Is Your Freelance Business Idea Good?

Freelance Business Working from Home

Here’s How to Make Sure

Do you have dreams of ditching your day job and starting a freelance business?

If you have a skill you can offer, you can make a living working at home, setting your own hours, and living by your own rules.

But before you get started, you need to make sure your idea is a sound one.

Get Your Business Mindset Right

There’s a certain mindset you need to have if you want to be a freelancer.

You’re not just a worker in your business, you’re also the business owner.

Like any CEO, you need to handle strategic planning, branding, scheduling, and everything else your business needs.

You also need to make your business grow.

Are you ready to handle all these tasks on your own?

Do you feel energised when you think about managing your freelance business?

This is the mindset you need to have to be a successful freelancer.

Is There a Market for What You Do?

You have a service to offer, but are people paying money for that service?

One of the most important things to test first before you launch your business is the market.

Is there an audience for your services?

Look around at freelancers offering the service you want to offer.

Follow them on social media.

Join groups where people who offer this service are talking.

You can learn a great deal just by listening to their conversations.

You’ll learn important things like their going rate, tips and tricks to land more clients, or how to handle difficult clients.

Do You Have the Discipline to go Freelance?

Working on your own as a freelancer means freedom.

That’s one of the main reasons people do it.

But it also means you need to have the discipline and motivation to do it yourself.

There is no boss and no co-workers to hold you accountable.

A good way to test this is to do a few small jobs before you launch your freelance career.

Find a gig on a freelancer website or through your connections.

This will give you some experience managing your time and meeting deadlines.

Discipline is a muscle you can grow.

A good way to build up this skill is to transition gradually from your regular job into freelancing.

Gradually take on more work until your are ready to complete the leap to full-time freelancer.

Can Your Finances Handle It?

There’s a bit of financial risk involved in starting your own freelance business.

There’s a good chance you won’t earn much at first, and it will probably take some time before you’re earning what you earn now.

There are two ways to handle this.

One way is to start doing some freelance work on the side while you keep your regular job.

Once you have enough income through the services you offer, you can quit your day job.

Another approach is to save money and make the leap.

Save about 2-3 months of pay.

These savings can tide you over until you start to earn enough through your freelance business.

It’s fine if you don’t have everything you need right now to start your business.

As long as you’re willing to learn a few new skills and cultivate the right mindset, you can make it as a freelancer.

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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