On National Freelance Day, Rick Ward, creative guru and founder of the North’s first ever creative freelance network Creative Allies, shares his top tips behind enjoying a successful freelance career.
1. Do all the sensible stuff first
Have some savings in the bank. It’ll take you a few months to get paid.
Ensure you set your payment terms with your clients – 30 days is standard but be prepared for this to be 60/90 days on occasion – that’s why having a buffer in the bank to cover outgoings will help take away some of the pressure and keep you focused on your journey to being a freelancer.
2. Register your company
This makes accounting and taxes much more manageable, and keeps your personal finances separate from work. Use these details on all invoices.
Remember to put money to one side for your annual tax return as you go along to save on finding a large chunk of cash when this is due at the end of the tax year.
3. Get all over admin
It’s easy to get busy with the work, but you must stay on top of your admin, invoices and chasing invoices – otherwise you won’t get paid. I’d set aside half a day a week to do this. Remember to chase your invoices – there’s a good chance it’s been lost in the system.
