Dr. Heidi Davidson is the Co-Founder of Galvanize Worldwide, the world’s largest distributed network of marketing & communications experts.
If you’re reading this, chances are you’re a marketer who’s at a crossroads in your career or life. You’re not alone. A recent survey from HP found that 71% of knowledge workers worldwide say they consider leaving their employer even if they feel neutral about work.
But is now the right time for you to launch a freelance marketing career? Here are the top 10 things you’ll want to consider.
1. Know Your Differentiated Value
This is not the time to be humble. You need to very clearly understand who you are and where you excel. Go deeper than functional expertise. Think about your values, approach, processes and systems. Envision your ideal client in detail. What value can you provide them that no other freelancer can deliver?
2. Establish Your Billable Rate Range
You need to understand the market for your services and determine what you must make in order to succeed. Determine the overhead costs of your business and your own financial situation, and then determine what you need to make in order to consider this work a success. Make sure you’re also factoring in healthcare insurance costs so you’re covered there too.
3. Consider Project And Retainer Budgets
You’ll want to consider the best way to manage your contracts and payments. For example, do you prefer monthly retainers, which provides certainty around income, or project budgets, which allow for even more flexibility? Remember that you’re running a business in addition to providing your marketing skills, so you’ll need to button up your contracts, invoicing, time tracking and payment tracking.
4. Get Legal Advice
Work with an attorney to set you up as an LLC. Most clients prefer to pay a legal business entity rather than an individual. Ask your lawyer to develop a template consulting agreement and NDA that you can use for prospective clients.
It’s also important that you contemplate right from the start how you’ll handle a bad payer. An attorney can help you craft language about payment terms and how you’ll handle late payments.
5. Ask An Accountant
As a freelancer or 1099 contractor, your clients likely won’t take taxes out of your payments, so you’ll be required to make tax payments on a quarterly basis. I’ve seen freelancers make the painful mistake of not paying quarterly and getting a hefty penalty at the end of the year.
Talk to your accountant about setting up an Employee Identification Number (EIN), so that when you’re filling out engagement forms with a potential client, you can share that rather than your social security number.
6. Polish Your Setup
Even though freelance marketing allows you to have the ultimate flexibility in where you work, make sure that you have good equipment and a dedicated location as your primary work space. And since you’re likely working via Zoom, you’ll want to make sure that you have security features built into your setup. You’ll need to attest to this in your contract and NDA with your clients.
7. Basic Branding
Freelancers often feel as though they have to invest a ton of money into a website, personal brand design and more. You can set up a simple website and design a logo, but the bulk of your work will likely come from networking and referrals, so that money is best saved for later.
Make sure that your LinkedIn profile is up to date, that you have a solid bio that showcases your work and experience, and some work samples that you might be able to build into a capabilities presentation when needed.
8. Network, Network, Network
Your network is crucial as a freelancer, as your former colleagues and peers who know your work can refer you to others. Reach out to those you know right away, letting them know you’re available for work.
Consider joining your local chamber of commerce or business networking group. You can also link arms with freelance marketing groups or other organizations that bring experts together to jointly work on projects. For example, I’m a member of the Freelance Marketing Alliance.
Don’t forget to reach out to agencies as well. They’re often pitching new business and may need to round up a talented team quickly, contracting with freelancers for added support.
9. Establish Backup
One of the reasons that I like being a part of the Freelance Marketing Alliance is that we can cover each other if needed. Working in teams or even pairs allows for greater flexibility if you do want to take a vacation, chaperone a field trip or run to a doctor’s appointment. Even if you’re wanting to operate solo, it’s good to have at least one other freelancer in your network that you can brainstorm with on projects or when you hit a speedbump.
10. The Sooner You Get Started, The Better
Don’t wait until you’re already out of a job to start your freelancing career. Consider putting out some feelers right away, and work on projects during your off time, nights or weekends. This will help you see if this kind of work is for you and whether there’s enough of a network for you to make it work. The time is right to engage with employers that are looking for short-term or flexible solutions for their talent shortages.
Speaking personally, the decision to begin a freelance marketing career and establishing a network afforded me the opportunity to choose the clients and the work that inspired me. This gave me the flexibility to be more present at home, live a healthier and more balanced lifestyle and spend less time commuting. It all helped me remember what it is that I love about marketing and communications in the first place.
I wish you success as you begin your freelance marketing journey. Good luck!
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