Five Things I Wish I Knew Before I Began Freelancing
(By Elizabeth Tuico) Are you considering a full-time freelancing career? Below are a few things I wish I knew before I started my own consulting business.
Service Lines Are Not Written in Stone
The services you provide will change. Keep track of what resonates with your base and be open to client requests. It is possible that what you perceive clients want and what they will pay for could be vastly different. Remain flexible and willing to change.
When I started my business, I assisted photographers with architectural photo shoots and wrote social media content for companies. If a client asked me to do these tasks today, I would not say no, but I do not advertise these services on my website. Today, more complicated articles that require me to interview stakeholders keep me busy and clients hire me to perform research.
Open a Corporate Account at Your Preferred Bank
Initially, I opened a business bank account at a financial institution that required a small deposit and a low monthly balance to avoid monthly fees. A year later, the bank required me to switch tiers, and my account number changed in addition to the suggested monthly balance. Eventually, I changed banks to my preferred financial institution that requires a high monthly balance to avoid fees. In total, I had three separate account numbers. Updating these numbers with clients was an administrative chore and took considerable time. In retrospect, I wish I had opened a business account at my preferred bank and just paid the monthly fees for a low balance until my workload increased.
Get Tax Advice About Incorporating
Before filling out your incorporation paperwork, make an appointment with your accountant to discuss options. Incorporating my business in Delaware might have saved me money. Tax rules are confusing so make sure a seasoned accountant is part of your team.
You Don’t Need an Overactive Social Media Presence
A robust social media presence is not necessary to maintain a successful business. When I went out on my own in 2018, business coaches suggested I consistently post on LinkedIn, Facebook, and Instagram. After three half-hearted attempts on LinkedIn, I gave up on a regular cadence. I check my LinkedIn account and comment sporadically, but I never opened an Instagram account and never used Facebook for business.
Instead of social media, I attend in-person networking events. Word of mouth has been much more effective for me. (But hey, if you enjoy social media, go for it! It is more important to be authentic and show up as your true self.)
Take Your Time
Take your time and figure things out. Self-employment will be an adjustment. Every entrepreneur embraces a unique flow that works with their energy level.
Twenty percent of new businesses fail within the first year. It is okay to try self-employment on – but my suggestion is to start out strategically. Do not shout it from the rooftops and then take a full-time W-2 job after it gets tough six months in. Slow and steady often wins the race.
Elizabeth Tuico owns Rebel Road Creative, a boutique marketing agency based in Washington, D.C.