Hello! If you’re reading this post, then you’re probably interested in learning about my journey as a freelance writer, editor, and consultant who is looking to start her own company. I’ve spent the last year freelancing, and the past six months seriously considering making the move into becoming a full-time freelancer for the long-term. After making the decision to take the plunge, I’ve been looking to file paperwork to become a single-member limited liability company (LLC).
I decided to form my own company to protect myself legally. By transforming my sole proprietorship into a LLC, I will be able to protect my assets (Note: I don’t have many now, but there’s no harm in thinking ahead) in case I get into any legal drama with clients. Making the jump from sole proprietor to single-member LLC will also afford me several tax breaks and benefits that being a sole proprietor doesn’t.
At this point, I’ve already done my research by reading up on what it takes to become an LLC, the pros and cons of becoming a single-member LLC, etc. I’ve also sought the advice of someone who owns a single-member LLC to hear more about the realities of running your own business. I’ve even downloaded the paperwork I need to file and researched designation agents who will serve as my headquarters while I work remotely at home or whatever destination I’ve decided to travel to. There’s only one thing holding me back: I’m broke.
Yep, that’s right. The few hundred bucks I need to get this whole thing moving? I don’t have it. One of the joys of freelancing full-time is the employment extremes you experience. You’re either enjoying a nice feast or right smack dab in the middle of a famine, and things can change at the drop of a hat. One day you could have a client whose giving you regular work and paying your requested rate in full, and the next day you could open an e-mail explaining how the project you were working on has come to a standstill and that they no longer need your services for the time being.
One of the downsides of freelance life is its unpredictability. However, if anything, my experience as a freelancer has taught me the art of hustling, adapting or reacting to situations as needed. I’ve become more resilient, and even more determined to make things work. Unfortunately, right now things aren’t working for me as well as I would like them to. Two big and exciting projects that I was due to start working on in January have stalled, which means that the checks I thought I would have to put towards my filing fees are non-existent.
The situation sucks, but it could be a lot worse. In the meantime, I’m still hard at it working for another client and doing some outbound marketing to try to get a few more. Fingers crossed that I do and make enough to where I can finally file this LLC paperwork that’s been sitting on my desktop for the past couple of weeks.
2 thoughts on “The Stalemate: Me vs. Money”
So glad I found your blog! I’m in the very beginning stages of being a freelance writer, and I’m still on the fence about doing it full time. I love the independence, but like you said, it’s unpredictable.
I look forward to reading more of your story!
Thank you for dropping by! Yeah, I definitely understand why you’re hesitant to make freelance writing your full-time gig, especially if you’re just starting out. However, it’s definitely possible to make a decent living as one, I’m just trying to get to that point myself. Feel free to subscribe to stay in the loop about how this whole incorporation process is going for me. I really like your site as well! 🙂