25 Essential Tips for Maximizing Your Freelance Income - Part 2
This article is the second part of 25 tips showing how to maximize your freelance opportunities.
6. Be Dedicated
If you are taking up a project, you are certainly putting yourself into a commitment with the client and you should do your best (But be logical about your own life as well) to produce optimum result.
7. Keep a Record
It is best to keep a record of every expenses that you have to incur. If you have a dedicated room designated as office in your home premises, then you should have separate record keeping books for home and official expenses.
8. Do not Under-Sell Yourself
It is important to understand that at the initial stage you may not be so successful with high prices per project, but, it is also a fact that if you sell yourself too cheap. It will affect your name in a negative way as well. Thus be logical and use the following formula to go about setting project rates:
- Rate = RM R / H hrs
- R is the desired salary that you expect in a year
- H is the total hour in a year that you think is possible for you to work on projects.
The general trend is to have 15 workable days in a month with 8 hours of work, thus it gives you a total of 1440 hours in a year. The rest of the time will be spent upon other purposes such as administrative tasks, marketing, enhancing skills, having some breaks, etc. Once you know you hourly rate, apply to that in each project to determine the final rate. Besides, you should also increase your rate with time as you grow more experienced and professional.
9. Effective Time Management
Without developing a sound time management skills, it is virtually impossible to be successful in freelance venture. For each project you shouldn’t spent unusually high number of hours or you also shouldn’t just skim through and finish it in a fast manner without paying much attention. Further, you should be able to properly arranger the other book-keeping tasks as well.
10. Having an Insurance
It is better to have a work insurance in order to get high paid projects easily. Though financially it may not really be any boost, but companies like Software Development Farms will not easily outsource projects of high budget to any freelancers without any insurance policy on their (freelancer’s) work schema.
So this ends the second part of our twenty five tips of maximizing revenue from freelancing. If you miss out the previous excellent resources, check out the 25 Essential Tips for Maximizing Your Freelance Income - Part 1.
We will be coming out the Part 3 in three days times. Just Sign up with our Auto-Feed Manager to deliver the next part to your Inbox automatically.
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