5 STEPS TO GET A MONTH AHEAD ON YOUR BILLS AS A FREELANCER

In January, I achieved freelancer bliss ─ I was a month ahead on the greater part of my bills. For a whole month, I didn’t need to wait until customer payments came in to catch up. I could relax. Without a doubt, this is the money related circumstance that all freelancers want to accomplish sooner or later in their careers. But how do we get there? How can we turn out to be so monetarily stable when we have variable pay and don’t get paid on a regular schedule? To help, here are 5 tips on how I stretched my finances to get ahead.   1. Raise your rates Last year, I started asking for more money than I’d ever negotiated …

4 TAX LESSONS THAT BUSINESS OWNERS LEARN THE HARD WAY

Money as a business owner is far different than money as a regularly employed person. I would say, it resembles managing two completely different animals. In one circumstance, you get a paycheck at regular intervals, and you can manage your finances accordingly. However, as a freelancer, you don’t get paid regularly, and financial planning becomes more difficult. The fact of the matter is there are numerous cash lessons that some entrepreneurs learn in the most difficult way possible. I’m incorporating myself in this situation, coincidentally. Despite the fact that I’ve been working as a freelancer for some time, I still get hammered with cash lessons from time to time. To help, here’s a rundown of the main lessons I’ve learned:   …

3 WAYS TO GET OVER THE FEAR OF MANAGING FINANCES AS A BUSINESS OWNER

A couple of weeks ago, I was having a discussion with my bookkeeper while working from a co-working space.  I was asking him questions, such as what the gross revenue was for this quarter, how we were doing in profit, where I was spending money, etc. My new friend and aspiring freelancer overheard me and then exclaimed, “Oh my Goodness! Do I need to be spending all of that? How do taxes even work?!?” Overseeing cash as an entrepreneur can appear to be overwhelming. Most people are taught how to deal with their own funds ─ although barely ─ yet, business accounts ─ not really. Because we’re not taught how to manage our finances properly, many business owners end up …

INVOICING MISTAKES THAT ARE KEEPING YOU FROM GETTING PAID

Maintaining an independent company is genuinely an exercise of careful control. Entrepreneurs need to concentrate on keeping their customers happy, marketing efforts, sales and a million other tasks, all while offering quality products or services. On top of that, they need a  tight grip on their invoicing to ensure that income stays consistent. Any error on your invoice, big or small, can cause severe delays in payments and hurt your cash flow. Some mistakes will keep you from getting paid on time  ─ if at all. Here are five invoicing mistakes that you should avoid making:   1. You Haven’t Switched to a Digital Provider Yet Change is something we all should accept. Time to leave the past behind is …

HOW TO STAY CASH FLOW POSITIVE IN YOUR FREELANCE BUSINESS

Since I left my job in 2012 to devote myself to my freelance writing business, I’ve made it a point to keep my cash flow positive each year, ever since the beginning. Income positive contributes to the way that I’ve made a profit. As it were, I’ve acquired more income than costs. I’ve regularly had cash left over after taxes and expenses. It’s important to remain income positive because, in the event that you don’t have an advantage, you’re not profiting. While companies like Amazon and Uber can invest in years of spending all their income, independent journalists aren’t unicorns. I’m also a firm believer in setting a strong establishment for long haul achievement.   Manage your expenses For my …

WHY BRANDING YOUR INVOICES CAN MAKE A HUGE DIFFERENCE?

Invoices are amongst the most important documents for entrepreneurs. They guarantee that you get paid for your goods or services and are used when it’s time to file your taxes. What’s more, they can help boost your brand.   The Importance of Branding A strong brand is how others perceive you, which in turn, will impact your business in the following ways:   Clearly shares your business’s message, values and goals. Develops your reputation and increases recognition so that customers will remember you. For example, having a unique logo will help you stand out from your competitors. Builds trust. A professional appearance legitimizes your business, which makes you more credible and trustworthy. Generates new business through referrals, word-of-mouth recommendations and …

Economic Impact Of Unpaid Invoices

$825 billion. That’s a huge number. $825 billion represents the dollar amount of unpaid invoices for US small businesses over a year-long period. Fundbox, a tech company helping small business owners overcome short-term cash flow gaps, created the infographic below to illustrate the impact an unpaid invoice has on small businesses and, more importantly, the economy. Besides the multibillion-dollar figure, here are our key takeaways: Small businesses employ about half the American workforce and, on average, it takes 21 days for them to get paid. However, 81% of invoices for small businesses are 30 days past due, Leaving the average small business with over $80,000 in unpaid invoices.  

5 WAYS TO MAKE PAYMENTS EASIER FOR YOUR CUSTOMERS

You work hard to offer exceptional products or services. The last thing you need is to lose clients at the point of sale, regardless of whether at your store, or online. That’s why it’s critical to make sure the payment process is as easy as possible for your customers. Here are 5 simple and proven ways to make payments easy for your customers, and to reduce shopping cart abandonment.   1. Accept All Types of Payments Customers are accustomed to and expect to have a variety of payment options. In addition to using their preferred credit card, consumers also expect to be able to pay using their mobile phones. Seventy-five percent of buyers value the speed of checkout while being …

Considering Alternative Payments As A Freelancer

When I started freelancing a long time ago, there weren’t many options to consider when it was time to get paid. That is not saying that there weren’t any options accessible. It just means that compared to the many alternative payments at our fingertips today, which includes everything from credit cards, direct debit, bank transfers, mobile payments, checks and money orders—there were only a couple of ways accept payments from clients. That is the reason I was using PayPal. I already had an account because of eBay, so all I needed to do was send my email address and ask a customer for their PayPal address. I realize that there are issues with PayPal, for the most part, the charges …

SETTING A PAYMENT SCHEDULE FOR FREELANCERS

One of the greatest issues that a freelancer has is getting paid. We all need to ensure that we stay away from nonpaying customers and that we figure out how to achieve a steady income. While I do have a variable income, it is good to have at least some regularity with a few projects. Having the capacity to (generally) depend on some payment, and knowing when I’ll get the cash, helps a great deal when planning my finances. This is the reason that choosing a payment plan as a freelancer is so critical. Here’s how to figure out what you need to do to smooth your cash flow:   How Often Do You Want to Be Paid? One of …