How Freelancers Can Become Full-Time Entrepreneurs With Little Money & Limited Time

The shadowy barrier between freelancer and entrepreneur can be hard to define.

Especially in the early days, there will be plenty of crossover; but eventually, being an entrepreneur will mean having more freedom, ownership, and permanence.

Whether you are making the leap into the world of passive income, or have a business idea brewing, here is how to the take the next step in your career when time is precious and funds are low.

The good things in life don’t come for free — but there are always ways to be clever about budgets if you know what you’re doing…

Before you make the leap — make sure your website is up to scratch.

Team up with like-minded individuals

Pooling resources is an awesome way to beat the solitary freelance blues, and quickly grow into a legitimate business community or organization. Whether you set up a co-working space, put on an event, or even co-found a business with other people — the joint energy will propel you into growth overdrive.

Here are some things you should consider when teaming up with people:

Seek complementary, rather than competing, skill sets — too much of the same can lead to conflict and confusion
If you are developing a product or a brand, be very clear on who holds the Intellectual Property rights — this can become a sticking point later on down the line. Contracts should follow conversations
Working with other people is intense and it may put pressure on any existing relationships and friendships — don’t be too optimistic about your ability to withstand someone’s annoying habits in a small office space!
The best people to team up with are the people who inspire, motivate, and support you. Look for solid team players, rather than people who are out for themselves.

Search for existing business opportunities

Get the ball rolling faster and take advantage of existing business opportunities. Start with what’s already brewing around you, and be brave and bold when it comes to reaching out.

Set up those meetings and phone calls you’ve just been ‘too busy’ to do. A chance meeting or encounter with someone may lead to an awesome business collaboration, and you can’t always dismiss someone based on first impressions
Look out for people actively on the hunt for your skillset or services — you can follow hashtags on Twitter, sign up for Google alerts, sign up to job sites, scour LinkedIn — use the internet to find readymade business and work opportunities
Buy a business that’s already making money and take it on as your own: this is a great way to cheat on set-up costs, and businesses often go for quite cheap, even when there is huge profit potential. Check out free business marketplaces on a regular basis and pounce on anything that looks like a good deal and would be a good match for you. Diversifying your income in this way is a great way to financially support yourself and learn more about being an entrepreneur the fast way.

Switch up your mindset

You can get a lot done simply by addressing your own mindset and ensuring that you are doing everything possible to invite success into your life and business.

Going from a passive role as employee or freelancer to a fully-fledged business owner means cultivating your tenacity and your ability to withstand pressure.
Adopt the bootstrapper mentality and cut down on wastefulness everywhere in your life and business. Streamline, budget, and do as much as you can yourself. Don’t lose this scrappy mentality, even when money starts coming in
The most important thing about any business? The value it gives to others — this is not an ego trip or a chance for you to simply ‘follow your dreams’ — this is your chance to serve people and make a difference.

Use up free resources

There are so many free tools out there that you can use to run your business, so don’t struggle and subsist. From generous free trials and fair usage accounts, to brilliant open-source software — get tech savvy and take advantage of the tech marketplace. Tools can help you across the board — from marketing and logistics, to finance and taxation.

Sign up for free trials, and actually use the tools during the trial! Really spend a few weeks knuckling down with your business and its processes, and only upgrade the tools that will make a significant difference to your operations and profitability. If you can, use free, rather than paid, services for as long as possible, and don’t be shy about downgrading a subscription if things change
Giving feedback and being a beta tester will grant you access to premium tools and features for less — so get networking
The whole internet is a free marketplace for customer and competitor research! Hang out on forums and social media, and do extensive keyword research in your niche — you might just unearth a new business idea or product line hiding in plain view
Tools can never replace strategy, so beware of the entrepreneur trap of acquiring tools as a safety blanket. Sometimes a spreadsheet and your brain are the best tools available to you, so don’t over-engineer everything. Designing processes is about logic, not budget
Just because it’s free, doesn’t always mean that you need it — you’ll end up wasting time messing about with tools and getting yourself into a tangle. Be strategic and discriminate about what you put your energy into when it comes to your business.

Embrace the power of socializing

Social media is a powerful revenue and brand building machine when harnessed correctly.

Using just your imagination and camera phone you can create a whole visual identity in an afternoon — as long as you have a clear and strong message in mind. Embrace social media as a way for you to network, find associates, and market your business.

Use social media scheduling tools (but use them sparingly), and spend at least 50% of your time engaging with your network — that’s where the biggest returns will be
Build an email list concurrently with your social media to squeeze more value from your social interactions
As a growth hacker, you need to focus on the tactics and platforms that bring in business, so don’t be shy about culling social media networks or content that won’t work for you.

Crowd-source

Use the power of the people to source ideas, get feedback, test prototypes, forge collaborations, and even secure business funding.

Doing business in 2017 is about embracing the collaborative community around you. Getting feedback from people using free surveys and polls is an invaluable way of testing your ideas and designs.
Crowdfunding isn’t as easy as it sounds (it’s not free money), but for some entrepreneurs and brands it’s an important lifeline. If you want to get serious about crowdfunding, invest time into getting into the ‘trenches’ of your niche, and develop rewards and incentives that are going to appeal to your megafans. More crowdfunding tips here
Digital data is free, and it holds a multitude of business insights if you know where to look. From website metrics and customer forums, to Amazon reviews and keyword research — make sure you scour the web high and low for available information.
Same goes for digital PR and collaborating with influencers — get to know everyone who might be able to help with exposure and don’t be shy about reaching out. Everyone loves a startup!

Don’t perceive your lack of resources as a barrier to success — embrace your lean operations as a badge of honor, and build your business one day at a time.

Good luck with your business owner journey — build on all your freelance experience. and don’t forget to adapt and change as your business develops and grows. Year one is bound to bring along some surprises, so hold on tight!