How to Step Up From a Freelancer to an Entrepreneur

Freelancers are independent workers who offer their services to companies, organizations, or individuals on a contract basis. Typically they work on individual projects that can last anywhere from days to years. They usually don’t work for one company at a time (but some do), but instead, work for several simultaneously.

Entrepreneurs in service fields might have very similar approaches, but the main difference is having a team. Entrepreneurs work in a service field, setting up their own business and hiring a team of workers. They could run their business from home or from an office or both.

7 things to do to step up from freelancer to entrepreneur

1. Have a plan

the point of freelancing is to get paid for services rendered, but the point of an entrepreneur is to make money off your business. You can’t do that unless you have a business plan. Having a clear understanding of what you’re working towards and how it will be accomplished will help guide you (and your team) through the difficult times. 

2. Find trustworthy employees

this is probably one of the most important steps to making this transition because these are the people who will be helping you run your business. If you don’t trust them or they can’t do what you need them to do, then it’s just not going to work. It’s important to find the right people for the job and it might take a while, but eventually, you’ll have a team of reliable individuals.

3. Monitor your cashflow

this is one of the hardest things for freelancers to do because going from project to project isn’t always easy. But as an entrepreneur, you’ll have to manage your staffs’ wages and know how long it will take for a project to turn a profit. This is going to be an ongoing process, so knowing what documents need what information on a regular basis is important.

4. Have more than one income stream

the key to being an entrepreneur is making your business sustainable. If it’s only one-and-done, then you’re just going to run out of money after a while and have to close up shop. Staying afloat financially is important and having more than one income stream comes in handy. For example, you can do product development or write books on the side to generate some extra revenue.

5. Enter into business with like-minded people

this one isn’t necessarily a must, but it’s definitely helpful. The idea of having a team might sound nice, but sometimes personalities don’t mesh well. And if they don’t mesh well, you’re going to have problems working together and running your business. Look for the right people and make sure you all get along.

6. Set clear boundaries for work and time off

we all have a life outside of work, but as an entrepreneur it’s important to set clear boundaries between the two. Knowing what is expected from each worker and when they can take a break or go home for the day is going to keep the business running as smoothly as possible.

7. Maintain integrity throughout the process

the one thing that you can’t lose sight of is your integrity. Whether it’s working on a freelance project or building up an entire business, you have to be honest and fair with everyone else. Don’t let money and greed get in the way of your business and its progress, because that’s exactly what will sink it.

In conclusion, it’s important to note that this transition isn’t easy and it might take some time before you can set up a strong business and team. But as long as you have a plan and maintain integrity, the rest will fall into place. Good luck!

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