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Syed Ali Haider Kazmi
The costs of building a business When you become a professional freelancer, youre actually starting your own one-person business. You are responsible for not only building up your own client base, but also covering all of the costs that come with business ownership. These include home office equipment, website design, marketing, accounting and more. Depending on your field of work, the prices could vary. Time management While you can certainly save money by taking care of certain business tasks yourself, doing so sucks up valuable time that could be better spent working and earning money. You also dont get paid for vacation days or sick days, so managing your time becomes even more important when youre freelancing for a living. Other employment-related costs Many new freelancers celebrate their first check from a client. Unlike an employer paycheck, freelance payments arrive without any taxes deducted, so its easy to spend your hard-earned cash once it arrives. Once tax season approaches, the 1099 form your client sends to the IRS means you need to cough up your unpaid taxes in full. Employers cover half of the Federal Insurance Contributions Act FICA taxes, but when youre self-employed, the full tax rate is on you, according to the IRS. Throughout the entire year, youll have to account for these expenses in your bookkeeping. [See Related Story: Self-Employed? Everything You Need to Know About Taxes] Additionally, freelancers must secure their own health insurance. The Freelancers offers health insurance through its annual membership fees. Additionally, the Affordable Care Act offers insurance on a sliding scale based on your annual income. Prices vary by state, but expect to pay somewhere around $300 or more per month for individual coverage. This Money article breaks down some of the specifics about healthcare costs, deadlines and coverage considerations for freelancers. For more information on obtaining employment benefits as a freelancer, visit this Business News Daily guide. Tips for success as a professional freelancer Despite the difficulties of working as a full-time freelancer, its no more or less challenging than any other entrepreneurial venture. You need to know how to successfully market yourself and grow your client base. Here are a few tips for how to do so: Build your online presence. When you apply for a freelance position, the first thing potential clients will do is research your past work. Make sure they find something worthwhile by maintaining a strong online presence. The most important of all platforms is your own website. Freelance content marketer and blogger Ryan Robinson recommended including examples of your previous work, contact information and testimonials to get started. Depending on your field, it also might be beneficial to be active on social media platforms, such as Instagram’s business option and Facebook pages. Focus on your best clients. When youre first starting out as a freelancer, its not a bad idea to take on as many jobs as you can to build up your portfolio and potential referral network. But once youve established yourself, you can afford to be a little more selective about the clients you take on. Thats why its incredibly important to embrace anchor clients, or those that assign steady, regular work. Contently reports that anchor clients are a crucial part of growing and expanding your income as a freelancer. Network and maintain relationships. In any business, word-of-mouth referrals are often the best way to generate new leads. When your working relationship with a client ends, keep in touch and reach out from time to time. If youre in some form of media freelance trade, its important to recognize that your clients can easily switch jobs. For instance, if youre a freelance writer, editors frequently switch over to new publications. Freelancing gives you the opportunity to work directly with a person, rather than a business, throughout his or her career.
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