As a freelancer, you may be used to working on your own and handling all aspects of your business. However, to scale your business and turn it into a startup, you'll need to shift from a solopreneur mindset to a team-oriented mindset. This means hiring employees, contractors, or freelancers to help you with various aspects of your business.
Productizing your offering might require expertise that you don’t have. You should be prepared to involve other people and invest financially in this project.Freelancers may not always prioritize long-term planning, but a comprehensive business plan is crucial for turning your business practice into a startup. This plan should outline your vision, target audience, revenue streams, and growth potential.
Moreover, since you would be investing time and resources into this project, it is important to have basic financial projections. If you don’t intend to search for outside partners or investors all of this information doesn’t necessarily have to be presented in an official business plan. Creating one anyway, however, is still a good idea as it helps you structure your thoughts and see potential problems in your plans.
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Source: Forbes - 🏆 394. / 53 Read more »