THE BUSINESS EDITION NO.6 - MONEY WISE

Tuesday, 27 June 2017




Welcome to ‘The Business Edition’ my ten part series answering the top questions for beginners in the creative field. As well as providing my own insight and opinions. 
 


When you first start becoming freelance, sometimes it's hard to think of yourself as a business. To survive as a creative professional you must accept you are offering services for pay and therefore you are a business. Today on The Business Edition, I’m going to give you a small guide on how to manage your creative business. 

DON'T SELL YOURSELF SHORT
Most importantly you can't undercut yourself. Many creative professionals feel talking about the subject of money can be quite uncomfortable. You need to think to yourself 'How much are my services worth?' Making sure you price your work at a competitive and reasonable rate. And before you think about working for free, you should read my previous post, 'Should I work for Free?' (Hint: Never). When pricing your work you should take into account cost of materials, cost of labour, overhead costs and desired profit to equal a fair final sale price.

PAYMENT PLAN
Create your payment plan tailored to you and stick with it. There are many questions to ask yourself when creating your own payment plan. You also need to know if you're going to safeguard your business or not.

SAFEGUARD YOUR BUSINESS
- Require 20-50% Deposit 
- Only start working when the deposit has been made
- Give a specific payment deadline in clear terms
- Charge interest on late payments

INVOICE 
Once you've found yourself a client, sending them an invoice is an easy, time saving way to communicate with you client how much they owe you. This allows you and your client to be completely organised when it comes to the payment.

WHAT SHOULD YOUR INVOICE INCLUDE? 
- Your Company Name and Contact Information 
- Client Contact Information 
- List of Services you provided
- Amount due - Subtotal, Tax, Total
- Payment Terms
- A 'Thank You'
- Your Logo 


/ ZOE-EMMA



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