What to do before Freelancing: 10 Key Points

The ability to work as a Freelancer is just that – freedom! You are able to have the freedom to set your own hours, work at your own pace, work as little or as much as you wish. But are you ready? Do you have in place the safety net that is required before you devote yourself entirely to freelancing?

In a recent article in Forbes magazine (September 2014) they have provided a list of what I consider very useful points. Things that every Freelancer should at least consider before taking the plunge and doing Freelancer work full time. I have taken the Forbes list and have added some other points from my personal experience freelancing. The 10 key points to consider before Freelancing are as follows:

1. Portfolio: Create an account on www.IndiaFreelancers.com – the up and coming website for Freelancers. Also make sure to add a picture – or various pictures – to your profile.
2. Bank account: There may be times when you may not have work – make sure you have some cash reserves for any lean times which may come
3. Day Job: Don’t leave your day job until you have tried Freelancing for a while
4. Keep things separate: Create a separate business checking account with your bank – keep your home finances and your business finances separate so you can know what taxes are due where.
5. Health Insurance and Disability Insurance: These are key. Find a reasonable health insurance carrier and start the payments for this. A big illness would wipe out any cash reserves you may have. The same is for disability insurance. If you are in a big car accident and are unable to do any Freelancer work the disability income would support you until you recover.
6. Retirement Plan: Right now you may be 25 years old and retirement seems like a long time away but, believe me, it gets here before you know it. Even if you put away just a small amount of money weekly or monthly, anything is better than having nothing put away for retirement.
7. Tax Planning: Make sure that you know exactly how you will pay your taxes. A common problem among Freelancers is that they do not plan for tax payments and are hit with a large tax bill at the end of the year. As my mom used to say: “Failing to plan is like planning to fail”
8. Advertise for your services: Get the word out about your capabilities and what you can offer to a prospective employer. There is a section at the top of www.IndiaFreelancers.com called “Recommended”. This is an inexpensive way to get the word out about your business offerings. It allows you to put a small advertisement which will give you the ability to get business before others.
9. Do high quality work: An old Chinese saying is that “Reputation is like blood”. If you do good work, soon your name and reputation will precede you. Employers will speak to other employers and soon you will have more work than you expected. Take a look, for example, at the following video on YouTube: (https://www.youtube.com/watch?v=GUSb_pKojsk). It exemplifies how a programmer’s company grew because of good word of mouth.
10. Support Networks: Join LinkedIn, Facebook and other social media sites which will help you to create a support network of friends, family and supporters who will help you to get the word out about your services.

Those are the 10 key points. Common sense things which will help launch – and sustain – your Freelancer career. A career which will give you the freedom that comes with Freelancing while also giving you the safety of having a full time job.

Ranjiv P for IndiaFreelancers.com