6 Steps to Establishing Yourself as a Successful Independent Contractor
Independent contracting is a term that gets thrown around quite easily. Yet, there is little or no information about it what steps are necessary to start. In this article we highlight 6 important steps you can take to establish yourself as an independent contractor.
Check to see if you are qualified or have the necessary abilities for the kind of work you wish to conduct on a freelance basis. For instance, a CPA license is required if you want to work as an accountant.
Independent contractor laws and regulations can differ based on where you live, so do some research on them. For instance, it's crucial to understand Assembly Bill 5, the ABC Test, and the Common Law Test if you reside in California.
Get any licenses or certificates that are necessary for your line of employment. It's crucial to follow the rules since, for instance, you might need a business license or seller's permit while running a business.
Make a business plan and, if necessary, register your company. For instance, registering your firm may give you extra tax benefits and protection.
To develop a clientele, network and advertise your services to prospective customers. You might wish to advertise your business on social media, for instance, if you want to use Instagram as your main marketing tool.
For tax purposes, keep thorough records of your income and outgoings. For instance, you might wish to use Google Sheets or other software to keep track of your costs and income.
It's crucial to note that having tax repercussions as an independent contractor can occur, so you should be aware of those and seek professional guidance if necessary.
Resources:
STOP leaving sales on the table, let us help you SCALE in 6 months
Unlock your business potential with our 4 week PREPARE business assessment