So you’ve decided to take the next step as a digital nomad and start your own business in earnest, but how do you manage the transition between freelancer and entrepreneur?
If you’ve been working as a freelance digital nomad for a while, you might be thinking about longer-term plans for your work. Fancy becoming more of an entrepreneur and creating a business, rather than working as a solo agent? We’ve got some simple tips for helping you make the change successfully.
Check your funding
If you’re a freelancer, chances are you’re using the money you earn on everyday living costs, rather than saving a nest-egg for future endeavours. So start putting aside money that can be used as the collateral you’ll need for running a business. Having money in the bank set aside for your new venture is sensible to cover any gaps in client work or any time you’ll need to spend on your new project.
Think about how you can expand
As a freelancer, you are offering your clients your time and your expertise. This means that you can only generate money for the time you’re working, rather than producing money even when you’re off for the day. As an entrepreneur, you can start outsourcing work and tasks. Think about how you can change your current work into something that can be parcelled out to others, freeing up your time.
Consider creating a product
As a digital nomad, you are the product that you’re selling to your clients. Being an entrepreneur means that you need to find a way to sell a product that’s more than just your skills. A product or longer-term project frees up your time to work on getting bigger, better clients.
Focus on long-term success
Freelancers can often fall into the trap of thinking only of the present – when you’ve got bills to pay and you’re constantly looking for the next job, it’s hard not to. However, an entrepreneur needs to plan ahead for business success, and transitioning into this mindset early can help you move from day-to-day survival to a stable income.
Collaborate with other freelancers
You don’t have to be an entrepreneur by yourself! The benefit of collaborating with other freelancers is that you can offer clients a full range of skills for projects, earning everyone a bigger pay packet. Considering teaming up with other freelancers in a similar position and market to you for mutual benefit.
Posted by The Secret Businessman