Ready for the next step? Transitioning from freelancer to entrepreneur

Transitioning from Freelancer to Entrepreneur

There are 53 million Americans freelancing today, and collectively they are earning $715 billion a year. * While these numbers may look impressive, they actually indicate that a given freelancer is only bringing in $13,490.56 a year.  Not surprisingly, some individuals are wondering if they should make the move from part-time freelancing to full-time entrepreneur.

Making this move can be a scary step, but its potential to bring you many rewards can be quite appealing!  It allows you to work for yourself, on the projects you love, and it has the potential to make the income you need.

Before taking the plunge, however, you need to do some research, analysis, and preparation.  Consider the following steps to help you to begin:

Learn how to work smarter, not harder in this article from Entrepreneur

  1. Develop a vision

    The biggest enemy can be you!  If there’s a small voice inside of your head saying “you can’t do this,” then your first step is to turn off that voice and develop a realistic vision.

    Show yourself that freelancing can be your reality. Your idea isn’t a whim – it’s a business plan. Begin envisioning by creating a business name and a vision for your company. This will help you develop a mental picture of your business and to give yourself a clear path to follow.

  2. Believe in yourself

    Everyone has to take a leap of faith sometimes and it’s okay to have – and to acknowledge – your doubts.  You do also need to be prepared to overcome them, however. It takes practice to overcome doubts, but it’s an important practice. Be sure that you’re mentally invested in your business before you quit your day job.  If you doubt your own ability to find success, you won’t find it.  Believe in yourself!

  3. Decide on a form of business
    You can decide to change the form of your business down the line, but it’s good to have an original plan so you can properly arrange the financial aspects of your business.  You can set up a legal entity for your business (such as a limited liability company) or you can operate your business as a sole proprietorship.  The choice is yours, but do the research first.  Ask yourself:  What are my business goals?  What are the benefits that would come with each model?

  4.  Set up the financial processes
    You can’t begin to bring in work if you’re not fully prepared for it.  Develop your prices and invoice templates.  Create an accounting plan and figure out how much you need to set aside for taxes.

  5. Work on your portfolio
    You shouldn’t launch a business before you have experienced with the work and can demonstrate those experiences to others.  If necessary, delay the launch of your business until you have quality samples of the work you will sell.  If you find you can’t create a solid portfolio of samples that accurately represent your work, then it may not be the right time for you to develop your own business.

  6. Create marketing materials and advertise your business.
    You need to have at least some initial marketing goals as you launch your business.  Develop and launch a website and social media profiles.  Reach out through your business and personal networks and let everyone know that you’ve started a new venture.  Have business cards and/or literature to hand out to them.

 

The bottom line is that, with proper planning, research, and hard work, you can make a go at creating a business that you are really passionate about. Be brave and take the leap when you’re ready!

WLACC Women’s Networking Group

WLACC 8

With Barrister Executive Suites, Inc., you don’t have to go far to grow your business. On Tuesday, August 18th, Sondra Hollis, manager of Barrister’s Brentwood suite, hosted the West Los Angeles Chamber of Commerce Women’s Networking Group. This was the first of many meetings that will be held at women-owned or operated WLACC members’ locations. Chamber members and female entrepreneurs and executives get the opportunity to network, visit business locations of WLACC members, and exchange new strategies on how to improve their success. “This is a great opportunity for women in business to receive valuable mentorship, exchange business ideas, and network with peers” says Sondra Hollis.

Barrister team members are committed to the local business communities where we live and work, and are actively involved in numerous local organizations.

If you are interested in attending, or want more information on membership, please contact Sondra.

Sondra Hollis: 310-388-8799 | shollis@barrister-suites.com

 

 

Remembering Steve Jobs; 1955-2011

We are greatly saddened to hear of Steve Jobs’ passing on October 5, 2011. He was an innovator and inspiration who has left behind a great legacy. His creative passion has touched everyone in some way. From enjoying music on iTunes or keeping your business mobile with the iPad, Jobs’ innovations have changed the way we live and work. An example of how one individual with a dream can have an impact on the world.  He will be missed.

We have also included a link to Steve Job’s 2005 Commencement Speech at Stanford University.
Steve Jobs’ 2005 Stanford University Commencement Speech