How to Turn Freelancing Into a Small Business

Perhaps you’ve taken on occasional freelance clients to supplement your income or pursue your creative passions. However, recently, you’ve realized that freelancing has become a robust source of income — and now, you’re wondering if you could transform your freelancing endeavors into a small business.

By boosting your marketing efforts with platforms like Blue Hill Hosting and seeking out more lucrative clients, you can make the transition from freelancer to a small business owner. Here’s how to find new clients, manage your finances, and invest in security for your business. 

Expanding Your Clientele

Maybe you need to land a few more high-paying clients before your freelance work provides you with a full-time income. To connect with individuals and businesses who are willing to pay higher rates for your services, Creative Live recommends outlining who your ideal client would be and only targeting clients that fit this description. 

Business Formation

As a freelancer, you likely operated as an independent contractor without giving much thought to business formation. But if you want to establish yourself as a small business owner, it’s time to consider your business’s structure. If you want to enjoy more flexibility in terms of management and administrative responsibilities, incorporate as a limited liability company or LLC. 

Marketing

When you began freelancing, you likely engaged in some marketing efforts to find new clients. But as a small business owner, you’ll need to focus on branding across various platforms and expanding your marketing strategy, especially if you plan to offer new products or services. 

For instance, you’ll need to build a website for your business where people can browse your offerings, learn more about your company, and contact you with their inquiries. You’ll also have to learn the ins and outs of social media marketing – you never know when a potential client could stumble across your profile on Twitter, Facebook, or Instagram! In addition, consider guest posting on other platforms to spread the word about your business. 

Cybersecurity

When you’re running a business, you want to make sure that your data and finances are not vulnerable to cyber-attacks. It’s all too easy for cybercriminals to target small businesses and gain unauthorized access to crucial data, which they can then sell on the dark web. It’s best to invest in cybersecurity tools early on. For instance, you may want to get set up with a program that establishes risk-based controls to protect the integrity, confidentiality, and accessibility of the data that you store, process, and transfer.

Financial Planning

Maybe you managed your finances on your own when you were freelancing, but as a small business owner, you’ll probably need an accountant to guide you as you file taxes. A skilled accountant will help you take advantage of deductions that you might have overlooked. To find the right accountant, ask other professionals in your industry for their recommendations. Look for a certified public accountant who charges a reasonable hourly fee. Ask about their services to make sure they’ll be able to assist you with relevant financial tasks.  

When you began freelancing, you may have anticipated taking on just a few projects here and there. But if freelancing has become a steady, reliable stream of income, and you truly love your work, it might be time to ramp up your efforts and form a small business. With these tips, you’ll be ready to embrace entrepreneurship!

Are you looking for a platform to share updates on your industry or news about your business? Blue Hill Hosting provides a space for entrepreneurs to publish guest posts. Contact us through our website to learn how you can begin guest posting!

 

Photo via Pexels

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