Things I Have Learnt About Being Freelance

Quitting your job and not moving to a new one is a big decision. There is a lot that you must do to ensure that you can make a living not just in the first few months but years down the line. I did look for another job before I left my last job, but when I didn't find one that I wanted I thought that I was not going to let me stay in a job where I was paid less then everyone else but did more training and of harder courses. So I put my letter in and learnt a lot in the last 9 years.

1. Don't let someone else set your rates. In the training industry we have a lot of trainer resource companies who keep a list of trainers and supply companies. They set rates, and when times are tough, they lower rates as much as they can to keep the clients coming to them which means we get paid less. When times are good, rates do not return to what they were unless the trainer sets the rate. This is probably true with other types of freelance. Treat your prices not like in a shop but more like a market, start higher then you will take but know what the lowest you will accept is.
2. You are a brand. I have heard lots about this over the years, most confusing because I am not marketing or PR but a trainer, who when she is training, can't really do anything else. Not true. It has taken me a long time, a lot of books and tons of time spent by friends in PR and marketing to teach me that you can do a lot for a personal brand in the social media age. Articles and blogs are one way, and they are static, so people can go back and read items you wrote years ago. Twitter is another tool, you get to know people, give some of your knowledge away and people will come back as clients. With all this though, quality is key, the old (ok very old) saying of Garbage In, Garbage Out (the GIGO effect) is true. You have to give out quality, and over a long time. One article and a couple of tweets does not make an empire!
3. Find a niche. As with number 2 there are a lot of books on this one, my favourite being "Book yourself Solid" by Michael Port. It took a friend and business Mentor to tell me I was targeting 2 areas and should separate my business. I thought as a software trainer targeting anyone with a computer would be a niche market, no. Targeting one industry, an area (such as Statistics in Excel) is niche, then if they ask if you can also train... you can answer yes.
4. Save. This is difficult if you are not earning a lot, but I find that there are times I earn a large amount, I save everything I can and still live normally, then I have something for the future. If you don't earn enough to save, it may be time to talk with a business mentor.
5. Get a mentor. I have only just recently done this and wish I had years ago. If you don't know one the Institute for Independent Business, as well as other organisations have business mentors who can advise you on building your business to earn enough to do more then survive. It does cost money, but a good mentor can help you get grants, funding, point you in the right direction to services that are economical. Economical does not mean free but have a greater return rate then throwing your money when you are not sure it will work.

These are just a few things that I have learnt over the last few years. All I wish I was told before I quit my job, my freelance business would be more profitable and with a lot less stress!

Katherine Davison

Sign up for her free monthly newsletter at http://www.katherinedavison.co.uk/about-me/newsletter and receive an Outlook Quick Reference Card.