*This is a collaborative post.
Very often, to enjoy a steady income, it’s essential to work. But you don’t have to work for somebody else to earn money — if it suits your lifestyle and personality better, you can always choose to become your own boss.
The appeal of freelancing is greater today than it’s been for a long time, with the number of self-employed young adult Brits almost doubling over the past eighteen years. Though it may sound fun, however, setting up your own business isn’t always easy.
To help you succeed, we provide three helpful tips for tackling any industry.
Before you do anything — even before you create a business plan — it’s important to identify your target market. Who, exactly, do you want to sell your products or services to? Is it a particular age group, for example? Or perhaps you’re planning to offer a certain niche to customers?
Whoever you’d like to sell to, it’s vital that you pinpoint your audience before you start designing your company plan. Once you have, you’ll be able to explore which outreach techniques are most effective for attracting clients within your target market.
A great way to pinpoint your target market is market research! If you really want to disrupt the market with your ideas, then it’s well worth talking your potential consumers, as these will affect every aspect of the business – including your brand, product, customer service, marketing and sales.
As a result, you can modify your business strategy and products to better suit your desired customer base. And this, in turn, could boost your chances of success.
What are you wanting to specialise in? Is it a niche product, or is it widely offered by retailers already? If it’s unique, you’ll be more likely to draw in customers — and it’s fairly obvious why.
A common industry focus could mean that you have more companies to compete with, many of which will be longer established, potentially giving them an advantage over your start-up.
If you want to be successful with your new brand, you’ll need to gain as many clients and followers as possible. This is typically far easier to achieve for firms that offer a distinct service or USP.
For example, if you’re planning to become a freelance writer, why not focus on a particular niche of writing, like finance or medical? Train in a specific content area, and you may find yourself in high demand.
After all, most people are able to write, but few can produce books and know if self publishing vs traditional publish is right for them.
So, you’ve identified your audience and niche, but now what? Well, this is usually a good time for sorting your money and making sure that you’re financially prepared for your business venture.
And while this may sound like a huge task, it doesn’t have to be. To begin, consider your industry niche — specifically, research the costs that it involves, including production, labour and marketing.
To find out exact figures, why don’t you reach out to friends or family who have started up their own business? Some may offer insight into how to cut costs or save time during different stages of the process.
Alternatively, you could speak with a financial advisor, who’ll be able to guide you how to manage your company’s money effectively.
So long as you prepare well, you’ll easily be able to become your own boss. Follow these tips, and you could achieve all your freelancing goals.