I want to go freelance. What are the considerations?

SCORE counselor, Abraham Cohen, offers his perspective for those considering a start up consulting or freelance business

With unemployment rates close to 10%, more Americans are looking into consulting or freelancing, having given up on the salaried 9 to 5 world. Here are a few tips for those considering going that direction:

• Commit for the long term: You may see this as a temporary situation; odds are you are wrong; you may be in for the long haul. See it as a job, an investment requiring time and thought. Print business cards, set up a basic website, establish a new cell phone number for your business and make a list of your contacts.

• Use and update your skills: Your expertise and skills, too expensive or infrequently used for companies to keep in house, are your assets. Implementing new software or temporary graphic designs demand greater salaries; firms find it more efficient to hire your talent short term. Keeping your skills fresh is vital, an upper hand on competition. Attend workshops and training courses to maintain your cutting edge expertise. Teaching at regional schools, colleges or workshops will look good on your résumé. It will provide some income and a great way to network and get leads to new clients. Teaching also forces you to keep up with the latest advancements in your professional field.

• Networking: Join a network or community of consultants, giving you an important source of new clients. You can share work with fellow consultants for bigger projects that require more hands. Forming a team that works as a firm is a possibility. And, keeping referrals within the group will create a flow of work.

• Your own space: Find a work space away from home. Clients want a level of professionalism when dealing with you. Sharing an office with a group provides quiet space and a desk to call your own. A receptionist service will answer your calls and keep schedules.

• You need to have a business plan: This is the most important ingredient for success. A business plan and mission statement will help decide what jobs to take. Get known for what you do best; taking anything that comes along will brand you “non-specialist.” Organize the business, use software to track billing and expenses and, most important, keep your personal and business finances separate. Steer your business toward your goals.

Richard Strug
Greater princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties