More than ⅓ of our workforce are freelancers, according to the research firm Edelman Berland. That is 54 million Americans who have an independent approach to their employment.
A person who does freelance or contract work is defined as one who works by the hour, day or job without a regular salary from one employer. Although it can initially be stressful to procure jobs, this kind of employment grants the freedom to work your own hours with opportunities to negotiate higher rates.
First, research your field. Thoroughly investigate the appropriate range in price for your specific line of work and determine where your particular skill set fits into that range.
Second, establish a consistent invoicing strategy. Strive to maintain a steady cash flow. Granted, some work is cyclical involving heavy work in certain months. A retainer model may work for you.
A retainer agreement is a contract between a company and a consultant or freelancer in which money is paid in advance of the work. Having a worker on retainer benefits the company, as they know they have you dedicated to their work for a certain number of hours that they have paid for. It’s good for the freelancer because it’s money upfront and allows you to better budget your time and money for the month.
Third, be direct. Negotiating salaries can be uncomfortable but should not be avoided.
If you are confident that you deserve a higher rate, then notify your clients a month in advance of payment changes and new services and skills that you can offer with the increase. Share new training or certifications that are important in your line of work.
Remember too that the Lord bestows favor and honor. Be totally honest with your clients. Always give them great value. No good thing does the Lord withhold from those who walk uprightly.
A great way to gain financial skills and wisdom about work, giving, saving, spending and getting out of debt is to enroll in the online personal finance study that I teach. Check out the MoneyLife Personal Finance course now!
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