HomeBusiness

3 basic backup plans for freelancers

As a freelancer, you will have no help if something goes wrong. You can not call the IT department if your computer stops working, and you need to f

Pros and Cons of Universal Basic Income (UBI)
America First Basic Business Checking Review 2022
Universal Basic Income (UBI) – What It Is and How These Programs Work

This post may contain affiliate links, which means that I may earn a commission if you click on the link & sign-up or make a purchase. You will NOT be charged extra for using the link, but it goes a long way in supporting this blog. I only recommend products or services that I have personally used or believe will add value to my readers.

As a freelancer, you will have no help if something goes wrong. You can not call the IT department if your computer stops working, and you need to fix it as soon as possible. You can not call the accounting department if you do not receive your money on payday. And you certainly can not ask your manager to move to another hockey when your workspace is inaccessible. You will have to deal with these issues on your own.

Freelancer

Photo credit: Anna Shvets / Pexels

To make sure you do not panic if something goes wrong, you need to set up these three backup plans:

1. A Technical Emergency Fund

If you spill a glass of water on your laptop or accidentally hit your smartphone on the floor, you will immediately have to rush to a repair shop. You can not wait. Without this technology, your work will go awry.

To make sure you can handle a quick technical repair or replacement, you need to put together an emergency fund. With an emergency fund, you can immediately withdraw what you need to cover the expense. You will be back at your desk in no time and working on your projects.

When your emergency fund is still new and you do not have enough savings, you may need to turn to credit to help with urgent technical repairs. You can put the expenses on your credit card, or you can apply for a personal loan online.

If you are considering an online loan, make sure you limit your search to your home state. So, if you live in Oahu, you will want to seek out a personal loan in Hawaii to handle your emergency. Not all online loans will be available for Hawaii! Check before you apply.

2. Contractual fines

You met your client’s deadline for your project, but will they meet your payment deadline? This is a common problem freelancers face – they complete their work but have to wait to get their paycheck.

To ensure that your customers take your payments seriously, you need to make some changes to your freelance contract as soon as possible. Start by adding late penalties. By signing your contract, your customer declares that they will owe you more after you missed your agreed payment date. The longer they take, the more they will owe.

You should also split larger projects into smaller installments instead of a single amount. Mention in your contract that you will not continue working on the project until an installment has passed. Following your payment schedule will be in your customer’s best interest. Why? If they do not pay on time, they will delay their results.

3. Alternative office spaces

Sometimes your home is not the best place to get your work done. Maybe your house is in the middle of renovation work, and you can not focus on the construction noise and dust. Maybe you have a family member who collapses on your couch for a few weeks, and you can not concentrate around them.

To make sure you can still get your work done, even when your home office is unavailable, you need to have a list of alternative workspaces to which you can go at a moment’s notice. It could be a local library, a coffee shop or a workspace in your area. You will want options that you can turn to when your home office is not accessible or comfortable.

These backup plans will help you the moment something goes wrong. Start setting them up!

COMMENTS

WORDPRESS: 0
    error: Content is protected !!