Advice for Freelancers

Why Freelance?

Before committing to self-employment, weigh the pros and cons. You need lots of energy, discipline, and the ability to handle independence. You must identify your market, sell yourself, tolerate rejection, manage your time, money and employees, and be able to communicate under pressure. If security, paid time off and other financial prerequisites are important to you (and you’re not independently wealthy) don’t start a freelance business! The financial rewards are not immediate; in fact, business advisors suggest accumulating a minimum of six months’ wages before starting a freelance service business.

Nonetheless, working freelance has tremendous advantages, including the ability to work your own hours your own way, choose the projects you want to handle, and take more tax deductions. And you may end up with more spendable income as a freelance, as long as you remember that you are “in business” and manage your money and time well.

Planning your Business: Defining Your Market

What’s in Business Plan

Consultants You Need

Selecting a Legal Form for Your Business

Fictitious Name Statement, Rules & Business Taxes

Establishing Your Hourly Rate

Estimating Project Fees

Negotiating Project Fees

Contracts

Terms of Payment and Collecting

Operating Expenses and Equipment

Accounting and Insurance

Tax Deductions

A Few Final Words

If you would like further information about these topics, please contact Cathryn D. Evans

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