If you've left a full-time job for freelancing, you may feel as if you have all the time in the world but without proper time management techniques, that time will turn into wasted time and no one makes any money wasting time.
Make A Schedule and Stick to It
Now that you are your own boss, you may think the last thing you want to do is follow a schedule, but you'll be much more productive if you have some sort of regular schedule. You can still decide the hours and the days that you want to work but do try to stick to regular working hours. This will not only benefit your work but it will be beneficial to you and your family as well. In addition, if friends and acquaintances know that you are working certain hours, they will be less inclined to disturb you during working hours. Sometimes, when people work at home, it is difficult for the people around them to really believe they are working just because they are at home. It will be up to you to set the standard from the beginning. Treat your freelancing business like a business and others will follow suit.
Family Time Means Family Time
It's kind of unrealistic to expect someone freelancing from their home to completely separate their work from their family life but do make it a point to let go of work during family time. When the whole family gathers to watch a movie, refrain from having your laptop occupy your lap. Grab a kid instead! Many freelancers find that they work more hours when they work for themselves, especially in the beginning when they are getting established. While no one will fault you for working hard, you can prevent family resentment by being one hundred percent present during family time. After all, why are you working so hard? If you have a family, it is probably for them so remember that they need you in other ways too.
Begin and Finish Assignments Early
Once you've been assigned a project, get started on it immediately. Clients are funny about deadlines; they expect you to meet them and no excuse in the world is good enough when you don't. Plan for the unexpected so that you aren't scrambling to finish an important project and forced to turn in work that isn't your best. Get ready for it because the kids will get sick, you'll get sick, and yes, you will lose your Internet connection at the most inopportune times. If you're not racing the clock, these occurrences won't have to turn into emergencies and pile extra stress upon you and everyone around you.
Get Organized
There is no one way to get organized; countless systems abound and what works for one freelancer may not work for another. Whether you use calendars, lists, date-books, bulletin boards, your computer, or all of the above, get in the habit of getting and staying organized. You may have to go through some trial and error before you find the system that works best for you but just make sure that system isn't comprised of scraps of paper and napkins.
This isn't so much a guide as it is a flag to let freelancers know that the flip side of getting to be your own boss is taking care of your own health insurance, retirement, and taxes, three things that can make even the strongest of freelancers gag. But you wanted to be in charge, so take charge!
Health Insurance
If you're already working for a company that provides health insurance, consider continuing your coverage via COBRA, if possible. If you can't afford it or even if you don't already have insurance, start looking at private healthcare coverage before you begin your freelance career. You might also check with the Freelancer's Union, which offers health insurance for freelancers in 30 states.
Plan for Your Retirement
Although many freelancers don't believe the day will come when they will actually retire, go ahead and plan for it just the same. It's easy to believe that you'll always be able to work at a sit down job, but that isn't always the case. Freelancers need to take a hard look at the future and start saving for it immediately. Look at IRA options and other retirement options. You might also be able to get a break on your taxes by opening an IRA. It's easy to ignore the future when you're just trying to scratch out a living but since you're the boss now, it's your responsibility to take care of your employees, even if you're the only one.
The Tax Man Cometh
Yes, the tax man cometh for freelancers too! Whether you do your own taxes or ship them off to an accountant or tax professional, as a freelancer, it's something you have to deal with on an ongoing basis. In fact, you should deal with it every time you get paid by setting aside a certain percentage for your tax bill. And you will have a bill. While you can get a refund earning next to nothing working for someone else, once you start working for yourself, you have to pay self-employment tax. In addition, since nothing was held out of your pay to begin with, you won't get an overpayment refund. Start your freelance career on the right foot by bankrolling the tax money so you won't get in hot water when it's time to pay up. Look at it this way: if you overpay your tax savings account, you can give yourself a refund at the end of the year.
For most freelancers, freelancing is the best job in the world. But for those who think freelancing is equivalent to easy street, a short stint at it will quickly change their minds. Freelancing allows those who choose it to call the shots doing something they love to do, yet it comes with its own set of rules. It's not easy but for some, it's the only way to fly!
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