.
All of these suggestions do cost money. I totally understand wanting to keep your business expenses low, especially if you started your side hustle primarily to help you get out of debt. But I can’t recommend these fellow bloggers and business owners enough. Without their help, advice, services, and friendship I would not be anywhere near where I am with my business today. I had no idea what was possible when I first started. Since then, I’ve raised my freelance income from $285 in July to over $1,500 in February. The investment I made into these expenses and services have already paid for themselves many times over. Plus, the relative cost of them will continue to get lower the more time passes and the more I am able to earn because of these business investments.
What business expenses and investments do you consider worth it for your freelancing business?
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