How to Make Your Freelance Business Profitable
Working in the freelancing industry for several years does not prevent us from finding more measures to maintain profitability. Earning bonuses and positive reviews from clients take more than excellent writing skills and a broad customer base.
Below are essential skills that every freelancer can use for financial survival and business growth.
Minimize the Unbillable Hours
As freelancers, we can set our pay rates and the number of working hours. However, this does not warrant payment for each hour that we work. Besides, some freelancers will end up working several hours that are not billable to the client. Although this is unavoidable, we can take some steps in ensuring there is minimal time wastage while maintaining the profit margin.
Wondering how we can turn around the wasted hours into profits? Go for QuickBooks or FreshBooks software to help in business financial aspects. The above programs effectively track time, invoice clients, record expenses, and generate reports that we might need when filling out our income taxes.
Also, when setting up the rates, factor in the unbillable hours. Whether we are dealing with a new or existing client, each of our bid should have money for our survival.
In freelancing, we have no one supervising what we do. As such, most of us fail to meet deadlines or take too long to complete a simple project. Failure to manage time leads to the cancellation of contracts and loss of important clients. What can we do to maintain the set timeframes and avoid losing clients?
Maintaining a detailed calendar increases our possibilities of setting deadlines that we can meet. Avoid setting impractical goals to beat the competitors if we want to avoid last-minute disappointments with a client. However, communicating with a client on the progress will give them relief and understanding of why the assignment took longer.
Market Your Services
Engaging a potential employer is never easy. However, to succeed in freelancing, we must pitch our abilities without fear. If you worked freelance in the financial sector then you would aim to use services from companies like LeadJig (https://www.leadjig.com/appointment-setting-services-for-financial-advisors/) to gain clients, however, this is different if you are a writer. Besides sending resumes and filling out proposals, deliver the documents in person or make a phone call. Also, be confident when negotiating the pay rates or asking for a raise. Moreover, the use of testimonials from current or previous clients through videos or written reviews can increase our chances of getting new contracts. Taking a look at implementing a recurring payment plan for loyal customers and new contacts can also be a route to go down for your services.
An Impressive Portfolio
Without samples of what we can do, it is cumbersome to have a prospective client convinced. Therefore, use modern technology to create a professional portfolio that will showcase our services and range of products. For instance, post press releases and links to the blog posts written before. You can even find a professional company to help you with something like this, or visit sites like Duplo International, to find some of the technology whether it be booklet binders or a paper cutter creaser as well. Print technology these days opens so many doors to you, if you research what is available you should be sorted for a portfolio in no time.
Does the inclusion of a professional photograph in our portfolios make any difference? Unknown to many, photographs play a significant role in stealing client attention. Go for the best shot and have it placed in your business profile.
Where do I Find Work?
Being good in writing is not enough reason to believe that we shall always get hired by clients. Finding better freelancing jobs should be our primary focus. We need to look out what different job boards are offering and apply for tasks that meet our abilities. In addition, send more pitches to employers looking for remote workers.
Have an Emergency Fund and Watch the Cash Flow
Unlike other jobs where people expect salaries, freelancers have no certainty of getting a fixed amount at the end month. Keeping some emergency funds will help cater to unexpected bills if a client bails out or delays making payment. To ensure we have smooth cash flow, send invoices on time, and find other strategies that can prevent lack of cash.
Not everyone finds freelancing profitable. However, by utilizing the above strategies, we can turnaround our business and make it a major income venture.