Start-up costs for freelancers

The advantages of freelancing are obvious – be your own boss, work your own hours, creative independence – but have you thought about the start-up costs?

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Start-up costs I may incur before going freelance.

As any marksman will tell you, there’s no point going off half-cocked: you’ll only fall short of your target. Take your time to fully consider what you’ll need and associated costs before taking aim.

Start-up costs I may incur before going freelance.

As any marksman will tell you, there’s no point going off half-cocked: you’ll only fall short of your target. Take your time to fully consider what you’ll need and associated costs before taking aim.

The advantages of freelancing are obvious – be your own boss, work your own hours, creative independence – but have you thought about the start-up costs?

What about ‘hard’ set-up costs like a laptop, software, business cards, and possibly a website? You could be looking at the thick end of $5000. Or you could lease your laptop, use handmade cards, and rig up a working website yourself for practically nothing.

Have you considered regular outgoings like office rent, mobile phone bills, accountant fees, and the like? That might be another $5000 a year. Or you could work from your lounge, stop texting your mates, hold off on the accountant, and keep your overloads low low low.

Then there’s your life situation: how much cash will you need to carry you over the first few months while your freelance career takes off? If you’re a lone wolf in a rented apartment you won’t need to put aside as much as someone with kids and a mortgage. Save a little. Think of it as your ‘walk away’ money.

And the big question: how are you going to get consistent work coming in the door? From now on you’ll have to crank up your forward momentum or you’ll drown like a wounded shark. Nut out a marketing plan, use your networks, and think about representation to ignite your freelancing career.

If you’ve thought about it hard and long, put a bit of cash set aside, got a few jobs up your sleeve, and are brimming with confidence – you’re ready to pull the trigger on your freelancing career.

Courtesy of The Pond

Written by

The Pond

8 Oct 2012

Interests The idea behind The Pond came about four years ago, when returning from the UK a few of us creative types got thinking; there had to be a better way for creative people to remain self-employed yet still be highly creative and earn a half-decent regular income.

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