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27 Sept. 2024. Freelancing has become a popular career path for those who crave flexibility, such as childcare flexibility, independence, and the freedom to be their own boss. Whether it’s working from home or choosing your clients, freelancing means focusing on the best low-cost strategies to degenerate an income, such as building your presence on social media. However, when your freelance venture becomes “too successful”, it’s a sign to turn it into a full-fledged business.
Growing your freelancing venture means scaling your workload and taking on new responsibilities. So, what challenges lie ahead as you navigate this shift?
You’re Now an Official Business
Once you transition from freelancing to a full-scale business, you officially become a “business owner.” With this title comes the responsibility of complying with the legal, administrative, and regulatory obligations that every business faces.
Many freelancers maintain their DIY approach when they step into the role of business manager. This hands-on involvement is especially meaningful in a small business setup. Learning new skills, such as reaching out to experts for a guide to filing an FEIN (Federal Employer Identification Number), can also smooth the process.
Delegating is necessary eventually, but having a working knowledge of these areas will only make you a stronger leader.
You Need to Hire People
Hiring is one of the biggest challenges freelancers face when expanding into a business. As a freelancer, you’re used to doing everything on your own, and your business is often a personal reflection of your hard work and vision.
Trusting someone else to take on responsibilities can feel like a risk, especially when you’ve built your business from the ground up.
But at some point, growth requires more hands on deck. When hiring your first employees, start small. Begin by outsourcing or hiring for tasks that don’t require as much creative control—such as administrative work, social media management, or bookkeeping. This allows you to ease into the role of employer without letting go of the core aspects of your business.
Freelancers who are ready to hire should also consider using professional recruiting services, which can help match your business with candidates that align with your vision.
You’re Responsible for Other People’s Livelihoods
A major shift when moving from freelancing to business ownership is realizing that you’re now responsible for other people’s livelihoods. You’re no longer just providing for yourself; the decisions you make as a business owner directly impact the financial well-being of your employees. This responsibility can be a heavy burden, and many entrepreneurs struggle with the pressure.
To make this responsibility more manageable, it’s crucial to build a supportive team. Employees who believe in your business’s mission and values will be more engaged and motivated to contribute to the company’s success. Set clear expectations from the beginning, provide ongoing support, and create a work culture that promotes open communication. You don’t have to carry the weight of the business alone—by creating a collaborative environment, you can share the responsibility with others who are just as invested in the business’s success as you are.
Final Thoughts
Turning a freelance venture into a thriving business is no small feat. You’re no longer just managing your workload—you’re managing a team, complying with regulations, and balancing the responsibility for others’ livelihoods.
While these challenges can be daunting, the rewards of building something bigger than yourself make the journey worth it. By learning new skills, seeking professional guidance, and building a team that shares your vision, you can successfully navigate the transition from freelancer to business owner.
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