3 things every freelancer should learn to master

It is simply impossible to ignore the advantages that come with the freelance lifestyle, such as freedom, flexible hours, the potential to pursue your passion, etc. In the same manner, it is also reasonable to acknowledge the fact that it has disadvantages. One major con is dealing with all the financials. A study by Intuit (the makers of Turbo Tax, QuickBooks and Mints) has it that 55% of Americans don’t feel confident in their ability to manage their finances. As a result, situations such as living paycheck to paycheck or not having money in a savings account may be ignited. In order for us not to be victims, we need to adopt certain business habits as soon as possible. In this article we discuss some business habits we can adopt pronto so as to enjoy the flexible freelance lifestyle and all of its perks.
• The most appropriate way and time to write a contractrnSpeaking of the time, you should always write a contract. And as for how, to ensure that there are no surprises and to get everyone (you and your employer) on the same page as regards the range of the work, hash out as many details as possible early before you talk compensation. As soon as you’ve got the details right, a contract should be created, one that explains clearly the statement of work (SOW). The expectation of your time, deadlines that need to be met and what to do in the event of complication could be inclusive. This does more than protect you; it also provides peace of mind for the client. What more can be worse than spending hours on a project just to find out something was missing in translation and you have to backtrack? Coming from a professional angle, in a way to show how hard you are working on your clients’ behalf – something clients long to know – you need to always provide progress reports. This update reassures them that everything is on track.
• How your taxes should be managedrnFiling taxes is regarded as a yearly action item for freelancers. To benefit maximally from your tax benefits, and thereby avoid being audited, it’s imperative that you stay on top of your expenses year-round. Intuit’s QuickBooks Self Employed software preloads all of your data, expenses, and transactions into Turbo tax and helps solve three of the most common challenges for people who work for themselves;rn1. Separating expenses – business from personal,rn2. Getting paid, andrn3. Filling taxes when bundled with Intuit’s Turbo Tax Self-Employed.rnReceipt capture, mileage tracking and an expense finder that automatically locates deductible and industry-specific expense, making taxes easy, are part of the wonderful features of QuickBooks Self-Employed.
• How to brand yourselfrnYour commitment to self-employment requires you self-promotion. To enable you to do this with little or no stress, create separate professional social media profiles that reflect your personality and most importantly show off your work. It’s definitely not an avenue to showcase the unprofessional aspect of your personality, such as posting cat pics or late-night group photo. Post past client designs, pieces or commissions on your phone, if you are a designer, illustrator, artist, professor and so on. Even better, you can create a website or portfolio that makes you shine with the help of free and easy-to-use websites. And…oh! Lest I forget, business cards still count you know.