Basically, a business is a system that generates income regardless of the fact that you work or not. On the other hand, a freelancer or entrepreneur only gets money when he works. But setting up a business is much more difficult or a longstanding affair. A business needs capital to start while many freelance jobs only require your abilities and skills. The main difference is the fact that while both models make money, while businesses are able to run it themselves, freelance work only pays when you work.
Many freelancers finally go into business. Once they understand the ins and outs of the industry and have sufficient sources of funds, they venture into business. One can hire employees and offer more services. Employees will help in sharing your burden and even allow you to take on more business. Your business will run even when you are not on time. And your income will not depend only on the number of hours you come in and out
Often, the main obstacle in the transition from freelance work to business is the lack of business skills. Business requires knowledge of many other things except your job. When setting up a business you may have to face legal hurdles. You might also need to understand taxation and management issues. Mastering these problems may require extensive study and research. An easier way is to get a mentor who can guide you. Ideally, find someone who is in the same industry as you and has …READ MORE