Your freelance business is going strong, and you’re proud of yourself. Your hard work is finally paying off!
But to keep things going in a positive direction, there are some things you mustn’t forget to do.
For starters, when the going gets rough, don’t throw in the towel. Every business has its ups and downs, and it’s how you react, which will determine the outcome.
To stay on track, you should have well thought out goals, such as putting aside money for retirement.
Below are five ways to keep propelling your freelancing business forward. Stay on track, and you’ll no doubt achieve success in all that you do.
1. Don’t Forget About Taxes
As a freelancer, you are in charge of paying taxes as opposed to it coming out of your paycheck.
It’s up to you to put aside enough money to pay taxes so that you won’t gain any penalties down the line.
Find an accountant who can estimate what you should pay quarterly for your taxes. She can give you payment stubs to mail in or submit payments online.
Paying your quarterly taxes takes discipline, so don’t put it on the backburner. At the same time, it’s also essential to keep track of your expenses.
That way, at the end of the year, you’ll know what will get subtracted out of your income.
And you’ll also be able to estimate if you owe more on taxes or not.
2. Stay Motivated
Even the most successful freelancers get bored sometimes, which is why it’s up to you to stay motivated.
If your industry isn’t fascinating you as much as it was in the past, do things to change that. Go to webinars, network with people in your industry, and read motivational books.
Sometimes it takes pushing yourself to keep your edge. Don’t be hard on yourself if it takes some time to get into the groove.
After a while, you should figure out how to urge yourself to keep pressing forward.
Everyone goes through times where they need to find work inspiration. So figure out a way to work through the challenging times and stay motivated.
3. Create Effective Contracts
Client contracts are essential so that both parties are on the same page.
Even though a contract sounds scary, it’s there to outline details. Some of the information on the contract may include the scope of the project, due date, and payment agreement.
Try to keep the contract simple and to the point. Some legal phrasing is to be expected, but for the most part, an agreement should be straightforward.
One legal term, known as a force majeure clause, protects both client and employee. Sometimes unforeseen events happen, and you may not be able to finish the job.
If that happens, this type of contract will allow adjustments to take place.
When adding a force majeure clause, be sure to explain it to a client so that you’re both in agreeance.
4. Have a Peaceful Working Environment
Being a freelancer is incredible because you get to work wherever you want and choose when you work. But if you don’t have a quiet place where you can work, your business can suffer.
So, make sure you have an office set up in your home. If there’s enough space, your office should be in its own room.
If that’s not possible, carve out a spot in your living room. Someone may live with you and if that’s the case, make sure they understand your work hours.
Getting interrupted non-stop will result in you being less productive. And sometimes you may miss a deadline and have to take some heat from a client.
Do your best to set up a quiet space free from distractions.
This includes not distracting yourself as well. Put your smartphone down, and don’t watch too much TV.
Before you know it, time can escape you, and you haven’t gotten a thing done!
5. Save for Retirement
As your business begins to take off, make setting aside money for retirement a priority.
You can begin to invest on your own or set up a Roth IRA (or both)!
For millennials and younger generations, their mentality tends to be instant gratification.
Staying connected through social media and an ever-changing world is powerful. But too much connectivity can result in a lack of patience and innovation.
Millennials aside, saving money isn’t always easy. And even though it’s okay to reward yourself for working hard, don’t forget about your future.
One day you’ll want to retire, and when that day comes, you’ll need enough money!
So plan for your future now by putting aside money for retirement. You’ll be thankful you did as you get older.
In Conclusion
Having your own freelancing business is fulfilling. It should push you to achieve greatness!
As time goes on, you’re going to encounter all sorts of change and challenges, so be ready to roll with it.
Stay optimistic through it all and you’ll pass with flying colors. You’re a freelancing rock star and achieving your goals is going to help you shine!