Today marks three months since I was made redundant and decided, right that’s it. I had my hand forced to set up my own business – something I’d always wanted to do – and really this was the perfect opportunity.
I’m glad to report that I haven’t given up yet, even though I’ve already had my fair share of too busy and too quiet periods!
To help those thinking of making the leap to freelancer or business owner, I’ve put together a list of things I’ve learned that could prove useful.
So, what’s good about running your own business?
- Flexible working hours – I can start when I want, finish when I want. No more being stuck in a traffic jam for hours on end.
- No one to answer to – I’m my own boss so if my little pea comes down with chicken pox, I don’t have to dread that conversation with my boss about how I’m not going to be around for two weeks.
- The power to say no – I can choose what I want to work on and I can say no to stuff I don’t fancy!
- Work in my pants – Well, you know what I mean. No need for smart clothes or immaculate hair. My home is my office.
- I decide what I get paid – No more working for a limited wage and struggling along until pay day. I can bill what I think is fair for the work that I provide – and work as much as I want.
- No more team-bonding exercises – Did anyone ever get more staff morale from these?!
- Better work-life balance – I’ve finally found out what that’s all about. I can take holidays when I want (given I’m not paid for them) or spend some time outdoors when the sun’s shining and I don’t feel like being stuck inside.
While there is all this light at the end of the redundancy tunnel, there’s also a few things I perhaps hadn’t accounted for but I’m learning to adjust to while my business is getting off the ground.
Cashflow
I didn’t really think about how much I would rely on regular payments from clients. It’s the uncertainty of not getting that little payslip on your desk when the 28th comes rolling round. Try to invoice on regular days so that you have enough cash coming in to pay the bills.
It can also be hard to get a mortgage – so worthwhile noting if you have your heart set on buying a quaint little cottage.
No one is contributing to a pension now so you’ll need to sort that out yourself and remember to charge enough for work, that you can take off tax, pension and preferably, savings for a rainy day.
Feeling isolated or distracted
While there’s loads of things about the office that I certainly don’t miss, I do miss the characters I’ve met along the way and the ability to holler your buddy across the office to cast their eyes on your latest masterpiece.
I also find I eat way more snacks and drink more tea at home but I’m pretty unfazed when it comes to watching TV as I find it puts me off. Discipline is key!
Being prepared
Allowing for a back-up plan when projects you were relying on the income from, drop through. This has happened quite a lot of times to me already – oh, and the guy that did a bunk to another continent without paying my freelance colleagues or I.
Marketing
When you are focused on doing work for clients it can be easy to forget about marketing your business. When did you last post on social media or write a blog? All these things matter if you want to see more traffic to your website and get your business out there.
I’m hoping to get some more images of me working with clients on my own wordpress website to replace stock images, and will get round to this at some point! Then there’s using SEO, social media and updated content to increase web traffic… so much to consider!
I’ve found that Twitter is one of the best platforms, which surprisingly, has so many people willing to help and share experiences of getting started with their own businesses.
Quick tips for getting started yourself
- Get the right equipment and a good work space – Yeah go on, throw in a swivel chair if you really want to. Get a laptop or PC that’s just for work so there’s no photo streams and things to distract you from the jobs in hand.
- Join a co-working space or find a cafe – Don’t sit at home staring at four walls or you will actually go stir-crazy. Aim to get out and work somewhere new. You never know who you might bump into – hopefully your next source of work!
- Figure out your prices – Research your competitors and charge what is fair. Don’t undersell yourself and remember, experience counts for everything.
- Put money aside to get you through quiet stages – This happens to us all, especially in the summer months when everyone is galavanting off on holiday and you’re left with no work. Christmas is also a winding-down time.
- Make time for your business – A professional website is a must, as are your social media channels, so get these up and running and you’ll be off in no time.
- Be organised – Don’t forget to put things like receipts for travel or equipment aside as you’ll need these when the old tax return needs to go in – and tax! The last thing you want is a surprise bill.
And if after reading all this you think you could use a Manchester copywriter to help you out, well, I’m just a phone call away so contact me today.