Why is the Freelance Industry on the Rise in Canada?
A freelance business can offer a convenient lifestyle for a woman on maternity leave, a professional that can’t find a job or a person that is passionate about starting their own full-time business.
According to the Financial Post, “45% of Canadians will be self-employed by 2020.” Freelancing is beyond writing and graphic design work. Professionals in healthcare, human resources, and consulting.
As a freelance writer, I can attest that work is abundant and it can be easier to find a client for your business than attend multiple interviews for a full-time job in today’s market.
Tax Breaks for at Home Freelancers
A freelancer needs to pay attention to business expenses to provide an accountant with the opportunity to deduct purchased items. The Government of Canada site classifies the business use of home expenses as “You can deduct part of your maintenance costs such as heat, home insurance, electricity, and cleaning materials. You can also deduct part of your property taxes, mortgage interest, and CCA. To calculate the part you can deduct, use a reasonable basis such as the area of the work space divided by the total area of your home.”
I recommend you set up a meeting with an accountant to clarify if you’re at home office qualifies for business tax deductions.
You Can Set Your Hours
I call the hour of power between 5 – 6 am in the morning. If you live in Edmonton and most clients are located on the East Coast, waking up early to start working when their offices open is convenient and a selling point to select you over other freelancers.
The downside to setting your hours is waking up late in the day. Most clients are awake early in the morning to send emails which gives you a head start to complete invoicing, marketing and assignments before the end of a business day.
If you can practice self-discipline, an early start can mean an early end of work.
The unemployment rate in December 2017 was 5.7 percent. In Edmonton, the rate is slightly higher at 6.6%.
If a professional is unable to find work, one of the best ways to maintain a working income is to research clients on the internet or market services to local organizations. Here are a few ideas to help you get started:
Update your LinkedIn profile
Start a free WordPress or Wix website
Showcase your talent on social media
Handout business cards at networking events
Travel and Work
A travel blogger is not the only freelance profession that offers flexibility. If your business idea requires you to work from a computer, the ability to travel is feasible.
There are freelancers that leave Canada to countries that include Mexico, Brazil and the United States, Costa Rica because it is apart of their plan for retirement.
We highly recommend that you research the political and economic status of an international country before you decide to move. Most foreign countries welcome Canadians as expat’s, but your safety is as important.
Change in Work Responsibilities
One of the complaints I often hear from people that work a full-time job is a lack of excitement because the work is repetitive. As a freelancer, you might have clients in the same industry, but each will offer unique products and services.
There will be times when meeting with a potential client out of town is necessary. As you conduct research for an assignment, learning new technology or information is expected.
If you have an interest in working with international clients, it can help you view the world
differently while learning new customs.
If your New Years resolution is to start a new business, an at home business as a freelancer is a good start. It can lead to financial freedom and early retirement if you learn to save and invest a percentage of earnings in opportunities with a high return over time.
As a freelancer, you need discipline, resilience and a winning attitude to accept assignments that will test your skills.