3 Steps to Protect Your Freelance Business

Starting a freelance business can be a wonderful thing. It allows you to set your own hours, be your own boss, and reap all of the profits from your work. It can also be incredibly risky to have such a business because it will always be you and your money on the line. If you want to make sure that you can protect your business, make sure to follow the three steps below.

Talk to a Lawyer

One of the many perks for a freelancer is that they traditionally have less overhead costs than a regular business. While this is fantastic, this doesn’t mean that you get to avoid all of your business expenses. Spend some time talking to a lawyer about various legal issues, including filing the proper paperwork for your business and any contracts you may need to have drawn up. While it may seem expensive at first, taking the time to do these things properly can save you a lot of money and headaches over time.

Talk to an Accountant

As you become more successful in the freelance space, you will start to bring in more business, which in turn leads to more money. While your initial profits may be easy to file taxes for on your own, you will need to figure out how to deal with the more complicated tax processes and forms that come from owning your own business later on. You most likely won’t be paying any taxes on your income from the business throughout the year, which means you will need to pay them when you file your taxes. You might also have to use tax forms that you are unfamiliar with. It is important to talk to an accountant or tax specialist to make sure that you are not misfiling your taxes, so you don’t have to deal with being audited in the future.

Concentrate on Marketing

Finally, you will need to start investing in marketing. Most of your initial clients and workload will come from family and friends that you tell about your business. While important, this is not a sustainable way to run your business. To reach a wider audience, you will need to invest some time and effort into creating an online presence. Start by building a website and establishing a presence on social media. Figure out what demographic you are appealing to and use that to guide you in your efforts online.

Starting a freelancing business involves so many things that will set the foundation for your future success. Make sure you are willing to work hard and devote yourself. Don’t be afraid to ask for help and make sure that you put yourself out there. Without people knowing who you are, you won’t have any work to do.