5 Ways to Protect Your Freelance Business
With the rise of remote working, more and more people are trying their hand at freelance work. As of last year, there are 2.2 million freelancers in the UK.
To succeed in freelancing, you must be hard-working and dedicated. You are your own boss, calling your own shots, so you must have the drive and determination to succeed.
However, independent working can be stressful. There’s no boss to turn to when things get messy; you can’t blame any faults on your co-workers – there’s only you, yourself, and I.
Therefore, it’s important to know how to protect your freelance business. Below are five ways you can do this…
Highlight your range of services
To ensure your business has longevity, it’s recommended to diversify your services. Relying on one service could mean limited clientele.
For example, if you’re a freelance copywriter, you could also offer services as a proof-reader. You could sell templates for documents or presentations if you're a graphic designer. No matter what service you do, you can find multiple revenues for income.
Make your services clear to your customers through your website or social media account. Encourage enquiries so you can open communication with your customers.
Find long-term clients
A lot of freelance work consists of short-term clients. Many people are looking for a one-off job, use your service, and move on.
However, it’s wise to find some long-term clients for financial stability. It can become stressful constantly hunting for the next client, so knowing you have a few recurring jobs can help.
Plus, these long-term clients can be used to build your clientele. If they recommend your services to their friends, business partners, or customers of their own, you could see a rise in work.
Insure yourself
Being your own boss has its perks, but it also means you’re directly in the firing line if anything goes wrong. That’s why it’s essential to get insurance.
Professional indemnity insurance is deemed the most important insurance a freelancer can get. This insurance guarantees protection if an unhappy client decides to take legal action against some of your work. There is also insurance for consultants, any equipment you use, and protecting the public. What insurance you need depends on what kind of freelance business you own.
Of course, no one wants something bad to happen. However, you must protect yourself from any legal trouble you may face. As the saying goes – it’s better to be safe than sorry.
Sort your tax
Before becoming a freelancer, you should have registered your business with HMRC. You can register as a sole trader or a limited company.
After this, HMRC will send you a self-assessment form to fill out. Make sure you complete this before the deadline to avoid any problems.
You will also have to pay your national insurance and register for VAT if this is applicable. Although this may seem confusing, you’ll get the hang of it in no time.
Register your trademarks
One of the best ways to protect your freelancing business is to trademark your name and logo. This will ensure you stand out from the crowd.
The last thing you want is for someone to steal your company name or logo. This could result in loss of business or trust.
On the other hand, it’s also important you do your own research, so you’re not infringing on someone else’s intellectual properties. Your business name and logo should stand out from the crowd – but it should be unique and registered for protection.
In conclusion
While going freelance can be exciting, it’s essential to protect yourself. By following these tips, you’ll be one step closer to ensuring you’re covered.
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