Your latest in business and finance. From ABC news now. Forget full time work we are increasingly becoming a nation of freelancers. So how can you drum up business when you're out there on your home... See More
Your latest in business and finance. From ABC news now. Forget full time work we are increasingly becoming a nation of freelancers. So how can you drum up business when you're out there on your home here with advice. Is ABC news as small business contributors Susan's Olympics isn't is also the CEO of sbtv.com. Susan great to see you -- -- it's great to be your thing so tell us first of all why this big shift to freelance work. -- quite simply because there aren't jobs out there the jobs simply aren't available so people who have been terminated from their traditional career path. They're looking around they don't see anything out out there so they're saying okay what did I do my traditional job. And then they're looking for ways to market that and do that on their own so. In essence they're going into their own business but they're still doing the work that they did in corporate America so we're seeing a lot of web site designers writers. Graphic designers those sorts of things that are easy to put the word out there that your available absolutely and answers are basically self employed so are there any. Tax or legal issues to consider here. -- absolutely so you are working for yourself so your employer is not going to be paying your taxes so one of the things that trips up a lot of people. Is you've got -- start -- you had you need to start thinking about paying quarterly estimated taxes. Are you going to be -- sole proprietor ship are you going to set up a legal structure. Those are all important things to think about. But what trips people up is they get that check. No taxes withheld they go out and spend the money. And then it comes up time to pay the IRS and they don't have money in the bank just to pay them because they Marty Bennett and that means trouble for got to pay the -- -- Always pay Uncle -- -- Ryan plan ahead to do that and I got a list of ways -- freelancers can land some market let's let's go through them you say. Don't forget about your previous employers that there I've got to be the first place I would will look -- to talk to your previous employer. They may not have the budget to keep people on full time. But they may have worked but still needs to get done. And you already have the experience with that employer so naturally you're going to be a good candidate to come in and take over some of that work. One of the times I left corporate America -- started a project and they -- you know what we really need you to continue to run this project. It was -- lottery you know subtly I had a client ride out the doors in -- -- left such a great way to really get yourself started and get out there does sound like that are now also don't forget about all those Internet sites that's -- They're a couple very popular Internet sites for freelancers ones just called free -- dot com. The other one is -- Lance dot com. And people like myself who own small businesses are smaller companies we often post projects that are budget -- description of what that project is and then people can bid on that. And it's a great way to find -- resource you can work virtually. But it's also way to start building your portfolio project that you've done independently. And that of course you have to network network network right. You do you have to let people know what you're doing people are going to come knocking at your door even though that would be very nice. They need to reach out to your network of associates and people that you know colleagues people that you've worked with in the past. Let them know that -- available for projects what you're doing how you can work with them and how you can help them accomplish their goal. Now what temporary staffing agencies can help freelancers. Well it's a good way to kind of get out there you're just getting started on your own is being your own boss it's a great way to get some income coming in. So you're sort of working on your own but you've got somebody out there brokering for you getting the jobs for -- The interesting thing if you find out that freelancing isn't really for you. A lot of times those temporary jobs turning to full time jobs which can be a good thing that's right -- these temporary staffing agencies how much of a cut you have to get them. You know I varies depending on each industry and each agency so yes you're gonna pay them up for commission just like you would any agent who finds work for you. The one thing though is most of them are going to be paying your taxes for you. So you don't have to worry about that aspect of the arrangement that's certainly helpful are out there any other things that apprehensive need to now. What you need to think about the fact that even though you don't may not feel like hearing your own business you are in your own business so -- need to set yourself up like a professional business. Want to make sure you're keeping good -- records keep your business related expenses your personal expenses separate. And also recognize that. A company may or may not be reimbursing you for your expenses to what I keep track of -- if they're not reimbursing you obviously will be able to take that as a deduction. So those are the some of the considerations you should probably consult with an attorney. And -- CPA or an accountant to make sure that you're setting up your business appropriately so you don't run into trouble -- is insolvent thank you so much thank you Tanya.
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