A profitable business idea can open multiple doors for you. If you’ve started as a freelancer, you may have reached a point when you’re finally ready to make it into something more and establish yourself as a legitimate brand. It’s an exciting opportunity, but before you get ahead of yourself, there are a few key things you need to take care of to ensure things run smoothly.
Research Proper Credentials
When you’re establishing your business, you need to ensure you have all your permits and credentials in order. This includes registering your business with the relevant authorities and obtaining a trust tax ID number to help the IRS identify you. The sooner you complete these steps the better, as it will put your business on the right road towards operating with legitimacy and ensure you can relaunch your business the way you want to.
Update Your Website
You may already have a website as a freelancer., however, as a proper business, you should update your website to reflect this and demonstrate the changes your brand has gone through. These updates can range from simple copy changes to highlighting the adjustment to change the services you focus more on a specific niche if that’s the avenue you’ve chosen to pursue. Furthermore, you can include an online store and payment portal that enables customers to purchase directly from you rather than arranging payments through PayPal or your preferred platform.
Get A Business Credit Card
If you’ve been using your personal bank account during your freelance career, you should update it and obtain a business credit card. Not only does this make you look more professional, but it also makes it easier to separate your business earnings from personal funds. There is a great list of the best small business bank accounts to consider, offering various benefits and rewards depending on what you need from your account.
Consider A Proper Office Space
Many professionals love freelancing because they can work from anywhere. However, as a legitimate registered business, you may need a dedicated office space. Again, this enhances professionalism, but it can also make it easier to handle day-to-day operations, sporadically when meeting clients or if you need to hire employees to manage growth. Renting office space, such as a coworking space, could benefit you, but it’s worth looking for somewhere more permanent.
Discuss The Changes With Your Clients
Hopefully, you can retain your clients even when upgrading your business. However, you should still discuss the changes with them to ensure transparency. This could include raising your prices or adjusting your office hours. Good clients will be receptive and even happy for you, whereas others may not be thrilled about it. It’s up to you to decide what to do next. You need to put your business first, so choose what you feel is the best course of action.
The Next Chapter
Taking the next steps in your company, whether by launching an agency or establishing a full-blown business, can make a huge difference to your profits and future. If done properly, you can look forward to further success, and you can look back on these steps that helped make that possible.
