Have you ever thought about becoming a freelancer? I was for a time, writing blog posts and articles for various websites. I really enjoyed it and and it was quite beneficial.
When you’re just starting out as a freelancer or you’re in business by yourself, how quickly you get paid for your work is crucial. Your company’s overhead and your personal livelihood all depend on you. You can’t be sitting around for weeks once the work is done wondering what is going on and waiting for the money to roll in.
Staying busy is one thing, but if your invoices aren’t getting paid timely, it doesn’t matter how much work you have. You’ll end up being frustrated and not enjoying the freelancing lifestyle.
So, to increase your money flow and ensure prompt payment, follow these 8 tips.
Getting Paid for Your Hard Work
You wouldn’t go to the grocery store and expect to walk out without paying. The same logic says that when you provide your freelancing service, you should be reimbursed based on your payment terms.
Since the ball is in your court for this, make it clear what your expectations are as far as payments. Be sure to include the following information for fast payments:
How you accept payments.
Some freelancers only take credit cards, while others prefer online payment options like PayPal. The problem is that not all of your clients use one or the other.
To ensure you don’t lose clients or get delayed on your invoice, find apps for freelancer payments that cover it all!
Your payment expectations.
Your rates may vary based on the client or the job, but make sure they are clear. In your original contract with your client, clearly define the price, how you will bill them, and how soon you expect payment to be sent. If there are late fees or bounced check penalties, include those.
If a deposit is required.
Many freelancers require a minimum deposit before beginning work. This safety net ensures that if your client decides to go elsewhere after starting a contract with you, you don’t lose out on the entire fee.
How to read your invoice.
If you want your invoice to stand out from the other bills your clients are getting, make sure it’s bold. Use colors, especially if you’re sending a digital invoice. With digital, there’s no concern about ink costs.
Use a font that is clearly legible. Include all of your itemized costs, a breakdown of the work, and the rates. Make your due date visible, as well as any late fee penalties.
Payment on receipt.
Many freelancers give thirty days as their turnaround for payment, but if you’re just starting out or relying on that money, you can request payment on receipt of work.
The invoicing process.
Let your clients know ahead of time when to expect your invoice. That way they can prepare ahead to ensure they have the funds to pay you.
With an invoice template already in place, you can submit your payment expectations alongside the finished product. This process speeds up your accounts receivable.
Penalties.
Use computer programs that follow up missing payments for you. These are a time and money-saving investment.
Set up email templates that are scheduled to be sent to your clients in certain intervals after a deadline is missed. These late payment reminders can be set to go out at your preference, but you don’t have to do a thing after the initial setup.
Opportunities for repeat business.
Word of mouth advertising and repeat clientele are the cornerstones for a successful freelancer. If you’re open to work with that client again, make sure it shows in your communication with them.
Don’t Be Afraid to Get What You Deserve
For many freelancers, it’s tough to put a high value on their services. But you work hard and you have excellent skills that are in demand.
Make sure your rates show that you know your worth, and your invoicing system is prepared to get you paid quickly!
Leave a Comment or Answer a Discussion Question Below: Have you ever been a freelancer before? If so, what did you do? What part of it was most rewarding and what part was most frustrating? What other tips can you give that would help a freelancer get paid quicker?
That was nice to read. Do you have something like a guide to getting started with freelancing?
I personally don’t. But I would start with the following article at The Simple Dollar…they are doing great work. https://www.thesimpledollar.com/financial-wellness/ultimate-freelancers-guide/.