Thursday, March 14, 2013

How Do You Expect to Be Paid for Your Freelance Services?

It's one thing to get yourself started on freelancing. But it's another thing to sustain your career and support yourself (and probably other dependents like your family) by keeping a regular cash flow.

Whenever clients discuss the possibility of hiring you for a project or assignment, you must immediately explain that's it's within industry standards for clients to pay you a flat rate and a down payment.

If you have your own office and discuss your transactions with your clients there, you can ask them for the exact amount right then and there and give them a receipt. You must then make it clear if you're going to have the project dispatched to them piece-meal, so your clients would have to settle for an installment basis, or have the finished project turned over to them at once, so  they will settle the balance after a longer period of time.

Another excellent way to accept payment is to have a savings account in a reputable bank, and then provide your clients with instructions so they can gain easy access and make a deposit. Be forewarned, though, that you should be extra careful when it comes to disclosing your account number.

Also, you should be organized when it comes to collecting payment as soon as you dispatch any finished projects. Create a template (a simple Word document will do) to serve as your Statement of Account, and then enter your name and complete contact information. You should then proceed to enumerate every task you did and your corresponding freelancer's fees. Save a copy of the document in your computer's hard drive before sending a copy to your client. 

Stay tuned, because in my next article, I'll talk about how a high level of productivity translates to huge profits.

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