Today, freelancing is a growing phenomenon. Here are a few tips freelancers can use to their benefit.
Nowadays freelancing is a growing phenomenon. Whether it is a means for doubling your existing income or a full time profession, freelancing is a great way to gain financial freedom. Freelancers come in many different forms be it a financial consultant, a graphic designer, a writer, an artist, a lawyer and so on. No matter what your area of expertise is, there are certain things you need to take into consideration and follow before entering into a freelancing project. Here a few tips for freelancers that can help them to efficiently and successfully manage their freelancing business.
Know the Budget
When you’re talking to a potential client about a project, always ask what the budget is. They won’t always tell you what the budget is, but sometimes they will, so there is no harm in asking. Asking for the budget has a couple of benefits for you. First being if their price is lower then what you charge, then you can have a discussion about expectations, and then negotiations can start after that about what to do with the price.
On their hand their budget may be higher then what you normally charge your clients. This can be a great win-win situation as you can offer to come in under budget and charge them less than they were going to spend, but still charge them enough to make you feel like you’re getting a really healthy income for your work.
Never lower your price arbitrarily
The second tip would be that in case you do need to negotiate to lower your price you should never lower it arbitrarily, it should always be some kind of trade off. Either they get less of something or you get more of something. If you just lower your price arbitrarily, you’ll come off as unprofessional. It just kind of sets a bad tone.
The client getting less of something could include things like the client not having full rights to the work, getting a simpler work or not being prioritized. On the other hand, more of something could include getting the client to agree on extending the deadline, sending you extra samples of a product or more documentation, or giving you better payment terms like a higher deposit upfront. Less or more, remember there should always be a trade off.
Make things clear to the client
If you really want the project and do offer a discount to the client by working for less money then you normally charge then make a few things clear to the client. Make it really clear to the client that this is a onetime discount, put it on writing on your invoice, put the full price and then put a line saying “this is a onetime discount” after that will be the amount and then the balance.
This will help you if the client had a good experience with you wand wants to come back and hire you again. The next time around when the client hires you and you charge the full price, the client won’t be surprised that you’re charging more this time around as you can show them the invoice that it was a onetime discount.
I hope these three tips for freelancers will help you efficiently and successfully manage your freelance business.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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