Seven Tips to succeed in your Freelancing Business

There are many benefits to freelancing, such as improved work/life balance and being your own boss. However, it's not for everyone. If you're thinking about becoming a freelancer, or have already started, here are seven tips to help you succeed:

1. Always Have a Contract

Having a contract in place is crucial for freelancers. It helps to solidify the rate, scope, deadlines, and other important details of the project. Contracts also protect you from legal issues and Ensure that you are paid for your work.

2. Calculate Your Rate

Your basic hourly rate = (annual salary + annual expenses + annual profit) / annual billable work hours

As a business owner, you need to decide what pricing model makes the most sense for you. Hourly rates have their pros and cons, but so do project fees, day rates, and pricing packages. Do some research to figure out which option is best for your business.

3. Ask for a Deposit Upfront

When you're working independently, it's important to get paid for your efforts. Before starting any project, ask your client for a deposit. This way, you can be sure you'll receive compensation for your work. There are several options for receiving payment; for example, you could receive ⅓ upfront, ⅓ halfway through the project, and the final ⅓ upon completion.

Alternatively, you could require an engagement fee or another payment percentage that works well for your business. No matter what, make sure you get paid for your hard work!

4. Utilize tools and technology

There are a variety of tools available to freelancers that can help improve productivity and efficiency.

Examples of these tools include invoicing software such as FreshBooks, Toggl, Zoho Invoice

Project management software such as BaseCamp, Monday, LiquidPlanner;

Distraction-prevention tools such as Freedom of Focus Booster.

5. Be the authority in your field

If you want to attract new clients, you need to establish yourself as an expert in your field. One of the best ways to do this is to share your knowledge with others. You can do this by writing articles, giving speeches, or participating in panel discussions. These activities will help you raise your profile and make it easier for potential clients to find you.

  • Create a blog
  • Create Video Content for YouTube
  • Do In-Person networking
  • Keep your social media profiles up-to-date posting frequently
  • Speak Meetups and Events

6. Learn More About Taxes

As a freelancer, it's important to factor in your tax obligations when setting your prices. You'll need to pay self-employment tax, as well as cover necessities like healthcare, dental, and retirement.

Additionally, you should consider how you can save on taxes and the best way for your business to file taxes (annual or quarterly payments).

5. Maintain a Schedule

As a freelancer, it's important to have a schedule and stick to it. This allows you to:

  • Meet important deadlines
  • Give each client the attention they deserve
  • Create work/life balance