Building Up Your Cash Flow when You First Start Working from Home
Freelancing from home is the latest American dream and the Internet makes that more possible than ever. That’s not to say it’s easy. There will be plenty of hard work involved and it may take you some time to build up a comfortably steady flow of income. If you’re dedicated to making it work, you can do it.
Quitting Your Day Job
Whatever your chosen field, you’ll want to connect with colleagues who are already freelancing. This will help you network and learn the ins and outs of freelancing, but also help identify where your competition lies. By looking at how others are approaching potential clients, you may be able to identify some talent you have that others aren’t offering. This will help you stand out.
Don’t quit your job just yet. You will need to take on a few clients at a time until word begins to spread about the quality of your work. You can take jobs as they come while working at your day job until you feel confident in your ability to maintain a steady influx of jobs.
Marketing is key to your success as a freelancer and the first step is to build a professional website with a blog. Blogging regularly will help you establish yourself as an expert and by sharing those posts on the social media accounts you will also have to create, you can generate interest in your services. When you’re not working on jobs, you should be looking for new clients or promoting yourself via social media. The key to success is unrelenting dedication.
Where do Freelancers Turn When They Get Into a Tight Spot?
Even if you’re smart enough to build up an extra emergency fund before you quit your regular 9-5 job, there’s no telling what could happen. More than one emergency could tap out your resources and you can find yourself struggling to make a mortgage payment or pay an insurance premium. For regularly employed people, a payday loan could serve in a pinch, but where does a freelancer go?
Now that there are so many more self-employed people out there, services for unconventional professionals are expanding. Luckily, this means that, as a freelancer, you can still find an installment loan or a payday loan to suit your needs. It may take some research, but they are available.
As with anyone trying to get a short-term loan, you will be required to show your income for the most recent 90 day period. As a self-employed individual, you likely don’t have pay stubs to provide, but many lending organizations will take bank statements. In determining whether or not to approve you, the lender will also look at your banking history, as well as your income.
Once approved, you’ll have to determine how much to borrow and ask about the repayment schedule. Borrowing too much or agreeing to a repayment plan that conflicts with your pay periods may end up putting you deeper in debt, so make sure to weigh all of your options. Remember, the point of a short-term loan is to help you out of a bad situation and not to worsen your circumstances.
Freelancing can lead to an exciting and freeing way of life, but, as you start out, you will have to work hard and work long hours. As you build a steady client base, you’ll be able to quit your 9-5 job and pursue your own dreams more fully. When you do run into trouble, remember there are financial services to help you out of a tight spot. In time, you’ll build a nice nest egg and live the life of your dreams.