Being a freelancer sounds glamorous; working wherever you want at hours that suit you, and not answering to a boss every again. People fail to consider that they are now their own boss, they will probably have to work harder than ever for while, and that they might not have a social life for the first year while they try to establish a reputation and increase their client base. Yes, the reward for working hard will eventually be flexible hours and an increased income, but these are just a few things you’ll have to bear in mind for your first year as a freelancer.
Taxes can get very complicated for freelancers, especially in the beginning. Are they self-employed, or do they technically have an employer if most of their work is for a single client? You can easily check out your employment status for tax purposes by checking on a government website. However, many people find the IR35 legislation difficult to understand, so it’s important to fill them in correctly in the first place avoid some nerve-wrecking IR35 contract reviews in the future. You can also double check your status by consulting a tax advisor or accountant. Reputation is everything to a freelancer, so the last thing they need is a tax violation on their record.
The only way freelancers get clients is if they advertise their services really well. Most businesses, big or small, have a website to promote their company and connect with their customers, and it can work just as well for a freelancer. Setting up a website is so easy, the almost everyone now has one; just go to a web hosting site, find a unique and memorable domain name that reflects your business idea, and start designing an eye-catching website with engaging content. The purpose of your website is to set yourself up as an expert and demonstrate why people should use your services over someone else. If it’s possible, include a few testimonials from previous clients so that people know that you are worth the cost to their business.
When you first become a freelancer, you’ll sign a lot of contracts with new clients designed to protect their interests. However, you also need protection of your own; insurance. Professional Indemnity insurance is a must-have for freelancers because it protects them when a client accuses them. of providing inadequate services. It also covers the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake. A lawyer will not only defend you from these accusations, but they can also read over contracts before you sign them, and chase clients who don’t pay you for completed work.
Freelancing is not glamorous. At least not at first. In the first year it’s a lot of hard work to set it up and make sure you have the means to find work, and that’s before you even start doing the actual freelance work. Don’t make this change lightly.