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Tips for going self-employed in the IT industry
Posted on 1/12/17 at 5:08 pm
Posted on 1/12/17 at 5:08 pm
In between jobs here, but possible picking up enough freelance work to potentially go self-employed for a while. I mainly do .Net and Web development.
Need some tips:
1) I know I need to start an LLC. Any other legal things?
2) How do I advertise? Stick with social media and websites (i.e. Monster)? Do recruiters help out with this?
3) How do I determine my billing rate? I know what my cost of living is, and that I'll be the only on health insurance (if I buy it). Are there other costs, etc. that I need to factor in?
4) What the best/easiest tool(s) for making estimates, invoices, accounting, tax documentation, etc.?
Need some tips:
1) I know I need to start an LLC. Any other legal things?
2) How do I advertise? Stick with social media and websites (i.e. Monster)? Do recruiters help out with this?
3) How do I determine my billing rate? I know what my cost of living is, and that I'll be the only on health insurance (if I buy it). Are there other costs, etc. that I need to factor in?
4) What the best/easiest tool(s) for making estimates, invoices, accounting, tax documentation, etc.?
4
Posted on 1/12/17 at 5:52 pm to DrewTheEngineer
quote:know your competitors and the market value of the services that you offer
3) How do I determine my billing rate? I know what my cost of living is, and that I'll be the only on health insurance (if I buy it). Are there other costs, etc. that I need to factor in?
Posted on 1/12/17 at 6:32 pm to DrewTheEngineer
(no message)
This post was edited on 12/21/21 at 10:57 am
Posted on 1/12/17 at 7:15 pm to DrewTheEngineer
You have a LOT of research to do. BTW, going self-employed "for a while" is a recipe for disaster.
Posted on 1/12/17 at 7:17 pm to XanderCrews
Yeah but those are full of Indians working for 10 bucks an hour.
Every place I worked in development has always charged 200 an hour but obviously we had a lot of overhead. We use a blended cost rate of 65 an hour where I am now, but we only have internal "customers". I would think 125-150 an hour would be a good place to start. Obviously you want to build relationships starting out so gauge that appropriately.
Do you have a target industry?
Every place I worked in development has always charged 200 an hour but obviously we had a lot of overhead. We use a blended cost rate of 65 an hour where I am now, but we only have internal "customers". I would think 125-150 an hour would be a good place to start. Obviously you want to build relationships starting out so gauge that appropriately.
Do you have a target industry?
Posted on 1/13/17 at 9:09 am to DrewTheEngineer
quote:
1) I know I need to start an LLC. Any other legal things?
I'd consider some sort of professional insurance / umbrella policy. Do you need any licenses (I don't think in that profession you do, but I wanted to ask)
quote:
2) How do I advertise? Stick with social media and websites (i.e. Monster)? Do recruiters help out with this?
Are there industry specific freelance sites? Social media works, have a great linked in profile and website, also word of mouth.
quote:
3) How do I determine my billing rate? I know what my cost of living is, and that I'll be the only on health insurance (if I buy it). Are there other costs, etc. that I need to factor in?
What are your operational costs? Services, certifications, software, etc. Look at your competitors rates. What was your rate at your previous job? You could always adjust that down to be competitive because you don't have the overhead. Remember about self-employment tax.
quote:
4) What the best/easiest tool(s) for making estimates, invoices, accounting, tax documentation, etc.?
Quickbooks, Freshbooks, Xero, etc
Posted on 1/13/17 at 11:03 am to LSUFanHouston
I really like quickbooks online, theres an app for mobile and the desktop version is nice as well. Enables you to accept credit cards as well.
What type of experience do you have and would you be open to looking at joining an existing IT business? I'm close to needing some help.
chris @ redshiftla . com
What type of experience do you have and would you be open to looking at joining an existing IT business? I'm close to needing some help.
chris @ redshiftla . com
Posted on 1/13/17 at 11:45 am to LSUFanHouston
quote:
LSUFanHouston
Do you have any opinions on quickbooks online (monthly license) vs purchasing the software? Any meaningful differences?
Posted on 1/13/17 at 12:56 pm to Cold Cous Cous
quote:
Do you have any opinions on quickbooks online (monthly license) vs purchasing the software? Any meaningful differences?
its a tad more expensive to do online from what I understand. I have been helping my friend with their small business, and this is what I determined for him.
It worked out to be like $50 difference or something like that.
I told him to eat it and not have to worry about keeping infrastructure running. He ended up buying the software fwiw, as $50 matters to him.
Posted on 1/13/17 at 1:18 pm to Hawkeye95
Honest answer not trying to be a jerk, but some of those questions are pivotal to 'how to start X business 101'.
There's 100s of ways to get customers for that type of work online. All kinds of websites that advertise small pieces of work that need to be done.
Your pricing is easy, start low and when you get too much work you increase your rates. Absolutely none of your pricing depends on overhead and other expenses, it 100% depends on what price you can get customers at. Then, if you can't get customers at a rate that you can survive on you don't have a business. Generally $60/ hour is the bottom end of consulting work and that's usually for those just starting off or low end technical work.
There's 100s of ways to get customers for that type of work online. All kinds of websites that advertise small pieces of work that need to be done.
Your pricing is easy, start low and when you get too much work you increase your rates. Absolutely none of your pricing depends on overhead and other expenses, it 100% depends on what price you can get customers at. Then, if you can't get customers at a rate that you can survive on you don't have a business. Generally $60/ hour is the bottom end of consulting work and that's usually for those just starting off or low end technical work.
Posted on 1/13/17 at 2:53 pm to Hawkeye95
I used to use QuickBooks Online. It is significantly more expensive than purchasing the desktop version. The online version only allows you to have one business. The desktop software allows you to have multiple businesses. So my wife and I can share a desktop license of QuickBooks. However with the online version we could not. I used the online version for 2 years and switched back to desktop mostly due to cost. The functionality of the online product is nice.
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