Running a side business from home has never been easier. The digitalization of the workplace and the increasing popularity of telecommuting has changed how businesses are run. According to Forbes, 70% of companies are working on or have already completed their digital transformation.
The COVID 19 pandemic has also forced businesses and consumers alike to depend on online platforms. This goes from remote hiring to online shopping, which video chat platforms like zoom have facilitated.
As consumers get more used to using digital platforms to acquire goods and services, new opportunities emerge. This is only expected to increase as newer generations gain purchasing power and start climbing the corporate ladder.
If you have been looking for a way to generate extra revenue by running a side business from home, now is the time to do it. In this article, we will tell you how and why you can start improving your financial life by taking advantage of platforms like Fiverr.
Why Work as a Freelancer?
One of the best ways to launch a successful side business from home is by establishing credibility. Working as a freelancer will allow you to start networking to create your own business while allowing you to better control your time.
Working as a freelancer will not only allow you to run a side business from home and around your job but will also represent an affordable way to start. Without requiring you to do big investments, you can start your own business quickly and get paid.
Running an online side business will not provide you with a regular income at the beginning. However, depending on your skills and interest, it could become a full-time job. Even if this is not the case, as you are in charge of how much and when you work, there are no downsides to it.
By running your own business from home as a freelancer, you will also improve your organizational and interpersonal skills. This will prove beneficial in your professional and personal life. When combined with the extra income, it is a win-win situation.
10 Steps to Run a Successful Side Business From Home
Working as a freelancer is not as hard as most people imagine it to be. However, it is also not as easy as some make it seem. If you were planning to create an account on a freelancer platform, publish an offer, and start receiving work… think again.
Don’t get discouraged, though. While the process to succeed as a freelancer and transition to a successful side business will need more steps, it isn’t something only a few can do.
By taking care of the foundations of your future business, you will set yourself to success in the future. Let’s see what you should keep in mind to start working as a freelancer!
Do Your Research
As we said, starting as a freelancer is not as easy as posting a gig. The freelancing landscape is highly competitive, which makes it hard for newcomers. As such, researching to improve your chances of getting clients is essential.
Depending on your particular skills, you want to take your time to look at the various categories and services you could offer on a given platform.
If you are a data scientist, you might be able to offer programming, statistics, data science/entry/visualization, and other services. Look at the categories the platform offers and take notes on which of them you could apply your skills on.
Taking notes and going through the profile of freelancers offering their services in those categories will help you.
Identify Your Skills
After researching, it is important to recognize how your skills apply to each category you considered.
Not only this is relevant in terms of being able to provide a good service but also when it comes to organization and time management. Your side business should not prevent you from taking care of your job at this stage.
Keep in mind that the more specialized the service you are offering, the less competition there will be. However, if you only offer a really specific service, chances also are there is less demand for it. Balance is key.
Focus on High-Paying Categories
Chances are you might find yourself having to choose between different categories or gigs. keeping in mind that having a side business is about making money, you should know which option to prioritize.
Fivver, one of the biggest freelancing platforms in the world, identified 10 categories that provided the highest average price in 2020. The difference between presentation design and “CV, Cover letter and Resume Writing” was $181.
Create Your Brand
If you are offering more than one service, you need to create an identity or brand. This will allow potential customers to better understand what you offer and build trust over time.
Having an identity means having a consistent trait for all of your gigs.
If you are someone with a high level of creative skills, showing this in all of your works with a unique approach will set you apart from the competition. Show your customers that you are the expert they want if they want a certain angle!
Create Your Profile
Your profile will be the defining factor of your success as a freelancer. As such, you should spend the necessary time to make sure your picture, description, and experience give the best impression possible.
Keeping your profile information concise and to the point, while also showing what you have to offer, will make your profile stand out. Just like no one wants to go through a profile the size of “War and Peace”, no one will hire someone who says “I am a programmer. Hire me!”.
Offer Your Services
Now that you have set the foundations, it is time to put yourself out there. Offering a service is similar to writing a cover letter. While your resume will say who you are as a professional, your post will say why you are the right choice for a given task.
Including examples of your work, using good grammar, and making your post unique but professional, will take you a long way. Don’t overdo it with the details, your post should go to the point while also letting the reader know what they can expect.
Remember that you already said who you are in your profile. This means your readers will be able to know more about you and what experience you have by reading it. A quick and relevant summary in your gig post should be enough.
Monitor Your Post
In most cases, clients won’t start pouring in once you post your gig. For this reason, you should monitor your post to see how much interest it is generating. This will allow you to improve it and try different approaches, increasing the chances of getting your first gig.
Paying special attention to Keywords and other forms of SEO is one of the best places to start. This will allow clients to find your post easier, increasing the chances of being chosen by them. Freelance gigs are like beauty pageants, you need to be noticed!
Satisfy Your Clients
The clue to expanding your business is to get good reviews and get recurrent clients. This can only be achieved by satisfying them, which in turn requires you to match their expectations.
By keeping your clients happy, you are likely to continue receiving work from them to generate recurring revenue. Good reviews also mean being recommended to other clients as well as making your profile and posts more attractive.
This will also allow you to up your prices as you establish a reputation.
While you are your own boss when working as a freelancer, don’t forget that your clients are the only reason you can do so. Make sure to understand their needs, expectations, and clarify any doubt that could result in misunderstandings.
Understanding and implementing their feedback is also essential toward receiving more work in the future!
Establish Your Priorities
Once you have established yourself as a reliable and professional freelancer, you are likely to have regular clients. This is the point when most freelancers who started doing it as a side business start considering transitioning to full-time
Going full-time is not the only option to continue to expand your business. If you want to keep your main job and grow your business, you can always change your approach.
Having people work for you so you can delegate those parts of your services you can trust them, could save you time and allow you to grow your operations.
Depending on what your priorities are, you should focus on adapting your business model, time management, gigs, and other aspects to make sure everything works smoothly. Burning out or resenting your side job could destroy everything you worked for until this point.
Having a side business is all about improving your financial life, which in turn should help you in other aspects. Establishing your priorities goes hand in hand with this objective.