From Freelancer to Business Owner, Be Sure to Do These Four Things

23 Jun

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by: Lisa Walker (Contributing Writer) | published: June 23, 2021

Whether you are looking to increase your income, or to reach your full career potential, there are a number of solid reasons for making the shift from freelancer to business owner. No matter your industry, it is easier (and more affordable) than ever before to launch your own company. 

However, as you may have expected, this process isn’t always intuitive. While there are dozens of wonderful resources that can help you get started, there are plenty of uncertainties in setting up your own business. This is especially true for freelancers since the gig economy is a relatively new concept. 

If you’re considering the transition from freelancer to business owner, Prosper Pathways offers these valuable tips on making your dream a reality. 

Come up with a catchy name.

According to The Brand Boy, the name you select for your new company is paramount. It has the power to either entice and impress — or bore and repel — your audience. Although you don’t want to put unnecessary pressure or stress on yourself, it is important to understand the gravity of this choice. 

Create a catchy name by scheduling a brainstorming session. Feel free to involve trusted colleagues or friends in the process. Write down words/phrases that encompass what you do and the mission of your business. Experiment by creating hybrids of various words and unleashing your creativity. You can even enlist the help of online business name generators to get the ideas rolling. Before making your official selection, find people in your audience and ask for their opinion on what name they most like. 

Decide how and where you’ll work. 

When expanding to a full-time business, your current work accommodations may no longer be sufficient. If you are used to working from a coffee shop — or any available spot in your home — it is time to consider upgrading your “office.” 

Whether you need a brick-and-mortar shop or a dedicated space in your home, now is the time to decide how and where you will run your business. Consider how much room you will need to store inventory, equipment, and anything else that is essential to your daily operations. Also, carefully review the requirements of all applicable licenses, tax write-offs, and the like before officially committing to your new space. 

Create a system that ensures you get paid. 

As a freelancer, it is easy to submit simple invoices to your clients after every project. When you become a business owner, the increased volume of clients can make it more difficult to keep track of who owes you and when those invoices are due. 

With your expenses increasing, getting paid for the work you do will never be more important. To best keep track of owed balances, utilize software that enables you to create an invoice that works for your business model. For example, with a system like QuickBooks Online Advanced, it’s easy to customize an invoice for all your new and existing clients. And you can free up your time with these batch processing features that include sending multiple invoices at once, duplicating invoices and even automation. 

Learn the basics of business ownership. 

If you are brand new to the idea of owning a business, it can be valuable to get educated on the basics of business ownership. You can learn most of what you need to know by reading relevant books or by enrolling in a free (or low cost) online course. While it is wonderful to have a formal business education or to get a business degree, it is not at all necessary when looking to start your own company. 

Although it may feel overwhelming at first, transitioning from freelancer to business owner is incredibly doable for people in any industry. Whether you are a writer, a photographer, a financial professional, or a consultant, launching your own business can open doors you never thought possible.

 Need professional guidance to achieve your financial and business goals? Prosper Pathways is here to help you make your dream a reality. Connect with us today!

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