1. Regularly review finances

Freelance finances shouldn’t be something you review once or twice a year when the accountant calls, or you are due to pay a tax bill, but something you regularly need to keep an eye on to retain a positive cash flow.

For example, you may want to run an aged receivables report every month to see what money is owed to you – and how long it has been unpaid – so you can proactively chase any late payers, or you might want to run a customer sales report to ascertain the income received in a prescribed period. Proactively keeping a tab on your incoming and outgoing cash flow will mean you can remain buoyant, pay your bills, and get paid on time.

With Invoice Ninja, a leading free invoicing software, you can easily generate all sorts of useful reports manually, but you can also configure the system to email you reports on a regular schedule. Perfect for keeping on top of your money goals.

Watch our short video to take you through the setup.

Try Invoice Ninja for free here.

2. Review your freelance rates

If you find yourself working flat out but still struggling to make ends meet, you may need to increase your rates. This is especially the case if you’ve been working at the same rate for the same client for some time without an increase. Clients expect you to increase rates periodically, and some freelancers do this more regularly, such as raising their rates for each new client. While you want to remain competitive, you also want to be well remunerated so you can continue producing high-quality work and achieving results for your clientele without burning out.

Being proactive with your pricing and adapting to new ways of how and what to charge will help keep your bank account and cash flow positive and contribute to your growth.

You can also make it easy for clients to pay you by accepting online invoice payments and integrating your account with a payment gateway. Integrating your Invoice Ninja account with a payment gateway allows clients to pay their invoices with just 1-click!

Our popular payment gateways include Stripe, PayPal, GoCardless, and many more. Plus, you can get paid in Bitcoin thanks to our integration with BTCPay Server.

See all our payment gateway integrations here.

3. Market your business

Schedule time to work on your business as well as in it. 

It can be tempting to let marketing take a back seat when you are fully booked, but this can be an easy way to fall into the freelancer feast or famine cycle, where you have plenty of work one minute, and gigs are infrequent the next, which can be a worrying time for freelancers unless you are adequately prepared. This is why you need to always be marketing in some shape or form.

Of course, during slow work periods, there is plenty you can do; we’ve written about some of them in our blog post here. Marketing can take many forms, whether online, such as content marketing and email lists, or through traditional channels, such as print, broadcast, and direct mail. You can also use various methods to market your business locally. 

Schedule time to proactively reach out to potential clients, whether via cold email, online ads, or phone. Whatever avenue you follow, which will be specific to your business and freelance goals, be consistent and show up. 

4. Network

Be proactive about networking with fellow freelancers as well as professionals in your industry. Networking can open up many opportunities and professional collaborations that you might not have considered on your own. It’s also a great way to get your name and brand out there. 

At networking events, you can engage in conversations and connect with others interested in long-term growth and relationship building. Whether this is attending conferences and similar events or networking online, there’s a reason why they say your network is your net worth.

Don’t hold back on hosting your own event either. From exclusive lunch clubs to breakfast brainstorming events to masterclasses. With EventSchedule, you can plan, promote and share event calendars all from one powerful platform. Try EventSchedule for free here.

5. Follow up 

If you haven’t heard back from a potential client, be sure to follow up, especially when it comes to freelance proposals where you’ve already had direct communication with them by way of a discovery call or preliminary discussions. A polite reminder may be just the nudge they need. 

Likewise, any outbound marketing leads, such as cold pitch emails and direct messages via social media, should also be followed up on. Sometimes, a delayed response isn’t a ‘no’ but a ‘not yet’. By not following up, you could be leaving money on the table.

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Finally, an important area to prioritize is your self-care. At the end of the day, the most important asset in your business is you. Don’t let your self-care take a back seat. Take time out for vacations and schedule quality time off to ensure you aren’t burning the midnight oil. Prioritize proper sleep and schedule exercise into your day to ensure you are performing at tip-top condition.

This is especially the case if you’ve never come across accounting terms before, and this is the first time you’ve set up a business.

Here are 12 fundamental accounting terms and what they mean.

1. Asset

An asset is anything of value your business owns, controls, or has a legal claim to; it could be a fixed asset, such as machinery or a resource, such as money in the bank. It can also be something that has economic value in the future. Assets can take many forms, both tangible (e.g., property) and intangible (e.g., copyrights and patents). Accounts receivable (see below) are classed as an asset.

2. Liability

A liability is anything your business owes to creditors in goods, services or money. For example, a business bank loan is a debt and therefore a liability. Accounts payable (see below) are classed as liabilities.

3. Cash flow

Cash flow is an accounting term for the money coming in and going out of your business at any given time. It’s especially important for small businesses and freelancers to have a healthy, positive cash flow so you have enough money to perform your tasks and pay your expenses (and yourself!). Even big companies with healthy profits on their balance sheet can experience difficulties if cash flow is tight. A cash flow statement is a key financial statement that tracks a company’s cash inflows and outflows.

4. Dividend

A dividend is an amount paid to company shareholders out of the company’s distributable profits. A dividend is a distribution of earnings, which is typically paid at regular intervals. The Board of Directors declares the timing and amount of dividends.

5. Accounts receivable

Accounts receivable are the amount of money due to your business for goods or services rendered. When you issue an invoice, this is classified as accounts receivable, i.e., money due to your business. It’s important to ensure your accounts receivable are up to date, as unpaid invoices can negatively impact your cash flow.

6. Accounts payable

Accounts payable is the opposite of accounts receivable and is the money owed to your creditors. It’s the amount your business owes for goods or services received and can include credit notes, subscriptions, unpaid bills, and outstanding debts.

7. Gross profit

Gross profit is the financial gain your business generates. It is calculated by total revenue from goods or services sold minus the direct cost of producing that revenue – the cost of goods sold (COGS), e.g., labor, raw materials, etc.

8. Net profit

Net profit is the financial gain your business generates after accounting for all expenses. So, just as with gross profit, you calculate total revenue and then deduct direct costs, COGS, and then you deduct operating expenses such as tax and interest.

9. Profit and loss statement

The profit and loss statement, also known as an income statement, shows your revenues, gains, expenses and losses over a set period. It’s a key financial statement that shows if your business is making a profit or a loss.

10. Balance sheet

A balance sheet is often referred to as a ‘snapshot’ of a business’s current financial position on a given date, typically year-end. It covers assets and liabilities and, if applicable, any shareholder equity. It’s a key financial statement that provides a high-level view of a company’s financial position.

11. Operating expenses

Operating expenses are the fixed and variable costs of running your day-to-day business. It can include rent, salaries and utilities as well as software, subscriptions and office supplies. It’s a good idea to keep tabs on these to ensure you’re not overpaying, could get a better deal elsewhere, or are subscribing to services you no longer use or need.

12. Return on investment

Return on investment (ROI) is the profit a business generates from a specific investment and is calculated by the profit divided by the original cost. You can then multiply by 100 to give you a percentage. It’s a handy metric for evaluating the profitability of your investment.

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Naturally, as well as being conversant with some of the most basic accounting terms, you’ll also need good tools to run your business and get paid quickly and on time.

Invoice Ninja is a leading free invoicing software for all your small business and freelancer needs. Invoice Ninja integrates with some of the world’s most popular payment gateways to facilitate fast online payments. It also includes attractive, professional invoice template designs you can customize with your logo and brand colors.

Check out all our small business-friendly features here and register for free here!

Note: The definitions here act as a guide only. For business accounting, auditing and financial advice, we highly recommend you seek expert professional guidance.

To help, here are 15 key elements to include on your client invoices, along with brief descriptions of what they mean and why you should include them.

1. Include the word INVOICE

Clearly mark the document as an invoice near the top or in a prominent position. There should be no ambiguity for the client about what the document is for – i.e., it’s a request for payment from the seller to the buyer. It’s not to be confused with a receipt, credit note, or purchase order. Making it crystal clear from the outset mitigates the risk of late payment.

2. Name and address

This includes your business name and address, as well as the client’s name and address. You should also include contact details, such as a phone number, email address, etc. And ensure it is addressed to the right person and department.

Note that the address you send your invoice to may be under a different project name or business address, or the accounts department may be in a different location, so make sure you check before you send it. If you are emailing the document, again, ensure you are sending it to the right person.

3. Invoice number

An invoice number is a unique identifier and, in some countries, is mandatory. It’s highly recommended that you add an invoice number for tracking and record-keeping, for tax and accounting purposes, and to avoid errors.

4. Payment terms

You should include your payment terms. This can consist of the invoice due date and any conditions. For example, if your payment terms are Net 30, the payment is due 30 days from the invoice date. You can also include early payment incentives, late payment fees, shipping fees or discounts.

5. Late payment

If you have a late payment policy, include it on the invoice. If you are including a late payment fee on the invoice, clearly state it.

With the Invoice Ninja Pro Plan, you can set up invoice late fees that apply automatically when invoices pass their due dates. These can be as a percentage of the invoice or as a flat monetary amount. Find out more here.

6. Discount

If you offer a discount, you should clearly show the discount and rate on the invoice. Again, with Invoice Ninja, you can easily enter a discount amount to apply to the invoice, either as a percentage or a flat monetary amount.

7. Taxes

These can vary depending on jurisdiction. In some countries, value-added tax (VAT) applies, whereas in the US, sales tax depends on the state and the nature of the product. With Invoice Ninja, you can configure tax rates using manual or automatic tax calculations. You can set up total taxes, line-item taxes, and localize for your region. Find out more here.

Where applicable, you should include tax ID numbers.

8. Invoice date and invoice due date

The invoice date and invoice due date can be the same, but in practice, the invoice date is usually the date of issue (when the invoice was created), whereas the due date is the date on which the invoice is due to be paid.

As always, it’s important that it’s absolutely clear exactly when the invoice should be paid.

9. Description

It’s important to provide a clear description of goods or services rendered, and if applicable, the dates and any other information pertinent to the invoice.

For example, in addition to a description, you may need to add a cost centre (or cost code), refer to a purchase order and name the person or department who requested the services or goods. You should also provide a breakdown of costs. For example, if you are a service provider that charges by the hour, then you should state the number of hours worked, the hourly rate and the relevant dates.

10. Unit cost and quantity

The unit cost is the cost per unit of goods or services. For example, one widget might cost $5.00, then you multiply this amount by the quantity sold. So, if you are selling 10 widgets at $5.00 each, that’s a total of $50.00, which will be entered as the amount due for this line item.

11. Line item

The line item on an invoice is a single entry for a specific service or product. So, if you are selling 10 widgets and also an additional product, the additional product will have a separate line item entry.

12. Total amount due

This is the total amount due after applying any discounts, adding any fees or taxes, etc. The total amount due should be clear to avoid errors or misunderstandings. This is not to be confused with the subtotal, which is the sum of line items before you’ve applied any taxes, shipping costs, discounts, etc.

13. Payment method

In addition to the due date and amount, another important detail to include is the method of payment. For example, via a bank transfer, online payment gateway, credit/debit card, check, cash, etc.

If you want your invoice to be paid fast online, you’ll need invoicing software that integrates with a payment gateway. A payment gateway is the tech that allows your clients to pay you securely and swiftly online.

Invoice Ninja integrates with some of the world’s most popular payment gateways to facilitate fast online payments, and you can even get paid in Bitcoin. Check out all our payment gateways here.

14. Your branding

If you have a logo, add this to the top of the invoice to make your invoice look professional and instantly recognizable. Invoice Ninja offers free, attractive, professional invoice template designs you can customize with your logo and brand colors. Check them out here.

15. Notes

Here, you can add additional information relevant to the transaction, such as thanking the client for their business or adding a promotional code for future purchases.

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Invoice Ninja is a leading free invoicing software and offers an incredible range of small business and freelancer-friendly features to help you get paid hassle-free and fast. You can try Invoice Ninja for free at the link here.

1. Your goals

Before you choose a mentor, you first have to define your goals. Where do you want to be? What do you want to achieve? Where do you see yourself in a year or five years’ time? Unless you know your goals and what you want to achieve, you won’t know if you’ve reached them or not.

Your vision might be a financial one, like making six figures by the end of a specific period, or a status goal, such as becoming the go-to freelancer and expert in your field. It could also be something more intangible but just as rewarding, like increased confidence or improved leadership skills.

Your goals should be specific and measurable: you need to know exactly what you’re aiming for, why you’re aiming for it, and what needs to happen to show that you’ve achieved it.

2. Mentor experience

It’s only logical that the mentor you seek has relevant experience, for example, maybe they’ve already been in your position, and have now moved on, so they know the steps you need to go through to reach your goals. A mentor doesn’t necessarily have to be in the exact same industry as you; it could simply be someone who is a successful entrepreneur who can help you navigate increasing your rates, launching a product, or achieving another business-related goal. A mentor doesn’t need to be massively ahead of you, either; it might be someone who’s one or two steps ahead who can help you with your goals.

In addition to guidance and understanding, a good mentor can also help you with suggesting the right tools for the job. Take invoicing, for example. If you want to get paid fast and on time, it makes sense to use invoicing software that integrates with all the most popular payment gateway providers so you can get paid online at the click of a button. Invoice Ninja is a leading free invoicing software for freelancers and small businesses that does just that. It also includes a great range of freelancer and small-business-friendly features to help you get paid fast. Try it for free here.

3. Accept that failure is part of success

While it makes sense that your mentor is someone who has achieved what you aspire to, you should also consider someone who has experienced failure, too. While it might seem counterintuitive, you can learn from their mistakes as to what not to do. There’s a lot to be learned from failure that instant success simply cannot teach you. Most people who fail, even if they fail several times, eventually succeed if they apply determination and persistence. There’s an apt quote about this by former US President Calvin Coolidge:

“Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “Press On” has solved, and will always solve, the problems of the human race.”

So persistence definitely pays off!

4. Mentor qualities

A good mentor always has your best interests at heart, understands where you are right now, is encouraging, and gives you the time of day. You’ll also want to ensure your values align. If, at first glance, the mentor you seek seems critical or unresponsive, or although a good fit on paper, there’s just something about them that doesn’t sit well with you, it’s probably better to trust your gut instincts. Not everyone aligns, and that’s okay, too.

A good mentor will help you focus on what’s working so you can do more of it and help navigate you through challenges.

Another thing to take into account is that every person’s business journey is unique to them, so mentoring is not something that works well with cookie-cutter processes or a one-size-fits-all approach. If the mentor you seek has already mentored others, while this is generally a good sign, you should still check out case studies and testimonials from other mentees to make sure they are the right one for you personally.

On the other hand, it might be that your mentor hasn’t mentored anyone before, but you can clearly see they’ve been successful, and you hit it off. Sometimes, mentors can appear in your life from the most unlikely of paths, so pay attention and take action if and when it happens.

5. Be mentorable

In addition to finding a mentor who has all the qualities, attributes, and experience you seek, it’s worth bearing in mind that the relationship is not a one-way street; you’ll also need to be mentorable. This means taking all their guidance on board. Remember, your mentor is here to help you, not compete with you; they want you to succeed, so before you dig your heels in with a suggestion or course of action you don’t like, step back and consider why they might be suggesting it and why you might be hesitant. Sometimes, doing the uncomfortable thing is where the breakthroughs happen.

Finally, some people designate mentors with whom they have no personal connection whatsoever, but they see them as role models. For example, you might choose someone well-known and, while not directly hiring them, follow their progress for inspiration. Whatever path you choose, investing time in a mentor shows you mean business and are open to growth opportunities. Go you!

1. Short demo videos

Showing people how your product or service works is a great way to market your business and educate your user base and/or clients. For example, for service-based providers, you can guide clients through your onboarding process, whereas for products, helpful how-to videos and walkthroughs are more effective.

At Invoice Ninja, we have tutorials on our YouTube channel that cover our free invoicing software’s features and setups. You can also view short demo videos that guide you through our features here.

Try Invoice Ninja for free here.

2. Behind-the-scenes content

Behind-the-scenes content can showcase the human side of your business, your unique processes, and highlight your origin story and progress to date. 

For example, if you are an artist, you can share the stages you go through from a blank canvas to a finished painting on Instagram. If you are a service provider, you can share the processes you follow to deliver a top-notch service to your clients. You can do this via various formats such as video, an infographic, or a blog post. 

You can then share this content across your social media channels and/or add it to your website.

3. Blog posts for search traffic

SEO-optimized blog posts are a great way to attract search traffic to your website, cultivate your brand’s voice, and position your brand.

Blog posts can answer the questions your ideal audience is searching for online, as well as educate and entertain. You can also share blog posts on your social media channels. Helpful content also builds trust, so visitors will return to your website if they want to know more about a subject.

One of the great benefits of blog posts is that they can continue to attract traffic in the long term. Your blog posts can also include a Call To Action (CTA) to try out your product, sign up for your email newsletter, or contact you directly.

4. Podcasts

Podcasts are a great way to discuss topics relevant to your audience or industry, to story tell and even establish yourself as a thought leader in your industry.

Whether you start a podcast yourself or are a guest on someone else’s, podcasts are a popular and effective way to get your brand out there and have your name recognized. What’s more, audio is more portable, so people can listen to podcasts at their convenience and on the move, for example, while cooking, doing household chores, or driving.

5. Case studies and testimonials

Once you’ve received your glowing testimonial and put together your winning case study, don’t forget to make good use of them.

You can add them to your website and share them on social media – but don’t stop there. You can also add links to them in client correspondence. For example, if you are producing a quote for a new client, linking to a relevant case study and your client testimonials may be the tipping point that makes them hire you over your competitors. Visual evidence is compelling, too; therefore, if you have video reviews or testimonials, use them as well.

6. Short-form videos

Short-form videos are popular on many social media platforms. They are a great way to showcase your personal brand, convey your message quickly, and share valuable tips.

What’s more, you don’t need any fancy or costly equipment; you can simply record something on your smartphone to share. In any event, many social media platforms offer free filters and features to enhance your videos. Short-form videos on platforms like TikTok and Instagram can provide an authentic glimpse into your personal brand.

7. Email newsletter

An email newsletter allows you to stay in contact and connected with your audience. For example, if someone lands on your website and wants to hear more from you, you can get them to subscribe to your email newsletter. You can share helpful tips, industry news, your latest blog posts and products and also offer discounts to your email newsletter subscribers.

You can get website visitors to sign up to your email newsletter by adding a CTA to your blog posts, as mentioned earlier, or offering a lead magnet in return for their email address.

A lead magnet is something (usually free) that you offer to your potential clients. It usually comes in e-format, such as an e-book, and can cover all sorts of things, including a how-to guide, toolkit, recipes, templates, and video training. It can be anything that is helpful and relevant to your audience.

You can also include a link to your newsletter in your social media bios and email signature.

Read more about the benefits of email marketing for freelancers and small businesses here.

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Finally, creating content daily can be overwhelming and time-consuming, and working this way doesn’t allow for freelancer vacations or time off. That’s why it’s a good idea to batch-create content in advance, especially if you know you’ll be going on vacation. 

Planning content also means you can plan ahead for seasonal content (for example, holidays and national or global events).

And don’t forget, you can also repurpose content into different formats, so a blog post can become a video, a podcast script can be repurposed and condensed into a blog, and so on.

1. Document and review

Many of the tasks you’ll be performing in the first 6 to 12 months of your freelance business are likely tasks you’ve never done before or are unfamiliar with, so it makes sense to document them. Whether that’s in writing, on a spreadsheet, video recording or some other documentation tool, you’ll be surprised how easy it is to forget a process if you’ve not documented it, especially if it’s an ad hoc task or something that only needs to be done on an annual basis.

Documenting tasks has several benefits. It allows you to better see where processes can be refined. For example, some might be duplicated and may turn out to be superfluous to your needs. It will also help when you come to outsource tasks later on, or if you expand and hire people, you’ll be able to accurately show them the steps that need to be completed.

While documenting tasks and processes isn’t glamorous, it is an important undertaking that will help improve your business admin and reduce overwhelm by providing clarity and acting as the foundation for the processes and systems you can later put in place.

2. Automate and template

As already mentioned, when you work for yourself, you’re responsible for everything that goes on in your business, and often you can wear several hats all in one day. One minute, you’re on a discovery call, and the next, you’re doing a tedious admin chore such as invoicing. That’s why it makes sense to streamline and automate repetitive or time-consuming admin tasks so you can focus on the more profitable activities.

In addition to using automation tools such as free invoicing software, another way to make tasks easier and speed things up is to use templates that you can customize as you go. Templates and automation tools not only save you time (and, therefore, money) but also free up mental bandwidth. You can have templates for your freelance proposals, written agreements and contracts, emails, social media posts and, of course, invoices.

Invoice Ninja is a leading free invoicing software for small business invoicing, online payments (so you can get paid faster), tracking expenses and billable tasks. It also includes attractive, professional invoice template designs you can customize with your logo and brand colors.

Try it for free here.

3. Reiterate and improve

Having good systems and processes will greatly improve not only your efficiency but also what you can deliver for your client, so it’s important to decide what experience you want your client to have.

For example, what does the client onboarding or offboarding experience look like from your client’s perspective? What about communications during your last client project, were there any issues? What about the payment process, were you paid quickly and on time? 

You want to make sure you have the right tools for the job.

After your first few clients, you’ll be able to better appreciate what worked and what didn’t and can then improve your systems and processes accordingly. Once a system works well once, for example, a system for client acquisition, you can use it again to get your next client, and so on.

The same goes for having a system for managing a successful project, or a task management tool that helps you manage your time well and optimizes your productivity, or simply a set of processes that delivers your service in the most profitable way.

The great thing about systems for freelancers is that besides having a great service or offer, the more you improve your systems and workflows, the more successful your business will become. So, by taking the time now to document, automate and improve, you are setting yourself up for long-term freelance success.

1. Retainer agreement

A retainer agreement in freelancing is generally an arrangement whereby you produce a set amount of deliverables (or hours) for a client in return for a set fee each month. In addition to deliverables, you could also set up a retainer agreement where you agree to be on call if needed. How you set this up will very much depend on the nature of your work and your client’s specific needs. 

As well as offering retainer agreements and packages of this nature to new clients in your freelance proposals, you may also want to offer this to current or regular return clients. You already know the type of work they require and the solutions they are looking for and have already built up trust, so it’s worth reviewing all your clients and even contacting ones you’ve worked with previously to see if they’d be open to a retainer arrangement. 

If they have a repeating issue and a long-term budget, they would likely be great-fit clients you can continue building relationships with and serving.

2. Subscription service

The subscription business model works by charging a monthly (or longer) subscription in return for your product or services. Subscription services in the past tended to lend themselves well to physical products, especially those that need replacing regularly (think food boxes, coffee, and toiletries, etc.), but nowadays, they can work just as well for professional services. Examples include website maintenance subscription, online memberships and communities serving your niche, and exclusive access to digital downloads such as skills and content libraries to name just a few.

Another example of a subscription business model is paid newsletters, where you share your expertise and exclusive content with your newsletter subscribers. These can work well even with smaller audiences if you have valuable information and insights to share. These can be email newsletters or even traditional printed versions sent in the mail.

If you really want to notch things up a bit, consider combining your expertise with an online membership that also delivers a monthly physical product. This could work well for arts and crafts, where you teach people online, and they get sent the kit or supplies to create what you are teaching (or have the option to purchase it).

For more subscription business ideas, see our post here.

3. Affiliate and referral programs

Affiliate and referral programs can be a great way to add an extra income stream to your business. Affiliate programs pay a commission for promoting services or products and are typically promoted by bloggers, influencers, content creators, and professional affiliate marketers. Referral programs reward existing customers for referring new business to them, so the user base spreads the word.

Affiliating and referring products can be pretty lucrative, especially if you promote products you know and love that are useful to your audience. You can share your referral and affiliate links in your email newsletters, email signatures, social media, blog posts and more. You can even share affiliate services as part of your service package.

The Invoice Ninja Referral Program pays a 50% commission for 3 years. This means that if you refer 100 Pro Plan users, you get a $6K recurring annual commission.

Even better – It’s simple to get started. Find out more here.

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Naturally, you’ll need great invoicing software for your recurring revenue streams.

That’s where Invoice Ninja comes in. Invoice Ninja is a leading invoicing software for small business invoicing, online payments, tracking expenses and billable tasks. You can set up client subscriptions and recurring or auto-billing invoices so you get paid effortlessly and fast.

Find out more about subscriptions here and try Invoice Ninja out for free here.

However, you shouldn’t be under a constant barrage of stress and anxiety or forever worrying about where the next client will come from or when your outstanding invoices will be paid. That’s no fun!

Here are 3 areas to review to help reduce money stress, take back control and keep your freelance business profitable and rewarding.

1. Review clients and pricing model

A lot of freelancer anxiety stems from working with clients who, for whatever reason, are not the right fit. It could be a mismatch in freelancer/client expectations, skill sets and experience, or you simply don’t enjoy working with a particular client. All this can contribute to feelings of anxiety, so make sure you attract clients who are the right fit for you and who you love to work with and pay you accordingly.

It may be that your ideal client persona or niche has changed, so it pays to review it from time to time.

You can also consider reviewing your pricing model. It might not be what you charge that is an issue, but how you charge. For example, if you currently charge hourly, would a project rate better suit your business? If you are doing a lot of short-term jobs and are constantly on the lookout for work, look to attract projects of a longer duration or long-term clients that pay you on a retainer basis to help reduce your exposure to slow months.

These strategies can lessen some of the anxiety around cash flow and fear of the freelancer feast or famine scenario, where you experience periods of buoyant finances and lots of clients and then no work and no income during dry periods.

Firming up your client acquisition strategies, ensuring you are marketing to the right people, and making sure you consistently apply them to attract and work with great clients will help reduce stress in this key area.

2. Make good use of automation tools

Using automation tools to leverage your productivity can not only free up time but considerably reduce stress. Most repetitive processes can be automated, and nowadays, there are plenty of low-cost and free online tools on the market to choose from. These tools can save you time that could be better used elsewhere, for example, focused on making the most of your number one profitable skill. Automation tools range from writing tools to scheduling and, of course, to invoicing.

Invoicing software can help reduce the risk of your invoices not being paid on time. It can speed up the payment process and send automatic reminders before (or after) the invoice is due, saving you the cost and stress of getting paid late. A money worry you definitely don’t want to deal with if it can be avoided.

Invoice Ninja is a leading free invoicing software for small business invoicing, online payments, recurring invoices, tracking expenses and billable tasks. Try it for free here.

3. Diversify income sources

It’s probably best not to have all your eggs in one basket or rely on just one source of income because even with the best will in the world, nobody can predict the future. 

For example, if you have just one client, you could find yourself with no income if the contract ends or something happens to the client’s business. Conversely, if you have too many clients, you need to be mindful of how much work you can realistically take on.

One way to help combat this over-reliance and help future-proof your business is to have several income-generating assets. These could be online courses, productized packages, paid email newsletters, affiliate and referral programs, consultancy, etc. You could even offer a subscription service to your services or products. 

Knowing you have more than one source of income makes you less likely to take on unsuitable work just for the money, and when dealing with prospects, you’ll come across as more confident and in control. 

One less thing to worry about!

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Naturally, when freelancing, it’s super important to be mindful of your work/life balance because this will have a significant impact on your performance and stress levels. This isn’t just about the hours you work but how you approach your day and manage your time.

For example, movement is essential not just for our physical health but also for our overall well-being, so make sure you are incorporating some form of movement into your day. You’ll be surprised at how much better even a short burst of exercise can make you feel. A quick walk in the fresh air to top up your vitamin D can boost mental clarity and even help solve problems you’ve been mulling over.

Likewise, getting proper rest and a good night’s sleep is vital to our general health. Poor sleep can result in tiredness throughout the working day, lower our mood and enthusiasm, and even result in poor decision-making. 

All these strategies combined can help keep the financial worry and overwhelm sometimes associated with freelancing at bay.

1. Monitor progress throughout the project

When you approach a long-term project, the problem you are solving and the transformation you aim to achieve for your client is fresh in your mind. 

At the end of the project, unless you’ve been keeping meticulous track of progress, some of the key milestones may get overlooked as other tasks take priority. Therefore, recording progress throughout the project makes sense so you and your client can keep a tab on the key points as you go along.

These milestones can then be effectively used in a testimonial or case study to highlight the before story, the problem you were hired to solve and the results.

Take a leaf out of the weight loss and fitness coaches‘ book. Professionals in these fields often use a visual depiction of the before-and-after results they achieve for their clients. 

If your freelance business allows for it, see if you can apply the same strategy to your projects. For example, if you are a make-up artist or stylist, you can show before and after, the same with the decorator and interior designer trades or anything else where you can see a visual transformation. 

This will give your client testimonials an extra visual storytelling boost.

2. Ask for testimonials as soon as the project is finished

Ask for a client testimonial while the project (and the excellent results you delivered) are still fresh in the client’s mind.

If you leave it too long, the client may forget some of the pertinent points, or the request can get lost in a sea of other more priority (for the client) tasks. Build asking for client testimonials into your business processes. You can even automate the request, plus there are also online testimonial collection tools that you can use too.

Adding a deadline for the request is also helpful, or once more, it might ‘get lost in the mail’.

One option is to send it with your final invoice; however, if you give your client two things to do, it might get overlooked. So, another option is to send it with your email confirmation of receipt of payment of your final invoice.

With Invoice Ninja, a leading free invoicing software for small business invoicing, fast online payments, expense tracking, and billable tasks, you can customize your invoices with your font and brand colors and any messaging using professionally designed, attractive templates.

You can also email clients via Gmail, Microsoft accounts, or your own SMTP server and customize the subject lines and body text of the email payment and acknowledgment messages, creating a professional-looking branded experience for your clients.

Try Invoice Ninja out for free here.

3. Prepare a draft testimonial or issue client prompts

Not all clients are comfortable writing testimonials, so you might need to provide them with some guidance on how to best write one.

While they are flattering, general platitudes such as ‘great to work with’, ‘fab experience’, and ‘highly recommend’ don’t really convey the specifics of what you achieved together (or the results) that will pique the interest of other potential clients who read your testimonials.

Preparing a simple draft testimonial that clients can approve/fill in the blanks or providing guidance with client prompts on the points you want to highlight and the length of the testimonial can be really helpful. It will make working with you more memorable and friction-free.

Example question prompts might include: What was it like working with me? What problem were you looking to solve? What were the results? etc.

Client testimonials that include specifics or paint a picture of the transformation make the decision-making process easier for other potential clients as they’ll be better able to envisage your service and how you can help them.

4. Make asking for a testimonial a habit

As mentioned previously, incorporate asking for client testimonials into your business processes. Don’t shy away from asking either; if you’ve provided a good service, most clients are more than happy to help.

Moreover, there’s nothing to say you cannot ask for a testimonial while working with regular clients with whom you have a long-term relationship or for long-term projects before the project is complete. 

In fact, it may well enhance the relationship and ensure high standards are adhered to throughout the project. In any event, it can certainly give your client relationship a boost, which is never a bad thing. However, you can ask for a testimonial too soon, before the client has any meaningful experience of your work, so be mindful not to jump the gun or put the client under any perceived pressure.

If a client provides great feedback during a project, ask them if you could use it with their permission as a testimonial. This can be a great sound bite to share on social media.

5. Give an option for testimonials in other formats

Some people prefer communicating face to face rather than in writing and may be more comfortable in video format, so where possible, offer your clients this option. 

As with the written testimonial, it helps to give them a suggested time limit and guide them through the main points you would like them to cover. Once again, be specific. Also, ensure they are using the correct video format and size. 

On top of that, bear in mind all the different platforms they could use; a LinkedIn recommendation might suit, a short email format, or other online platforms or tools that make sharing your testimonials easy for you and your client.

The key is to make it as easy and friction-free for your clients to provide a testimonial they’ll enjoy creating. Remember, this is a potential opportunity to show them in a good light, too. This makes good use of the convenient fact that when you say something nice about others, it more often than not reflects well on you.

All in all – a win-win!