Many companies that hire freelancers witnessed a multifold increase in business and the professionals registering on their platforms when we all became an internet-driven economy during the pandemic.
It has become evident that there will always be a need for writers, designers, and developers. In fact, with the way our culture is shifting from a focus on products to a focus on services, there will be a greater need for freelancers in the future. Every business now focuses on being active on the internet, producing valuable content, and connecting with the audience.
When you start a freelancer company, your success depends on managing your time, connecting with clients, and raising your profile. It can be arduous to get clients, and it can be challenging to maintain good relationships with clients you already have.
Here are ten tips for bootstrapping a successful freelancer company:
Stick to one domain of services you would provide through your freelancer company at the beginning. For example, pick one from content writing, social media, coding, translation, or graphic design services.
This narrow focus will help you drive quality resources and build a team of quality professional freelancers. Focus brings clarity and enables you to filter out what to do and what not to do, keeping you on the track throughout.
You would need a strong network of clients to make any money. Networking is essential if you have ambitions to create a company that hires freelancers. Create your page on social media, especially LinkedIn. Connect with your juniors, seniors, friends, freelancer professionals, and colleagues to share how you can help them in their work or business.
A website is crucial if you want to attract customers and stand out in the crowd. Many freelancers get their first client through online platforms such as Upwork or Freelancer but will eventually want to move away from these sites because they cut a big chunk of each project’s fee.
Create a portfolio website with samples of your work. Add a signup or query box on your webpage where potential clients and professional freelancers can connect with you when they find your freelancer company.
If it looks overwhelming to you, start a blog instead. Many free blogging platforms make it easy to start a blog, such as WordPress.com, Squarespace, and Tumblr.com. These are all great sites to use when starting because they are free and do not require you to register a domain name right away (you can always transfer your content over later).
Have a solid marketing plan in place, including how you will find new clients for your freelancer company. Building an email list is one of the best ways to build relationships with potential clients and turn them into paying customers.
Offering something for free in exchange for an email address is one of the most effective ways to get someone on your list so that you can continue building that relationship with them over time.
Build up a cache of referrals so that when one client runs out of work for you, you can move on to the next one without missing a beat (or missing an income). Be comfortable saying no and firing clients who do not fit your business model or do not treat you well.
Bootstrapping your company is the best at the beginning because you control everything. Borrowing money as soon as you start or seed money from investors will slow down the decision-making process of your business.
You must use as many free resources as available on the internet. So, plan out your finances with some buffer for errors you would need at every stage of developing your freelancer company.
Keep aside a large chunk, about 80% of total capital, for marketing and business promotions. Do not overspend on anything at the beginning. Keep good financial records and organize all of your receipts to know how much money you are spending on certain things such as office supplies. When you are the captain of your ship, you decide the direction, speed, stoppage, and destinations.
To fall in the category of successful companies that hire freelance writers or designers, you must have a system for quality assessment and project management. Each service you provide meets the highest quality standards or sometimes may exceed them.
You have to ensure projects are ready before the deadlines. And it is impossible without creating a system.
You may be thinking about delighting every client with your exceptional services. That is a good idea. Delivering what you have promised adds credibility and builds your reputation. You must anticipate what you can provide to your clients to run effectively and efficiently a freelancer company in the long run.
When you under-promise, there is less load of work and more opportunity to exceed expectations. Also, you must create contracts for your new clients and associates that spell out their responsibilities and yours.
There will be a temptation to keep all the clients and the money they bring in with their projects. Still, remember that you can do as much as a novice freelancer company.
Taking extra work will just cause stress in the long run. It could lead to frequent repetitive mistakes if things get too overwhelming during your work process. It, in turn, means a damaged reputation, poor client feedback, loss of clients, and less overall income from those mistakes!
Be sure to set aside some time each day for self-care activities like meditation, walking outside, or reading a book that interests you. Relaxation and entertainment are essential to enhance creative thinking for successfully running your freelancer company.
One of the biggest mistakes new freelancer company owners make is not setting aside enough money for taxes throughout the year. Taxes can come as quite a shock when it comes time for yearly payments. Sometimes you go years without saving for taxes and owing five-figure sums. Do not miss the GST filing, corporate tax, and individual tax deadlines.
Starting a freelancer company is enticing when you know there is an enormous gap in demand and supply. Clients are willing to pay hefty checks if you could deliver high quality in less time. Even if you have worked as a freelancer for years and know the trade, you will still need to figure out a hundred other things. Use these tips to add more excitement and ease to your endeavor.
It is tough in the beginning to get your first client, but once you deliver high-quality service, there is no looking back. Use your connections on social media and ask friends to get your first gig.
Consider yourself a small business, expand your network, create a personal brand, show off your credentials, fulfill your promises, focus on delivering quality, create a system for every step of your business and optimize them periodically.
Search the internet for ideas, pick some unique names, and brainstorm with your trusted friends or a mentor.
The biggest challenge for any freelancer company is ensuring quality consistently and meeting deadlines.