If you’re reading this, chances are you’ve recently started exploring the freelance market as a potential source of income. After all, freelancing is one of the most lucrative and flexible career paths out there. It gives you the opportunity to pick and choose what kind of work you want to do, when you want to do it, and for whom. However, as with most things in life, there are also some downsides to freelancing. If you’re serious about making freelancing your sole source of income and not just a part-time gig here and there, then read on for our top 5 most common mistakes new freelancers make and how to avoid them!
When Pricing Your Services, don’t Make The Mistake Of Thinking You Know Your Value.
If there’s one thing freelancers are notorious for, it’s undervaluing themselves and their services. Unfortunately, this is a mistake people often make when first starting out, especially if they’re not confident in their abilities. The fact of the matter is, that you have no idea how much a potential client or company is willing to pay for your services unless you ask. You also have no idea what a particular job is worth to a company, or how it stacks up against the rest of their budget. If you don’t ask for a specific price for your services and instead try to lowball yourself, you’re almost certainly going to shortchange yourself.
Make Sure You Have The Right Tools To Help You Succeed As A Freelancer
Freelancers, like any other business owner, will have to wear a lot of different hats. You will not only be responsible for completing client work and meeting deadlines, but you’ll also have to take care of your own marketing and administrative tasks like invoicing, accounting, and client outreach and relationship building. To make sure you’re as productive as possible, it’s essential that you have the right tools for the job and deliver the project on time.
A great project management tool will help you keep your work organized and on schedule. A good CRM will give you a better overview of your clients and the work you’ve done for them in the past. And a good financial management tool will make your bookkeeping and invoicing process painless.
Don’t Be Afraid To Ask For What You’re Worth
One of the biggest challenges of going solo is being comfortable with the idea of charging what you’re worth. Freelancers have to be able to hold their own, conduct themselves professionally, and have the confidence to charge what they’re worth for their services. Unfortunately, in the world of freelance work, this is easier said than done. You will be bidding against other freelancers for work and pitching services that your clients need.
If you want to make a decent income, you’ll have to make the most of your time working on client’s projects, be selective about the clients and projects you take on and be confident enough to take what you want and charge what you’re worth.
If a client or company tries to lowball your services or pay you less than what you’re worth, don’t be afraid to walk away from the deal or negotiate a better rate. If you’re a freelancer, you may have to negotiate your rates with clients. If you’re an employee, you may have to negotiate your salary with your employer. There are many ways to negotiate, but the most important thing is to be confident in what you’re worth and don’t be afraid to walk away from a bad deal.
Be Wary Of Constantly Refreshing Rates And Be Transparent In Your Communications
There’s no doubt that it’s tempting to strike while the iron is hot and update your rates with every new project you land. Especially when you’re just starting out and you’re eager to make sure you’re pricing yourself at a level that’s sustainable. The problem with constantly refreshing your rates is that you run the risk of scaring clients off or making them think that you’re inexperienced and don’t know what you’re doing.
Additionally, it’s not a great idea to constantly be transparent about your rates in your communications with clients. It makes you look amateurish and gives clients an easy out if they don’t like your pricing. As a freelance entrepreneur, you need to be fair and creative when it comes to pricing your services and sending offers to your client when negotiating a new contract.
When it comes to money matters while working as a freelancer, it’s important to be wary of constantly refreshing rates and being transparent in your communications as a freelancer. This way, you can avoid any potential misunderstandings or financial difficulties down the road in your freelance journey. By being upfront and honest about your finances, you can help keep everyone on the same page and hopefully avoid any stressful surprises.
Another important thing to remember is that when you are busy with many projects and have a good steady income at that time don’t forget to set aside some savings for those times when you are not able to find new clients or projects.
Freelancers Tend To Accept Lower Pay
Freelancers tend to accept lower pay in exchange for the flexibility to choose their own projects and work hours. This can be a good option for people who value their independence and want to control their own careers. However, it’s important to make sure you’re getting paid enough to cover your costs of living and business expenses. Otherwise, you may find yourself struggling to make ends meet. And that’s not what you should be doing.
Take Time To Build Up A Portfolio Of Work Before Going Full-Time Freelance.
Freelancing can be a dream come true to earn money with a flexible schedule. However, if you want to make freelancing your sole source of income, it’s a good idea to take a more steady approach to build up your client base and grow your business. Take time to build up a portfolio of work that you can show potential clients. This will give you a leg up on the competition and help you earn more opportunities with potential clients. It will also allow you time to learn the ins and outs of freelancing and give you more experience in the field. It’s important to remember to diversify your clients and projects to make sure you’re not putting all your eggs in one basket.
Finally, don’t get discouraged if you make a few mistakes along the way. After all, nobody becomes an expert overnight. Freelancing is a great way to make some extra money on the side or to make a full-time living while being able to set your own hours and work remotely. Just make sure you’re aware of the common pitfalls that many new freelancers make, and follow our tips to avoid them.