Learn more about moneyandinvestments with this collection
How to build a network while working remotely
How to work remotely
How to manage finances while working remotely
Ask for a late fee
Instead of encouraging early payments with a discount, use a late fee for creating an incentive. Clients who intend to pay on time won't mind signing a contract with a late fee.
How to include late payments in your contract:
- The amount should not exceed 1.5% of the project fee unless you can justify it.
- Set a due date on your invoice.
- If a client does not pay, send an invoice reflecting the change in the final sum.
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Getting paid on time
Chasing clients for late payments can get uncomfortable. It can also have a huge impact on freelancers' cash flow, as freelancers work from project to project.
Some tips can help to ensure getting paid faster without engaging in awkward conversations with your clients.
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Use expense automation solutions
As a subcontractor, you may have expenses that your clients will reimburse after you finish the project, such as a freelance editor hiring a graphic designer for visual content or a proofreader to improve on its grammar. Expense automation solutions can ensure that you get paid faster.
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Choose clients wisely
Try to prevent late payments by examining a customer's profile and avoid working with clients similar to that one. If a new client is too similar to that client profile, it's better to pass on such projects.
If you have a personal webpage or social media profile, select and add video testim...
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Sign documents online
You can use online signature software to sign your contract.
- The quicker the document is signed, the faster clients can make an upfront payment for your services.
- Online signature software often connects with Apple Pay or other payment services. After clients s...
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Set up automatic invoice reminders
Some customers will intentionally delay payments indefinitely, but others just forget.
Some invoicing tools can help to automate payment reminders. You could also write a personalised reminder message when creating an invoice and define when it should be sent to your clients.
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Build your personal brand
By building your brand, you can get more gigs and become selective in who you work with. As a result, you can stand out and win more respect.
With a solid personal brand, you can stop selling your time and invest in more scalable ways of earning money, such as launching an online course or ...
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