Yesan’s Post

Are you starting your freelance career or wondering how to manage your finances better as a freelancer? 💻 📱 Track Income - Even if you are just starting, keep a spreadsheet of your income! 📱 Track Expenses - Track your expenses with the receipt to deduct from your revenue. 📱 Collect 1099s - Remember you will not get W-2s, so ensure you are getting 1099s from your clients. 📱 Outsource Out - If you are stressed or confused, it can be worth it to outsource to professionals. Contact us to learn more! 📧 : hiii@sparklebookkeeping.com | 🖥 : www.sparklebookkeeping.com #sparklebookkeeping✨📒 #smallbusinesstips #bookkeeper #BeautyBiz #CaliforniaBookkeeper #SanDiegoBookkeeper

Attention freelancers and contractors Here are a few financial planning tips for you In the freelance and contracting world, things can change fast. It’s exciting but also a bit unpredictable. That’s why having a good financial plan is super important. It helps you stay on top of things and keep growing, no matter what comes your way. Here are some simple tips to help you manage your money better and keep thriving, even when things keep changing: ✅ Emergency Fund: Aim for 3-6 months of expenses. It's your financial safety net. ✅ Diversify Income: Explore multiple income streams for more stability. ✅ Smart Budgeting: Use budgeting tools to manage variable income smoothly. ✅ Save for Taxes: Set aside a part of each payment for tax season. No surprises! ✅ Invest in Growth: Spend on learning and professional development. It pays off! ✅ Plan for Retirement: Look into freelancer-friendly retirement plans. Start now! ✅ Secure Health Insurance: Essential for peace of mind and avoiding financial setbacks. ✅ Network: Join freelancer communities for support and opportunities. The freelance journey is a roller coaster of highs and lows, but with a bit of planning and community support, we can all thrive in this dynamic landscape. Let's embrace the freedom and flexibility, armed with a solid financial plan! #financialplanning #financialtips #freelancers #linkedinforcreators

How much is my service worth? This is one of the most critical questions for freelancers, especially at the beginning of their work. After all, the business should bring in enough money to make a comfortable living. Stefania Volpe of freelancermap.com gave us a simple example of how to calculate your hourly rate: 1️⃣ Calculate all your monthly expenses (living expenses + business expenses) and multiply by 12 months: €4,000 x 12 months = €48,000. 2️⃣ Determine your profit margin, i.e. your desired annual income: €60,000. Total business costs: €48,000 + €60,000 = €108,000. 3️⃣ Calculate the number of days you will work by subtracting weekends, vacations, holidays, sickness and training from the total number of days in a year. For example: Weekends: 104 days Vacation: 30 days Public holidays: 10 days Illness: 5 days Total working days: 365 - 149 = 216 4️⃣ Estimate the number of daily billable hours (excluding non-productive time such as administrative tasks, client acquisition, accounting, etc.). For example, if the freelancer works 6.5 hours daily, the total billable hours would be 1,404 hours per year (216 working days x 6.5 hours/day). 5️⃣ Now it's time to calculate the Minimum Acceptable Rate (MAR) you want to work for: MAR = ((monthly costs + salary) / (hours worked in a year)) + tax In our example: €108,000 / 1,404 = €77 per hour + tax. For more tips and best practices when it comes to calculating your hourly freelance rate, read the full interview here: https://lnkd.in/enSESJMQ #hourlyrate #fee #interview #freelancer #freelance #freelancetips #freelancertips #selfemployed #selfemployment #entrepreneurship #entrepreneur #founder #programming #media #graphicdesign #serviceprovider #insurance #professionalindemnity #exali

A useful exercise if you are still in-house and want to go full-time as a freelancer... Study your company's business model. Ask yourself, - How much does it cost them to deliver their services? - How much of that cost is labor? - What are the other costs? (hint, there’s more than you think at first) - What are the profit margins? - How do they get their clients? - What is their value proposition? - Which type of clients are repeat buyers? - Which type of clients only buy once? - How do your bosses increase project efficiencies to make more money? - Do they value price or price based on cost of delivery? - What advantage will you have as a freelancer that they do not? Studying how a successful business in your space works and makes money is a great way to understand better what you need to achieve to be successful as a freelancer. Do the same with successful freelancers you know or are learning from. Examine their business model and start thinking about what you can use from their business. And don’t overcomplicate it. Every business is basically a client-acquisition machine that delivers services efficiently enough to make a profile. The more you start to see and understand business models, the better you’ll be at understanding what’s yours to do.

Let's chat about strategy, like pricing strategy. Ever thought about when it's a good idea to up your rates? The usual is once a year, to keep up with inflation and your growing skills. But if you're swamped with work, maybe it's time for a raise. Why? Well, sure, you might lose a few clients who can't handle the increase (their loss!), but your earnings stay solid. Plus, you get more time to expand your biz. So, cheers to smart pricing - finding that sweet spot between workload and cash flow. Let's level up your freelance income, work smarter, not harder! #pricingstrategy #pricingtips #freelanceincome #businessgrowth #freelance #freelancing #selfemployed

✨ Freelancers, are you evolving with the times? 🕒 This insightful article emphasises why your business strategies need to change as you grow. Learn practical tips to refine your approach and stay competitive in the dynamic freelance world. 👉 Check out the full article here: https://lnkd.in/gWFsWqXf #FreelanceLife #CareerGrowth #BusinessTips #FreelancerEvolution #StayAhead

Feeling overwhelmed and undervalued as a freelancer It’s time to rethink your pricing strategy When you price your services low it causes problems you don't need ❌ Devalues Your Service → Pricing yourself too low sends the message that your work isn’t worth much. → It devalues the unique skills and creativity you bring to the table. ❌ Attracts the Wrong Type of Client → Low prices often attract clients who are looking for a bargain rather than valuing quality. → These clients can be demanding, difficult, and less appreciative of your work. ❌ Leaves No Room for Hiring Help → When you price your services too low, you can't afford to hire help. → You end up doing everything yourself, leading to burnout and decreased quality of work. ❌ Limits Your Growth → Without the financial room to invest in your business, you limit your ability to grow. → You can’t scale, innovate, or take on bigger projects. Here’s why raising your prices can transform your business: ✅ Increases Perceived Value → Higher prices signal higher quality, attracting clients who appreciate your work. ✅ Attracts Ideal Clients → Premium pricing attracts clients who understand the value of what you offer ✅ Allows You to Delegate → With better pricing, you can afford to hire help, freeing you to focus on what you do best. ✅ Fuels Business Growth → Higher revenue allows you to invest in your business, innovate, and scale to new heights. Remember, pricing is not just about covering costs; it’s about valuing your expertise and ensuring the sustainability of your business.

Becoming a successful freelancer takes time, effort, and dedication. Here are some tips that can help you Identify your niche: Figure out what you're good at and what services you can offer. Specializing in a particular area can help you stand out from the competition. Create a portfolio: Create a portfolio of your best work to showcase your skills and experience. This can help you win more clients and projects. Set competitive rates: Research what other freelancers in your field charge and set competitive rates that reflect your skills and experience. Network: Join online communities, attend networking events, and reach out to potential clients. Building relationships can help you find more work and build a strong reputation. Deliver high-quality work: Delivering high-quality work on time can help you build a strong reputation and earn repeat business. Manage your finances: Keep track of your income and expenses, and set aside money for taxes. You may also want to consider hiring an accountant or using accounting software to help you manage your finances. Continuously improve your skills: Keep learning and improving your skills to stay competitive in your field. This can help you attract more clients and command higher rates. Remember that success doesn't come overnight. It takes time, effort, and dedication to build a successful freelance career.

Be your freelancer’s invoice champion. It's pretty easy for clients to become an invoice champion. It goes something like this: 1. Learn how your company pays freelancers. 2. Become friends with someone in accounts payable. That way you can ping them directly if your freelancer has an issue. 3. Ask your freelancer how they like to be paid. Some want a bank or wire transfer. Others are good with a credit card payment. You won't know until you ask. 4. Use your freelancer's preferred payment method if you can. 5. Go with the lowest payment schedule you can. A Net 60 schedule is devastating to a freelancer's cash flow, as is a Net 45. Do these 5 things and your freelancer will love you. #BeABetterClient #Freelancing #ClientRelationships #spacebarpress

Starting your freelance journey? Here are a few key tips I've found essential: 🤝 Forge Strategic Alliances: Partner with consulting firms and agencies for steady work, even at bulk rates, providing stability during uncertain times. 👋 Delegate ASAP: Begin outsourcing tasks early to avoid overwhelm later on. 💰 Don't Fear Rate Increases: Gradually raise your rates to match your value proposition and ensure financial stability. Of course, there's much more to explore. What other insights do you think I've missed? AMA below! #freelance #tips #journey