Business
How to Effectively Market Your Freelancing Services
Freelancers are projected to comprise 50 percent of the U.S. workforce in just 6 years. Learn some of the best ways for marketing your freelance business today.
Many people have wished to become their boss, and many of them are pursuing this goal by becoming freelancers. People who don’t feel like they would thrive clambering up the corporate ladder or feel stifled by the rigid schedules can find the freedom they desire in freelancing.
According to industry experts, more than 57 million freelancers were in the United States workforce in 2017. Their projections indicate that the number could shoot up to a whopping 86 million by 2027 and makeup over 86 percent of the workforce.
If you are or want to become a freelancer, you will need to learn how to market your freelancing services effectively. Today, learn why you need excellent marketing to succeed and how you can beef up your freelancing services’ marketing efforts.
Table of Contents
1. Why Do You Need Good Marketing?
Your freelance service is still a business, albeit one that’s only employing you. That means it will still need a marketing strategy to succeed. Without an effective marketing strategy, your freelancing enterprise might not be successful enough to last on its own, forcing you to work for someone else once again.
Below are the three major reasons you will need to ramp up your marketing.
- It’s a competitive market. There are millions of freelancers out there, and you are probably competing with hundreds, if not thousands of people in your field. Imagine how many freelancers are making 2D video game art. All of them are vying for the patronage of the few studios. Your next paycheck depends on outgunning all the others in your field, and your marketing efforts can be the leverage you need.
- Customers want engagement. Customers today want boutique experiences and feel heard by the people who provide them with their goods and services. They want to know that their complaints are being listened to, that you are taking their suggestions seriously, and that they can connect with you if they ever need assistance.
- Better networking opportunities. Without adequate marketing, you will have a harder time connecting with customers, potential business partners, and future clients. Marketing helps you build the foundation of future networks and lets you grow your business.
2. How Can You Market Your Freelancing Services?
So how can you go about increasing the effectiveness of your marketing efforts? Here are six ways to beef up your marketing and ensure your services flourish despite the extensive competition.
a. Make a Website
A site is no running an optional feature for businesses of any size. They act as digital storefronts that help people discover your enterprise online and for clients to check out your services. A website is now the best way for you to advertise your skills and ensure there is a one-stop shop for potential clients to learn about your freelancing services and schedule appointments or check out the price of your business.
During development, make sure you’re getting a mobile-friendly site because it’s a key factor in your search engine visibility.
b. Start a Blog or Vlog
Customers and clients today prefer authentic marketing techniques that cater to their genuine curiosity. This could include learning how things happen behind the scenes. For example, if you make bespoke knitwear, there are bound to be knitting enthusiasts and customers who would love to know how you make each of your products. Some may even want to learn more about your techniques.
Publishing content is the best way to market your skills and satisfy these curious users and potential clients. Videos and blogs are all the rage, ranging from simple instructional articles to more elaborate videos of behind-the-scenes footage. Your videos and blogs can help ensure customer loyalty and act as a gateway for people to become potential customers. But don’t just write and publish. Promote your content through an effective content marketing strategy.
c. Connect with Users
User engagement is now one of the most important metrics for businesses to keep an eye on. People adore authentic and genuine connections with the companies they patronize, even freelancers. Thankfully, social media platforms and websites now have a wide array of features that will enable you to connect with clients and leads.
For example, Instagram has interactive story features such as polls and ask boxes that send you queries. Most social media platforms have comment sections to moderate to determine what people think about your services.
The methods for engaging with clients and leads are endless, so be sure to identify the most appropriate ones for your endeavor.
Freelancing offers freedom, but it also requires a steady hand and expert techniques to ensure it thrives. These marketing tips will help your freelancing efforts succeed and outgun the competition.
Business
Tax Filing Advice: Self-employment Tax (IRS Form 1040)
In this post, we’ll show you how to fill out Form 1040 and offer some tips on how to minimize your tax obligations. Tax Filing Advice – Self-employment Tax – IRS Form 1040.
Filing your taxes can be challenging, especially if you are a freelancer. As a freelancer, you are required to pay self-employment tax, maintain track of your revenues and expenses, and submit projected tax payments throughout the year. You can complete an IRS Form 1040 with a little help and a quarterly tax calculator, despite the fact that it could appear challenging. In this post, we’ll show you how to fill out Form 1040 and offer some tips on how to minimize your tax obligations.
Table of Contents
1. Assemble Your Papers
Before you start filling out your Form 1040, you must gather all the necessary information and paperwork. Your W-2s, 1099s for any freelance work you did, receipts for any anticipated tax deductions, and any other financial records you might have are included in this. You must also include your Social Security number and the Social Security numbers of any dependents you wish to claim.
2. Verify Your Filing’s Status
Your file status affects your tax rate and the size of your standard deduction. Determine which filing status is appropriate for you based on your marital status, the number of dependents you have, and other factors.
3. Ascertain your income
Your total income for the tax year is what is referred to as your gross income. This includes all forms of income, including wages, salaries, tips, and revenue from side jobs. Add up your income for the tax year and gather all of your supporting papers. List all of your sources of income from contract work.
4. Remove Your Modifications
By deducting adjustments from your gross income, you can reduce your taxable income. They also pay your health insurance premiums, student loan interest, and IRA contributions if you work for yourself.
5. Choose Your Tax Savings
By taking some expenses out of your taxable income, you can reduce it. The two distinct types of tax deductions are standard and itemized. The standard deduction is an agreed-upon sum of money that is available to all tax filers. As itemized deductions, you are allowed to deduct some costs like state and local taxes, charity giving, and mortgage interest. It is better to select the tax deduction that would result in the greatest financial savings.
6. In Step Six, determine your taxable income.
After subtracting either your standard deduction or your itemized deduction from your AGI, your taxable income will be determined. According to federal law, this amount is your taxable income.
7. Choose Your Tax Credits
They are made up of education, earned income, and child tax credits. To reduce your tax obligation, find out which tax credits you are eligible for.
8. Find Out How Much Tax You Owe
Your overall tax liabilities, less any payments or credits, are referred to as your tax burden.
9. Verify Your Upcoming Tax Payments
If you are self-employed, you must make estimated tax payments throughout the year. Check your expected tax payments throughout the year to ensure you made the required amount to avoid underpayment penalties.
10. Finishing Schedule C
Schedule C, the relevant form, is used to report your self-employment earnings and expenses. To calculate your self-employment tax, which is based on your net self-employment income, use Schedule C. In addition to this, you will also owe regular income tax.
11. Add Up Your Credits and Payments
Add all of your year-end payments, such as estimated tax payments and any taxes you have withheld from your pay. If you qualify, take a deduction for any tax credits. Here, your overall payments and credits will be displayed.
12. Figure out whether you owe a refund or are due one.
You should evaluate your entire tax burden in relation to your total payments and credits. If your tax due is greater than the sum of your payments and credits, you will be obliged to pay extra tax.
13. Upload Your Return
When you’ve finished filling out Form 1040 and any necessary attachments, sign and date your return, and then send it to the relevant IRS address. Make sure to keep a copy of your return and any supporting documents for your keeping.
14. Tips on How to Cut Your Taxes as Much as Possible
Now that you know how, let’s speak about how to complete Form 1040 so that you may maximize your tax savings as a freelancer.
Using tax deductions is a smart move.
As a freelancer, you might be eligible to write off a range of expenses from your taxes, such as business travel, office supplies, and office equipment. Keep note of all your expenses throughout the year in order to maximize any relevant deductions.
Submit projected tax payments
As was previously stated, self-employed individuals are obligated to make projected tax payments throughout the year. This allows you to keep track of your tax obligations and prevent underpayment fines.
You May Want To Add
The ability to deduct more business expenses and a lower tax rate on self-employment income are just two of the additional tax benefits that incorporating your freelancing business may offer. Speak with a tax professional if you’re unsure if incorporation is the right option for you.
Employ tax-favored retirement accounts.
You may be able to reduce your taxable income and increase your tax savings by contributing to tax-advantaged retirement plans like an IRA or Solo 401(k). Use these accounts if you meet the requirements.
Conclusion
Although filling out a Form 1040 can be intimidating, with a little planning and assistance, it is actually rather easy. Even though you may face certain challenges as a freelancer when attempting to maximize your tax savings, there are a number of strategies you may employ to help minimize your tax burden. By taking advantage of tax deductions, paying expected taxes, considering incorporation, and using tax-advantaged retirement plans, you may keep more of your hard-earned money in your pocket.
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