This is Day 2 of 31 Days to Start a Freelancing Business (or Make Yours a Better One). Click here to find out what we did in Day 1.

Yesterday, you made an inventory of your possibly marketable skills. Today, you take a look at your other freelancing resources.

Freelancing is one of the cheapest businesses you could set up. But it does require some resources.

We have a simpler listing exercise today. Just make lists of all the resources that are already available to you right now for your freelancing business.

Make a list of

• the office equipment, software and materials you already have
• how much money you have at your disposal to invest in your freelancing business
• people who can give you support
• how much time you can devote to freelancing

Office Equipment

Whatever freelancing field you’re interested in, whether it’s writing or providing virtual assistance, you will most likely need a computer. Is yours up to speed? What software do you have? Write those on your list.

Also include peripherals, such as your printer, web cam and microphone. You’ll also want to list other pieces of equipment, such as a video camera or audio transcription equipment. And don’t forget home office furniture and space.

Money

Chances are, you can start freelancing without spending any money. However, if you find that your computer is outdated, or the software you’re using isn’t up to industry standard anymore, you may have to spend a little to make more.

This is where having a little amount of money to invest in your freelancing business comes in.

Later on, you’ll also want to have some money to improve or expand your skills, market your services, systematize your work… you get the idea.

But don’t worry about your expenses – yet. For now, just write down how much money you have saved up, or how much credit you can access, when the need arises.

People

You may not have employees (yet) but you may find you need other people in order to freelance. For example, if you’re a stay at home Mom with a preschool-age child, will you be able to work and look after your child at the same time? Do you have family or friends who can babysit for free or a token fee a few hours a week? Or will you need your mother’s help to pick up your housekeeping slack?

Just make a list of people in your circle and how they can support you. Include your tough girlfriend who can give you a butt kickin’ when you procrastinate. And don’t forget your sister who’s your biggest fan and is always cheering you on.

You’ll need all the people support you can get. Believe me.

Time

Finally, take a look at  how much time you have available, or you’re willing to devote, to freelancing. Unless you’re a single person without a job or any other responsibility, chances are, you have limited time to freelance. And even if you were, you would of course like to leave some free time, say, to spend with your girlfriend, or for online gaming (or whatever your hobby is).

If you’re still working, then your time is much more limited. When, exactly, will you do freelancing work? Is it from 6-11 pm every evening, plus all your weekends?

If you’re a stay-at-home parent, will you work during your baby’s naps only? Or when your children are in school (lucky you!)? Write it down.

Now you have a clear idea of the “capital” you have for your freelancing biz, both in terms of your skills and the material and other resources you have available.

Note: As you go through today’s exercise, you may think of things you need but don’t have yet. If so, make a separate list for those. Just get them out of your head and onto a sheet of paper.

You’ll need this all this information for our task tomorrow. In the meantime, how did you find today’s task? Do share by posting a comment below.

PS: This exercise was inspired by John Reese’s Business Accelerator class.

 photo credit: Leonid Mamchenkov