Cash flow management for freelancers involves more than just finding smarter ways to save money personally and in a professional manner. It also means ensuring you get paid for the services you provide as quickly as possible, but it’s sad to say that it calls for more than just sending your client an invoice and then relaxing and expecting your payment. You need to take some other practical steps.
Let’s quickly look at ways a freelancer would ensure that he gets paid fast.
Portray yourself as a Professional
Your reputation as a skilled professional does not only attract and keep your clients but can ensure you get your payment right on time. When you are rude and unprofessional to clients or deliver projects late then the clients would hesitate to pay you. But when you prove to clients from all ramifications that you are a professional in your field then they would treat you like one.
Research on your prospective Clients
When you are approached by a prospective client, do not be in a hurry to accept the job. If possible, take a little time to research the client of the company. It must not be in-depth research but you may need to look them up on google, check their website or stalk them on social media. Try and know who you are dealing with. When you are so quick to accept gigs you may come off as desperate. Search for and be on the lookout for red flags.
Make your rates flexible enough
Always have alternatives in your pricing system. Have different packages that would benefit each category of your clients. This would enable them to make the choice themselves depending on their budget and financial strength. Do not be rigid with your pricing system but show the customers that you really want them to benefit from the services you offer.
You can have hourly fees, project fees, retainer basis, etc. When you present this to them, it is now left for them to look at the options and make a choice. When they choose, it is easier to make payment as you are not imposing it on them.
Bill your Clients Up front
It is not in any way rude or unprofessional to bill upfront. Depending on the kind of project, you may ask for some payment before you commence the job. Some freelancers request 30%-50% while others may demand higher. When a client makes a financial commitment then it shows a high level of seriousness on his part and the freelancer is eager to work on the project to enable him to receive the remaining balance.
Make it easy to get you paid
This is a crucial aspect of the process. Get your invoicing software ready at all times. Be quick to raise and send an invoice to the client when called upon. Also, ensure your channels for receiving payments like Paypal and others are functional. This reduces stress on both parties involved when it comes to making and receiving payment. It would be embarrassing for a freelancer that he has delivered a project but payment is a problem.
Have it in writing
A Contract should not be neglected when taking a project. Contracts clearly specify the terms and conditions of the project, nature of the project, expectation from both parties, delivery date, terms of payment, etc. It could be a one-page agreement that is signed by the freelancer and the business owner. When contracts and agreements are involved, it instills some level of seriousness on both parties involved.
We believe that these tips highlighted above would guide all freelancers to ensure that they receive payment for the services they have rendered as at when due. Many freelancers on Bixex have found some of these tips helpful and applying them has helped many of them land several gigs with juicy payment. If you are a freelancer, try bidding on several gigs found on Bixex Marketplace. There are many gigs available for freelancers in different niches.
The Bixex App is available on Google Playstore and App store.
Read Also: 5 Reasons Why Graphic Design Is Important In a Business.