Many of you may not already know 😛, but we've had a CRAZY ride during COVID (one-half of Hustl Works lost their full-time job and had to refocus primarily on eCommerce — namely Print-On-Demand Dropshipping).
So now that being a full-time entrepreneur was a reality (and may also be a reality for the other half of Hustl Works soon), a lot of the cash flow will require supplementing income. To do this, freelancing is the best way to go because of the flexibility to literally work from anywhere (WFA) - including your living room or even your bed *the dream*. It all depends on how you schedule yourself and prioritize (even the day-to-day scheduling) to “get sh*t done!”.
Having a skill that you can make money from by turning into a side hustle or a full-time online business has been around forever. One of the major benefits of being a Freelancer is that you could work from anywhere (WFA) in Canada or anywhere in the world (I mean, depending on the right quarantining & safe practices). Leveraging your skillset is one of the easiest and best ways to get started as a business owner in Canada and anyone who falls into a super niche skillset can earn an amazing income. Being a freelancer in 2020 which is an improvement of being self-employed and also can be called the "Freelance Economy".
Being a freelance you can also contract out your skill sets to corporate companies. Many Canadian companies are hiring a freelancer to help meet their business needs. The amazing thing about starting a freelance based business is that more corporate Canadian businesses are planning to increase how many freelancers they hire going forward.
Registering Your Freelance Business Online
As an entrepreneur, one of the first steps is to register your business (side hustle) and lock down your idea. Your business name should reflect what you’re providing to your audience in some aspect, as this will help your consumer or potential consumers find you easily. Regardless of what kind of business you’ll have, you will need to register as a Corporation, Sole Proprietorship or a Partnership.
Once you have decided on the business name, visit the following page Naming your business page, as it will provide guidance with registering the business. Now that you have an understanding of how to move forward, you may need to do the following:
- NUANS — federally specific and provincially specific corporate name search
- Register as a sole proprietor (operating alone) or as a partnership with one or more individuals.
A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure.
The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.”
Profitable type of freelancing jobs you could start in Canadian:
- Graphic Design
- Videographer (editing)
- Social media
- Consulting (Strategist, Project management)
Getting freelance clients:
Building an online presence that has solid Search Engine Optimization (SEO) is integral to having success with gaining new clients to become a thriving business. Setting up a website is super easy with platforms such as Shopify and various others. Since the freelancing gigs listed above are digital-based promoting any one of them won't be too hard, especially if you choose to use Facebook Ads, which is double touchpoint because it includes Instagram as well. Let's dive into how to get new clients using marketing:
- Create a website (include sample of your work, testimonials, about page and how to connect with you)
- Create a LinkedIn profile
- Create a Facebook business page
- Create an Instagram business account
- Link all your social media accounts your website
- Create a lead magnet landing page on your website
- Create a PDF pitch deck (include: your offer and pricing)
- Join Facebook groups (make sure the group is relevant to your skillset)
- Word of mouth (Tell any and everyone that you’re currently freelancing and taking on new clients)
What is a business number and how do I get one?
Certain business activities require a business number. You can register for:
- a business number: a unique, 9-digit number and the standard identifier for businesses which is unique to a business or legal entity
- Canada Revenue Agency (CRA) program accounts: two letters and four digits attached to a business number and used for specific business activities that must be reported to the CRA
*Visit the CRA for more information
Putting together your freelance rate (Calculate your hourly rate):
Before getting started, there are a few questions you should answer yourself before getting started:
- How much money do you want to earn 1 year from now (Annual Revenue Goal (ARG))?
- How many hours can you bill per year (Hours Per Year)?
Okay, so let's dive into the calculations.
- 10 months Divided by 4 Weeks Times 40 hours./Week = 1,600 Gross Per Year
You're probably wondering why 10 months and not 12? You should always take into account, Holidays, Vacation and Downtime.
Annual Revenue Goal (ARG) / Hours Per Year (HPY) = Hourly Rate (HR)
If you want to earn $100K per year... your rate should be: $62.50/HR (100,000\1,600 = $62.50/HR)
Lastly, when asked for your freelancer day rate, multiply your hourly rate (HR) x 8*. Be sure to invoice every 2 weeks, always invoice on time.
Side note: Adjust the numbers shown depending on whether it is an 8 or 10 hour days.
Are you ready to start your freelancing journey in Canada? We agree it’s a little scary but we hope we have taken some of the fear out of it, especially when it comes to how to calculate hourly rates.
We have an exclusive offer with OWNR where they give our community $50 CAD off, when registering your business. To register a business in Ontario, Alberta or British Columbia with the government, is $60. OWNR charges around $80 BUT you get...
- A registered business (in ON, BC or AB) = $60
- Name search = $8
- Peace of mind for having it done for you, hassle-free = $PRICELESS
And with our discount, you can register your business now for only $30 CAD ($80 service - $50 coupon = $30 total). To go beyond that and be extra frugal (hey, save money where you can, we get it)... RBC gives you the money-back for if you open a business account with them (which you'll need anyways to separate your personal funds from your business). GET STARTED
*What's the catch? We get a little affiliate fee that comes out of their (OWNR's) pocket, NOT yours, in exchange for saving you money.
Let's get sh*t done, together!
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