Planning To Take Up Freelancing? Avoid Making These 5 Mistakes

Looking to balance a corporate job along with providing freelance service as a side hustle where you can be your boss with self-made terms and conditions. With more companies embracing flexible work setups, individuals can be seen breaking away from the conventional 9-to-5 job routine and exploring freelance options. The mushrooming of platforms to connect potential clients with workers and several government initiatives have also made freelancing a viable career option for the youth. But for a fresher in the field, freelancing is a vast and highly unregulated space that can be hard to navigate. Due to a lack of proper guidance and support, individuals end up making several mistakes that delay their growth graphs and result in setbacks. It is necessary to avoid such mistakes in creating professional relationships with clients.

Freelancing can be incredibly rewarding, offering freedom, and flexibility. However, freelancing also comes with its own set of challenges, especially for those who are new to the game. Even seasoned freelancers can fall into common traps that can impact their business and overall success.

1. Never undersell and underprice yourself: It is quite normal to feel a little hesitant to start while quoting your rates to clients. However, if you set your rates too low, you may end up underselling yourself. This can lead to dissatisfaction and a sense of burnout, and impact financial growth. So, make sure to do market research to check the industry rates of the field you are operating in. For instance, if you are a writer, connect with fellow freelancers or use Google to figure out what a beginner should charge for the kind of skills and knowledge you have. Also, you might want to set your rates differently for both the options, per piece or word scenario, and for long-term projects.

2. Overcommitting to multiple clients simultaneously: As a new freelancer, you might take all the project excitement that comes your way to quickly create a name and space for yourself in the market. But the key here is to understand that taking on too many projects may put you in a situation where you may either compromise quality or exhaust yourself while trying to meet the commitments. Besides, if you fail to meet the deadlines, clients may lose trust in your abilities and may not approach you again. So, carefully assess which projects to prioritise by keeping factors such as pay, workload and deadlines in mind.

3. Leaving financial planning for later: As a freelancer, you are your boss and manager, which means you have to not only keep track of your income but also save a significant amount of money for taxes and look into adverse market conditions. So, the first step is to set up a different business account for all your freelancing incomes, and then each month, take out money for tax and your savings. There are many apps also available in the market that you can use to easily perform these calculations, and manage your finances. Moreover, with time as you grow and you feel you are earning enough, you can hire accountants to control your spending and enhance your savings and investments as a freelancer.

4. Not displaying professionalism: Just because you are not operating from a large circle of a corporation or you are not reporting to someone doesn’t mean you don’t have to act like a professional. While managing your relationship with multiple clients, make sure you are responsive all the time and always communicate in a professional tone with a specific client. An informal behaviour may convey that you are not serious about the profession and can tarnish your professional relationships. Not only in communication but a sense of professionalism must be conveyed in project delivery also to build a strong reputation in the market.

5. Inadequate personal marketing: As a freelancer, you are your brand and face, which means you have to constantly invest your time and effort in marketing yourself and your abilities. Relying only on word-of-mouth, where you simply request a few friends and relatives to share a post about you on their social media handles will never get you the numbers. You must take all the measures to actively spread the word through your social media and your network.

Freelancing comes with its bundle of challenges, but by avoiding these common mistakes, you can build a thriving freelance business. Setting clear boundaries, pricing your services correctly, specializing in a niche, and maintaining good communication are just a few strategies that can help you avoid hurdles in the service. With the right mindset and approach, you’ll be able to attract high-paying clients, deliver exceptional work, and enjoy the freedom that comes with being a freelancer. If you feel that as a beginner, you do not have a strong network, then attend all the industry events you can, and use that opportunity to connect with as many people as possible. And when you do interact with them, always have a pitch prepared to convey what you can offer and how it can be beneficial for others.