When you start out as a freelancer, you probably have no idea what you are going to charge for your work and you also probably have no idea how you are going to continually grow either. This is completely normal, but if you want to get around this then there are a couple of things that you can do about it. If you want to find out more then take a look below.
Your Income Isn’t Profit
If you work as an employee then every month, you will be guaranteed a check and you can probably go ahead to spend as much of this as you’d like. When you are your own boss, however, this means that your income isn’t fixed at all. You will always be responsible for those overheads and this includes your taxes, registering your business and even payment processing as well. You need to know how tax works and it also helps to know what is IR35 – IR35 – Qdos Contractor as well. This will give you a much better idea of what to expect when you operate your own business. If you want to be able to handle all of this better then it helps to set 30% of your money aside so that you can take care of all these expenses without any problems at all.
Your Client Doesn’t Get to Name the Price
You decide how much you charge for a project and this can be tough. You have to make sure that you don’t let the client decide how much you are going to charge and you need to stand your ground at all times. If you think about it, when you go to the dentist or even when you go to see a plumber, you’ll find that they set the price and you would never even think about haggling it. This is the main thing that you have to understand. When you are a freelancer, you shouldn’t let them haggle your price. Sure, they may promise to go somewhere else if you don’t lower the price but if they do then they probably weren’t working with anyway.
When you operate a business, you probably have very little time to get everything sorted out. You also have very little time to even think about planning your week ahead as well. If you want to avoid this then you need to make sure that you are not worried about delegating. A lot of freelancers worry about this because they worry that other people can’t do the job as well as them, and this is completely understandable. If you don’t delegate however, even if it is just your accountancy tasks, then your business will suffer as a result and you may even find that you can’t go on to achieve as much as you thought you would as a result.
So as you can see, there are plenty of things that you need to watch out for when you are a freelancer, but at the end of the day, it is more than possible for you to protect yourself from all of this without any hassle or fuss.
This is a collaborative post.