How to Turn Your Marketable Skill into a Small Business Venture
The advent of technology has made flexible working methods increasingly popular in the UK, and this has had 2 significant consequences within the employment and business markets. Firstly, it has allowed employees to fulfill their job roles from home, and enabled them to complete a schedule of work that suits their personal circumstances.
Secondary to this, enhanced technology has also developed a range of tools that has helped independent contractors to prosper, with an increasing number of British citizens using a marketable skill to earn income on their own merit. While the last global recession is partially responsible for creating an entire generation of ‘accidental entrepreneurs’, many have founded their subsequent success on the technological tools and software at their disposal.
The Transition from Freelancing into Entrepreneurship: Tips for Success
Despite boasting some similarities, however, there remain significant differences between working as a part time or independent contractor and using your marketable skill to launch a business venture. Understanding this difference is the first key to success, but there are other things that you must bear in mind as you aspire to become a fully-fledged entrepreneur. Consider the following:
Scale Your Venture Without Compromising the Quality of Service: The first thing you must do to create a business venture is scale your freelancing activity, and in most instances this means taking on additional work and reputable employees to complete this on your behalf. This must be an organic and gradual process, however, as it is crucial that you do not compromise the quality of service that you provide as a contractor. Remember, as an independent freelancer you have total control over your output, but this is not the case once you employ others under a company name.
Diversify Through Partnership: As a freelancer, it is perfectly acceptable to offer one or just a few similar services to clients. When competing against larger scale businesses, however, you may need additional services to provide a more comprehensive and alluring package to customers. If you create and deliver products on a relatively small scale, for example, you may need to partner with a larger scale service provider such as TNT Direct in order to reach a larger or more geographically diverse range of clients. This is central to successful growth, as it enables your business to evolve from even humble beginnings.
Retain Your Existing Business Relationships: The key word to bear in mind when transitioning from a freelancer into an entrepreneur is evolution, as it should be an organic process that builds on your experience and existing business relationships. You must strive to retain the clients that you have worked for as an independent contractor, as these individuals respect your capabilities and can provide a reliable level of continuity for your fledgling venture. So stay in contact and continually communicate with your clients, and make them fully aware that you value their custom.
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