A Financial Forecast For Freelancing in 2018

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November 10, 2017

A new year brings about new trends for every sector: freelancing included.

Being self-employed offers a certain sense of distance from market changes. But it also remains an industry in itself. Like all other business worlds, freelancing demands knowledge of what’s around the corner, as well as a willingness to adapt accordingly.

As we rapidly move towards the final month of 2017, we take a look at what freelancers can expect next year…and what you can do to remain in the best possible position.

Freelancing after Brexit

Whilst a lot of full-time workers are going to feel the impact of Brexit due to visa issues, freelancers and contractors will be less susceptible to the changes enforced by Article 50.

Freelancers are appealing to a lot of different businesses during this period of uncertainty. Regardless of whatever type of Brexit deal the UK government manages to strike (good, bad or none at all), this sense of unease will continue throughout 2018 as companies adjust to the changing economy.

Ultimately, freelancers are the stable solution in a time of significant change. In 2018, freelancers won’t be recognised as workers whom businesses “take a chance” on. On the contrary – they’ll be the workers whom they can depend on most.

Taking the time to reach out to prospective clients and promoting your image today could pay enormous dividends tomorrow. There’s every chance more people will come knocking at your door during next year.

A competitive landscape

As both job-seekers and employers increasingly traverse the self-employed route, it seems likely that competition will intensify across the board.

More and more people will either be forced or choose to go it alone in what is likely to be a wobbly financial year for the country. Businesses, as we have already examined, will also be looking to adapt to the climate by increasing their use of contractors.

As with any competitive marketplace, the best course of action is to take the necessary steps to stand out. Aside from innovative self-promotion, the most effective way to keep attracting clients is demonstrating value.

Quality, consistency, dependency, communication and organisation are all key. Delivering high-quality work in a timely manner is expected, but it’s how you interact with clients that will keep them on your books. Showcase your professionalism by drawing up a contract so everyone’s on the same page, and keep strict financial logs from day one.

The importance of being finance-savvy

Taking care of your books will separate you from the freelance herd during 2018.

Despite its importance, many self-employed people are not fully aware of what’s required in a self-assessment tax return. Others simply let accounting tasks fall to the bottom of the to-do list.

Keeping track of all your ins and outs is always crucial. That’s why it’s worth partnering with a specialist freelancing accountant. This way, you’ll be able to focus on your business without financial roadblocks holding you back.

Bright Ideas offer the very best financial assistance for freelancers and contractors in the UK. With one-to-one support and a profound understanding of how self-employed people work, we can look after your interests to ensure you enjoy fantastic freelancing in 2018.

Get in touch today to set up a free consultation.



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