As a freelancer, there’s a lot to win from approaching your career like an entrepreneur.
It’s about focusing on building a lasting business, not just taking on sporadic projects. An entrepreneurial mindset maximises your chances not only for financial success and stability, but can also elevate your status from a casual gig seeker to a recognised professional in your industry.
Running your independent career as a real business allows you to think big and have a long-term view. For those who don’t do this and only think as far as their next project freelancing can become quite an anxious existence with the end of each project feeling like it could be the last. These characteristics aren’t conducive to longevity, well-being or success.
To adopt an entrepreneurial approach to independent consulting, keep the following considerations in mind:
As you would if you were building a business, ensure you have a business plan. Just because you’re the sole proprietor doesn’t mean this isn’t required. Below are some of the things you should consider.
This is another essential component. Highly valued freelancers are continuously investing in their own development, skills enhancement, and knowledge. Identify the key skills and expertise that will help you add more value to your clients. There are multiple ways to do this, and most of them do not require you to spend a lot of money:
You need to be able to get in front of clients to win projects. Therefore, you’ve got to ensure your target clients have every opportunity to be aware of your existence, the services you offer and what problems you can solve.
Familiarise yourself with the essentials of freelancing, including understanding contract terms like holiday pay, liability, and non-compete clauses. Determine which contract conditions are acceptable to you. Additionally, prepare an invoice template, grasp how taxes apply to freelancers in your area, and manage timesheets and work documentation effectively.
Consider necessary insurance and savings to compensate for the lack of traditional employment benefits. Utilise tools and services that streamline tasks such as accounting, simplifying your freelance administrative duties.
Freelancers have different objectives for going independent, and that’s perfectly fine. Some are content earning enough through engaging projects for a fulfilling life, while others aim to grow their business, collaborate on larger projects, or even start their own consulting firms. Over time, some may venture into new businesses or return to full-time employment, leveraging their entrepreneurial skills and accumulated wealth.
Although there’s no one-size-fits-all path in freelancing, choosing a direction and setting objectives can provide clarity and guide your career decisions, keeping in mind that it’s okay for these goals to evolve over time.
Dedicating time to these strategies not only boosts your chance of becoming your own boss with all the perks of freelancing—like flexibility, diversity, and high income—but also shields you from its pitfalls, such as insecurity and unstable career progression. If you’re uncertain about where to begin, engaging with the freelance community can provide valuable insights and guidance. For example, check out the Outsized Community here. Remember, fellow freelancers often eagerly offer support, so don’t hesitate to seek advice and share experiences to navigate your independent career path effectively.
Anurag Bhalla is Co-founder & Managing Director APAC at Outsized. He was Director of Innovation, Emerging Markets, at global insurer Legal & General, leading the development and go-to-market strategies of innovative propositions across Asian and African markets. He was later a consultant with a focus on innovation, proposition design, and venture building at Market Gravity and Monitor Deloitte. At Outsized he first built our India business, before moving to Singapore to lead our APAC region.