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Managing your money as a freelancer

I have been freelancing for almost 7 years now and I had to learn on the job. The many articles I read before and while on the freelancing journey did give me tips and tricks to help me as a freelancer, but none of them really prepared me for how to manage my money as a freelancer. When it comes to managing your money as a freelancer, you need to have your numbers head screwed on tight and quick or risk losing the plot. The life of a business owner can be a rollercoaster. You have to be prepared for the busy times as well as the not so busy times.

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Here are a few tips that should help in managing your money as a freelancer –

Set your prices

One of the first things I did was to set my prices. I have a fixed price for every service I offer. That way I don’t have to research or think about what price to give a client for a job. I know what I am worth and I do market research every now and again to make sure my prices are competitive.

Send out invoices

I know many freelancers don’t send out invoices to clients for various reasons but I always make sure my clients receive an invoice for every job. That way I have a trail of all my jobs, clients, and prices. It also makes submitting my tax returns easy since I have all the records in one place.

Take payment in advance

I like to take payment in advance where possible. That way I don’t have to chase payments (that is a job in itself). I appreciate clients that pay quickly and in advance. Going forward, I will be requesting to take more payment in advance. It saves time and effort.

Save for the rainy day

Most freelancers will know all about how busy work can be in some months and how quiet it can be in other months. I have been freelancing for a few years now and I know the pattern. My advice to not just the freelancers but every business owner is to save some money for the rainy day. Don’t spend all your earn, stash some away for when work is quiet.

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Don’t work for free

These days, I thankfully don’t have people asking me to work for free anymore. My work pays my bills and more, so working for free isn’t really an option. I know my worth and I am very quick to ignore anyone who questions it by asking me to work for free or for a ridiculous fee. I manage my money by not working for free.

At the end of the day, we are all different and we will manage our money in our own way. These are some of the ways I make it work for me. Being able to work for me for this long is a dream come true. It has completely changed my life for the better and I am grateful to be able to do all that I do. Apart from this blog which is my main source of income, I am also a Content Writer, Blogger Outreach Consultant, Social Media Manager, Blog Coach, Authour, and Vlogger.

How do you manage your money as a freelancer/business owner?

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Self employment – Charge what you deserve

I have been self employed for about 6 years now and I have seen it all. The clients that never pay up until you chase them and those that wait until the very last day to pay. I have seen clients that want all for nothing. They are happy to pay you peanuts and keep all the profits for themselves. Earning money as a self employed person is hard work. Don’t believe the stories that tell you it is easy to earn a living from home because it is far from easy. Trust me, I have 6 plus years worth of experience to know that being a self employed person, running your own business from home is hard. Which is why you should charge what you deserve.

 

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My reason for doing this

I found myself working from home full-time after my twins were born. Going back to my old job was not an option. I hated it and the commute and income won’t be worth the hassle at all, so I ended up focusing on making money online. It worked! I started earning a full time living wage from this blog and my freelance jobs (mainly copywriting and blogger outreach). It wasn’t easy. I had to work every free hour I got and I hardly slept all those years, but the money started coming in.

It got easier as the twins got older and started pre school and now primary school. I have more free time to focus on my hustle and even throw in studying for a whole new degree. However, the journey has been a rollercoaster ride and has taught me a lot. What kept me going all these years was my “why”. To be a happy self employed person, you have to have a “why” because you will need to remember the reason when the days get tough.

 

Which is why I charge what I deserve

I love what I do and the opportunities it brings are too numerous to mention but I also have my own fair share of dealing with people who don’t want to pay the right amount for what they want. A really funny email came in yesterday and it was the lowest fee I have ever been offered and it make me giggle. Obviously I didn’t bother replying but I am pleased with how far I have come because on a good day I would have been fuming at the audacity of the email.

My rates are my rates. I charge what I deserve and I don’t apologise for it. I believe there is value in my work and I would now let anyone take advantage of me by accepting low fees just because that is what they are willing to pay. The first rule when it comes to self employment or running your business is to charge what you deserve. There is enough to go around for everyone if people stop being greedy and I believe to unblock the flow of abundance, we need to charge the right amount of money. There will always be people who will happily pay your rates once you are comfortable asking for it.

 

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When it comes to self employment, the pros outweigh the cons massively for me. Which is why I am still doing what I do full-time for now. It is great to be able to work from home. I won’t charge that for anything now. Are you self employed? Do you feel you charge what you deserve? Do drop your comments in the comment section below.

Thanks for reading, sharing, commenting and liking. Have a good one.

 

 

How to sell on eBay UK

I set up my eBay UK account in 2015 and I have been selling on and off on eBay for many years. Although I took a long break from selling on the platform, I am now back on there and enjoying it all now. It is now a lot easy to list items on there thanks to the smart tools eBay has put in place. I can now easily add photos on the eBay UK app on my phone and list items quickly. This used to take ages years ago so I am pleased to see the company has moved along with the times. It is now a lot easy to sell on eBay.

 

 

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I currently have about 15 items listed on my eBay account. I sold 2 items the other day and I was happy to see they were wanted by many. My experience with eBay these last couple of weeks has been very motivating. I know I will be selling loads of items on there going forward. At the moment, I am only seeing brand new items. I used to sell pre loved items but I discovered the money I got off the items was not worth the hassle. So going forward it is brand new items only or luxury pre loved items.

Selling on eBay UK can be a full time online business for you if you have an eye for products that will be in high demand and if you understand how the online market works. Here are some tips if you may find useful if you want to sell on eBay –

 

Do your research

Like every other business, a good research is required before you venture into selling on eBay. The first thing to do before starting a home business selling on Ebay is to research products you plan on selling and who is selling it already. This will give you information on pricing and how popular the products you are interested in selling are. A good research will also open your eyes to how to SEO the description and title of the items you plan on selling.

 

Sampling

Once your research is done, the next step is to test the waters in the form of sampling. This is very important so you have an idea of how sales may go before you invest a lot of money in products.

 

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Take great photos

Make sure you take great quality photos that showcase the items from all angles. You have the opportunity to upload up to 12 free pictures so make the most of the allowance. I won’t buy a product if I can’t see it from all angles and if the photos are not bright and clear.

 

Get your pricing right

It is important you get your pricing right.  You don’t want it too high or too low, you want it just right for the product and your time/effort. Also, remember to take into account the eBay and Paypal fees that would be taken off. Many new sellers forget this bit and are shocked to find they are a bit short after selling.

 

Buy it now

I like the buy it now feature, which is why I sell on my items like that. The auction style doesn’t work for me. I have had issues in the past with cheeky buyers so I stopped selling auction style. Plus I don’t like the uncertainty of not knowing what price a product is sold.

 

Do you sell on eBay UK? How are you finding it? Do you have any tried and tested tips to share?

 

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