The beauty of being your own boss means that you have complete freedom to work on whatever projects you choose, whenever you want to work on them. But, that freedom can sometimes be overwhelming, and you may find yourself questioning how to better manage your time and grow your freelance business. Here are 4 ways to manage your time, overcome the challenge of payment processing delays, and take your career to the next level!
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How billing for web development services works
You will only make money by billing clients. Clients often want to know how much work you've done for them before they are ready to pay you. Our invoice and tracking system makes it a breeze. Gone are the days of trying to approximate your time, because tracking your time provides accurate invoices. There are many ways to bill clients, but most freelancers use one of three methods: hourly, fixed price or retainer. Hourly rates are straightforward – you charge a set amount per hour worked. Fixed-price contracts mean that you agree with your client on an exact price (including taxes) up front. Retainers are a little different; instead of charging by hours worked, you charge based on monthly fees. Retainers can be useful when working with clients who need ongoing services such as SEO optimization or social media management. Once you have decided which method will work best for your business, it’s important to choose payment processing company that supports these types of payments so you can seamlessly integrate them into your invoices.
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Part 1 - Plan your work, then work your plan
Be proactive with your business, work ON it rather than in it. You run a small business, and you're busy all the time. Every day you start with the best of intentions, but you get distracted by unexpected intrusions. When the day is over and you feel like you got nothing accomplished, it feels like you're running in place. Plan your work, then work your plan. The first thing you need to do is get a clear picture of how much time it will take you to complete a task or project. It’s easy to misjudge when you don’t have a method for tracking your time spent. Keep track of how long each project takes so that in future jobs, if deadlines are important, you can be confident in delivering on time.
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Part 2 - Check in before deadlines
You need to take a portion of every check and save to accrue for Uncle Sam and his friends. Start accruing Federal, State and Local taxes (if required) that will be due this year.
Pay Yourself First Develop a mindset to “pay yourself first” and fund a retirement plan every month. You may not be able to maximize your contribution, however, put something away for the future. Invest in yourself and let Time Value of Money work for you. If your income is $100K per year, consider saving $2K per year at 8% interest (this is a simple calculation). In 35 years you will have over $1 million dollars saved. If you are making $50K per year, then save $1K per year at 8% interest. In 35 years you will have over $300k saved!
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Part 3 - Get paid on time
You know that you need a payment solutions if it's in person or by email. You need to get paid! LYTIKAPAY's services turn your business into a high-quality revenue operation, and LYTIKAPAY makes those services accessible to North American businesses. LYTIKAPAY offers payment processing service for freelancers and small businesses who have decided to take control of their own finances. By taking care of payment processing needs, freelancers can focus on what they do best - being creative and serving customers. At LYTIKAPAY we offer payment processing so what are you waiting for? Go get that Money!