The flexibility that freelancing offers has made it one of the most attractive careers for many people. From choosing one’s work schedule to deciding how much work to take on at a time, freelancing can be an exciting alternative to full-time jobs. But starting a freelancing business can be tricky, especially when on a limited budget. In such situations, adopting low-cost strategies for launching a freelance career can be helpful.
Set goals
When thinking about how to start a freelance business on a budget, the first step is to decide one’s goals. These objectives must center around why one has decided to start freelancing. For many, the reason to start a freelancing business is that they are ready to quit their 9 to 5 job. For others, the reason is often something not in their control, like getting laid off. Whatever the situation, it is helpful to remember the reason based on which one can work out the rest of their plan and goals.
Goals can be anything from aiming to make about $5000 every month, getting a specific number of clients in a quarter, or working part-time. Such goals can be used as guides to build freelancing business plans. Over time, the goals can be re-defined as one progresses through their freelancing journey.
Commit time to grow the business
Starting a freelance business with minimal investment is challenging when one does not have enough funds at their disposal. The lack of sufficient funds can be made up by dedicating enough time to grow the business. This means starting it as soon as possible without any procrastination. One may do a lot of reading and learning and take up several courses to learn the nitty-gritty of freelance business. But there will never be any possibility of earning anything unless one implements their business plan.
Have a fixed number of hours every day committed to expanding and growing the business. Instead of waiting around to learn everything, it can be helpful to do something as soon as possible.
Use low-cost resources
Successful freelancers usually have a whole office setup with the latest technology and gadgets. They use paid apps and websites to improve their productivity and manage their work schedule. Some even have enough resources to market their work digitally to gain new clients. But when one is on a budget, doing all of these things is not possible. So, an affordable way to begin freelancing is to start with something small that does not cost much. For instance, one can use a refurbished laptop or continue using their old computer instead of getting a new MacBook or iPad. Similarly, instead of paying to build a fancy and sleek website, one can use a free blogging platform to showcase their work to potential clients.
Further, if a super-highspeed internet service is out of budget, head to a nearby cafe or the public library for free access to high-quality internet services. There are several ways like these that one can employ by using resources that are free or barely costly. These are easy, economical steps to start a freelance business.
Start sending pitches and build a portfolio
A top tip of every beginner’s guide to affordable freelancing is to start pitching as soon as possible. Sending cold emails to potential clients is also recommended when starting out. Send as many pitches as possible. Out of ten, at least one pitch might be a positive response. Even if there are no responses, one must not stop pitching. But it is important to figure out why the pitches are not working and accordingly tweak them. Also, it is important not to be picky about the rates in the initial days. While it is not recommended to work for too low rates, one must set realistic prices for their work, considering they have just started their freelancing business. Over time, as more experience and clients come in, one can steadily increase their rates and charge more.
As work starts trickling in, begin building a portfolio. Also, while looking for gigs, be wary of scams that look like legitimate freelance work. Most of these scams look quite obvious, but some might be too carefully constructed.
Save and reinvest money into the business
To launch a freelance career without breaking the bank, it is essential to save and invest the initial earnings back into the business. While it might be tempting to use the money on something else, to ensure better growth for the business, consider reinvesting the earnings. Otherwise, one may end up working for the same lower rates as they did in the beginning. So, it is always advisable to save up all the initial earnings as a cost-effective method to start freelancing.
Once there is enough money saved, one can use it to improve their business prospects. This can be either taking a good business course or building a high-quality website and buying a domain and hosting. Growing the business can take some time and money, so one must not stop saving all the earnings that they get in the early days.