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Cash Flow Is King!
Let’s look at the first concept we met at the very start of this chapter in more detail: operational cash flow. You may feel great sending out all those invoices; however, those sheets of paper won’t help pay your expenses. The proof is in the pay ments—and it’s when they actually arrive in your bank account that matters. As we’ll discuss, not all businesses...
Loans and Savings
At the very least, you should have a bank account created solely for your business use. Don’t blur the line between your money and your business’s money, as it can allow you to fall into the trap of spending everything that you make.Organize a main business bank account, and then draw on that account for your own wages—a weekly...
Calculating Your Rates
There are basically two ways in which most freelancers charge for projects. The traditional method of a “per project” fee is often referred to as a fixed price contract, while charging by the hour is often referred to as time and materials.In either scenario, it is very important to work out what your minimum hourly rate should be. This way, you can track your progress against...
Determining Your Costs
You’ll no doubt have heard the old phrase “it costs money to make money,” and as cliched as this may sound, it is overwhelmingly accurate when applied to freelan cing. No matter how tight a rein you keep on your expenses, you’ll find unexpected bills are a fact of business life. By providing your budgeted amounts with generous margins, you’ll be better...
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