One of the greatest obstacles you may face when starting your own freelance business is the amount of legal verbiage you must sift through to ensure you meet all rules and regulations. However, they are a necessary part of starting a business. You shouldn’t let them prevent you from pursuing a meaningful enterprise.
Tips for Starting Your Own Freelance Business
- Know which permits and licenses you need – Even if you plan to run your business out of your home, there’s a good chance your state requires a permit for that (The Home Occupancy Permit). If your state doesn’t require one, it may still be worth getting. Most people prefer to work with a company that is licensed. A permit makes your freelance business precisely that.
- Register and calculate your taxes – In lieu of an employer, you will have sole responsibility for paying your taxes. Register with a certified tax authority, and submit your tax return to them each year. It may be financially beneficial to hire an accountant, as well.
- Create contract agreements – Many clients will already have their own contracts in place for independent contractors like yourself. Be sure to read through the terms carefully, and don’t hesitate to challenge anything you deem questionable. If need be, you may produce your own contract. In this, you will need to hash out the specifics of your agreement with your client. These include payment details, the work you will accomplish, and your rights to the work.
This may all seem like redundant and tedious work, but don’t be overwhelmed. The benefits of being able to control your own schedule and choose the projects you work on may well be worth any legal hoops you must jump through. Should you encounter legal obstacles to your self-employment, don’t hesitate to consult a local business attorney.
Garland & Mason, LLC is a New Jersey business law firm with professionals eager to help you reach your financial goals.