CAREERS – HOW TO BECOME A FREELANCER
How To Become A Freelancer:
There are a large number of professionals within motorsport that do not work full time for a race team. They are known as freelancers or if they only work race weekends, weekend warriors. To become a freelancer you will need to either start your own business (Limited company) or register as a self-employed person. Here are a few tips and tricks to help you get started on your journey as a freelancer.
Identify Your Skills and Passions:
Determine what skills or expertise you possess and what you are passionate about. Consider your strengths, interests, and the number of years experience you have. This will help you choose a self-employment path that aligns with your abilities and interests.
Explore Business ideas:
Research different business ideas or freelance opportunities related to your skills and interests. Consider the market demand, competition, and potential profitability of each idea. You should had a rough idea what you need to charge as a day rate based on your level of experience. You can also seek inspiration and advise from successful self-employed individuals that are in the industry.
Setup Your Legal Structure:
Decide on the legal structure for your business, such as a sole-trader, partnership, limited company (LTD) etc. Consult with an accountant to understand the legal and financial implications of each structure and choose the one that suits your needs.
Register Your Business:
Register your business name and obtain any required documentation. You can do that by following the following links:
- Set up as a sole trader – https://www.gov.uk/set-up-sole-trader
- Set up a limited company – https://www.gov.uk/limited-company-formation/register-your-company
The cost of setting up the business is inexpensive. You will also need to register for VAT if you earn over £85,000.
Establish a brand identity:
Develop a brand identity for your business, including a compelling name, logo, and website. Build a professional online presence through social media platforms and create marketing materials to promote your products or services. Make yourself stand out from the other freelancers by showcasing you skills and online presence.
Setup Business Finances:
Open a separate business bank account to keep your personal and business finances separate. Track your income and expenses diligently, and consider using accounting software or hiring a bookkeeper to manage your finances effectively. A few examples are listed below for you to try:
- Quickbooks – https://quickbooks.intuit.com/uk/
- Xero – https://www.xero.com/uk/
- Sage – https://www.sage.com/en-gb/
Purchase the necessary equipment:
Determine the equipment, tools, or resources you need to operate your business efficiently. This may also include things like vehicles, software, or professional certifications. It can be daunting spending money to get yourself going but be confident, assess your budget and prioritise your investments accordingly.
Build a Customer Network:
Network with potential clients, customers, or industry professionals to generate leads and build relationships. Leverage social media, attend industry events, and use online platforms to showcase your work and attract clients. You may already have a great reputation own the pitlane so use this to your advantage and reach out to teams you have previously worked with. Providing excellent service to your clients to generate positive word-of-mouth referrals. this is critical to succeed in motorsport.
Learn, Adapt and Overcome:
Self-employment requires continuous learning and adaptation to stay competitive. Stay updated with industry trends, upgrade your skills, and seek professional development opportunities. Be open to feedback, adjust your strategies as needed, and strive for continuous improvement.
Remember that self-employment comes with its own challenges, such as financial uncertainty and the need for self-discipline. It’s important to plan carefully, be prepared for the demands of running a business, and stay committed to your goals.
Be sure to check out some of the previous blogs here.
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