Starting a Freelance Business? Avoid These Key Mistakes
This post originally appeared on BusinessNewsDaily on October 21, 2016.
With the rise of the gig economy, small businesses of all trades are shifting toward a larger percentage of freelancers. No matter what your expertise, there are likely opportunities for contract work. Rather than working the traditional 9-to-5, professionals reap the benefits of tackling assignments on a per-project pay basis.
As a new freelancer, you might not understand how to find, charge and work with clients, and it’s expected you’ll probably make some novice mistakes. Here are a few things all freelancers should avoid if they want to succeed and grow their business.
Undercharging for services
When it comes to rates, freelancers are in the sometimes challenging position of balancing their own financial needs with current market standards. Stephanie Sachs, an account director at boutique tech public relations agency Astrsk PR, cautioned freelancers against undervaluing themselves in the name of attracting clients.
“Know your worth,” Sachs told Business News Daily. “It might be tempting to offer discounts or lower your rates as a way to entice prospective clients to sign with you instead of the competition. However, make sure you have a clear understanding of the market conditions, and what sets your skills apart from the rest.”
Depending on your field, you should research what rates are standard. Professional organizations offer industry standards for specific services, and there are also open-sourced databases out there of what other freelancers were paid by certain types of clients.
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