5 ways freelancers can channel their inner entrepreneur

February 2nd, 2010

So you’ve had enough of your rotten boss or the hideous job market and decided to give freelancing a whirl. Congratulations. But before you settle into your SpongeBob slippers and turn to the day’s project deadlines, ask yourself this: How’s business? Be honest. Are you bringing in enough work? Making enough money to meet your expenses–and your saving goals? Happy with your current client lineup–or frantically nabbing any project within spitting distance for fear it will be your last?

If your freelance business has yet to meet your expectations, don’t fret. With a little strategy and planning, this could be the year you get there. Here’s how.

Track Your Time
Sure, many freelancers get paid by the project, day, week, month, word, session or click. But it’s helpful to do the math and see what your efforts are yielding per hour. This applies to all indie workers, whether you’re a writer, designer, photographer, programmer, bookkeeper, virtual assistant, social media expert or project manager. If you’re scarcely clearing minimum wage for that client you thought was such a coup, Houston, we have a problem.

Happily, the web is rife with free tools you can use to track your time per project. Examples: myHoursSlim Timer and Toggl. If the hours show that you’re grossly underpaid, you have two choices: ask for more money or replace the client with one that actually pays a living wage.

[Read the rest of this article on Entrepreneur.com.]

Entry Filed under: This freelance life,Toolbox

2 Comments Add your own

  • 1. On the Clock: Set Your Ow&hellip  |  July 1st, 2010 at 4:47 pm

    [...] Tracking Your Time by Michelle Goodman 8 Simple Online Time Management Tools for Freelancers How to Figure Out Which Tasks You Can Ignore Making Friends With A Clock: Time Management for Writers A Day in the Life [...]

  • 2. Quentin Pain  |  August 8th, 2010 at 4:34 pm

    One thing you need to be aware of when tracking time is bookkeeping. It takes time, but needs to be done. Doing your own bookkeeping is not that hard, but it really helps if you know a few simple memory aids, which will save you that all important time.

    One of the best ones is to realise that in double-entry terminology, Credit = From and Debit = To. Know that and you will rarely have trouble entering transactions. For example, a purchase of petrol. Credit Bank Debit Petrol. Or in my simpler way, From Bank To Petrol. Revolutionary eh!

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Who I am

Hi, my name's Michelle Goodman and I've been freelancing since 1992. I'm author of My So-Called Freelance Life and The Anti 9-to-5 Guide. Read my full bio here.

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