Provide freelance business services

URN: INSBE026
Business Sectors (Suites): Business Enterprise
Developed by: Skills CFA
Approved on: 14 Jan 2022

Overview

This standard is for entrepreneurs who provide freelance business services. When operating as a freelancer, you are your own business, and your skills are your service. You build your reputation through successful engagements with customers or employing organisations and contracts with them. You need to be able to sell your skills and promote your achievements, while negotiating favourable contracts. Planning is also very important to working as a freelancer, so you can manage the busy times and work to improve your business, increase your customer base and manage your administration during quiet periods. You must also be aware of your obligations regarding accounts, tax and insurance responsibilities, as well as manage a fluctuating cash flow. As a freelancer you may be required to work for different customers and you need to be adaptable and flexible. Working as a freelancer involves marketing your skills and competencies, negotiating freelance contracts, carrying out freelance work to meet contractual obligations, managing your finances, and work administration.

You might do this if you are:

  1. currently operating as a freelancer; or

  2. planning to operate as a freelancer in the future.


Performance criteria

You must be able to:

  1. identify your knowledge, skills, and professional experience for freelance work
  2. identify and use appropriate strategies to enhance your professional reputation and unique skillset
  3. promote your professional profile to potential customers
  4. search, follow up and maintain contacts with potential customers
  5. search, follow up and maintain relevant networks to support you and your work
  6. assess the value of work and estimate fees
  7. negotiate the contractual terms, fees, timescales, outcomes, and completion criteria that meet your own and the customers' requirements
  8. calculate schedules of work allowing time for contingencies and changes
  9. organise and maintain a workflow within agreed timescales
  10. agree the changes of deadlines or outcomes of work where these are required with customers or employing organisations
  11. monitor progress against plans and update your customers about it regularly
  12. adjust your working practices to balance the needs and requirements of different customers
  13. produce outcomes using your own and your individual employing organisations' resources, systems and work practices
  14. produce outcomes that meet the agreed contractual terms, quality standards and deadlines
  15. set up and use systems for managing finances and paperwork
  16. prepare and maintain up-to-date accounts
  17. maintain your personal work ethic and reputation when working as a freelancer
  18. maintain quality standards and professional behaviour as a freelancer
  19. comply with employment law, insurance, tax regulations and other small business legislation, and VAT, if relevant

Knowledge and Understanding

You need to know and understand:

Marketing and networking

1.   the tools for promoting your services to customers and employing organisations

2.   how to build your reputation and seek employment opportunities

3.   how to seek, follow up and maintain contact with potential customers and access work opportunities

4.   how to build personal networks to maximise your work opportunities

Planning for yourself

5.   where to find the relevant sources of advice and information on employment, insurance, tax regulations and other small business legislation, and VAT

6.   how to carry out contingency planning, scheduling and future planning to maintain workflow and cash flow

7.   how to plan to maintain workflow in terms of required income, time available and outcomes required

8.   how to estimate time requirements for jobs

9.   how to maintain professional standards of behaviour and personal presentation

10.  how to adapt to different organisational cultures and ways of working

Finances

11.  how to set and manage personal and business budgets

12.  how to maintain your financial accounts in terms of bookkeeping, income, expenditure and cash flow

13.  how to set up systems for purchase orders, invoicing, filing and chasing late payments

14.  how to budget for resources and overheads, such as rent, equipment, electricity, telephone charges and bank interest

15.  how to calculate and allow for business development costs

16.  how to estimate fee rates for work, resources, and expenses such as food and accommodation

Negotiating contracts

17.  how to negotiate and agree contracts in accordance with relevant legislation, expected income, time available and agreed outcomes

18.  how to make sure contracts are clearly detailed in terms of deadlines, outcomes, payment terms and time limits for payment etc


Scope/range


Scope Performance


Scope Knowledge


Values


Behaviours


Skills


Glossary


Links To Other NOS


External Links


Version Number

1

Indicative Review Date

01 Mar 2027

Validity

Current

Status

Original

Originating Organisation

Instructus

Original URN

CFABI2

Relevant Occupations

Business, Administration and Law, Managers and Senior Officials

SOC Code

2441

Keywords

success, business, idea, social, enterprise, customers, products, service, support, creative, idea, skills, needs, suppliers, cash, flow, legislation, marketing, market, trends, competitors, health and safety, VAT, equipment, costs, profit, staff, product