Tips & Tutorials: Freelancing Money tips
Finding the right price to charge your clients isn’t always as straightforward as it sounds. Charge too much and you may scare off potential jobs, charge too little and you may find yourself working weekends. Here are a few money tips that I wish someone told me when I started.
1. Don’t work for free.
However much you get told that this particular job will be ‘great for your folio’ or ‘good exposure’ for you, don’t slip into the habit of doing work for free. The reality is, if the job is good exposure for you there would be a budget in place. If you do decide to work for a reduced rate make sure you and the client have the same expectations of your time.
2. Transparent Quotes
Clients always want to know exactly what they are getting for their money. Be clear, and concise. Lay out any expected over run costs and expenses. Give the quote a ‘Live Until’ date, as your client is probably looking for a few quotes.
3. Book in jobs in advance
Good time management is very important. Don’t be afraid to book clients in a few months ahead. Just be open and honest about how busy you are. Knowing that others are paying you for your services helps reassure them that they want you. Although do allow over-run time as in my experience most jobs take longer than expected as they hit unanticipated delays and edits.
4. Keep your receipts
When your tax return comes around you will need all of the paperwork for anything you have purchased to do with the business over the previous tax year. This can include rental fees, equipment, vehicle expenses (as long as it is used for the business), phone bills etc.
5. Pay an accountant
Each year sorting out your tax return can be stressful and probably take a whole day to complete for your first few times. The simplest way is to pay an accountant to do it all for you. A good accountant will submit your tax return for around £180, and is well worth it.
- Image source: Collective member Bethany Baker