How to prepare for your first year as a freelancer

The first year will most likely be the toughest year of being a freelancer, but it will also be a rewarding year if you do well. To help you get through the first year, we offer the following advice:

1. Put some money aside

You really need to put some money aside to help get your freelancing business off the ground and ensure that you have something to live on whilst building up a client base. Many freelancers will continue working in their normal job for a period of time before becoming a full time freelancer.

2.  Draw up a business plan

Freelancing is also a business. A business plan can help with many different aspects of the business and so avoid panic when the business gets into difficulty.

3. Build the perfect profile

It is important to build the perfect profile (such as a CV and a cover letter) with just enough information about who you are, what you do and why people should hire you. This will help your clients to feel they are well informed about you.

4. Keep track of your money

You will be accountable for all of your incomings and outgoings when you go freelance. Your first tax return may well be time-consuming and daunting if you have no prior experience with it. The best way is to find an expert to help you to do your accounts and keep track of your money, therefore avoiding getting into trouble with tax man.

5. Develop your own network

Networking is one of the biggest and best ways to build up a new client base within your first year.  Make sure you take along your marketing materials wherever you might meet people, such as your business cards, leaflets and so on.

Belsize Accountancy will be here to assist you and go through your business plan before you take the plunge into freelancing. We will also help you sort out and send your tax return to the HMRC, so you will be free to focus on your own business. For further information, please contact us on 0207 043 0052 or via email at info@belsizeaccountancy.co.uk.