Learning from others’ mistakes
Sometimes it is nice to learn from another person’s goofs rather than your own! Chris Garrett made a top with his five biggest freelancing mistakes.
Bookkeeping and profit
The most important goal of a business is to be profitable. It can also be funny, interesting, enjoyable or anything else but if it’s not profitable it won’t last.
Shane’s company doubled its gross revenue after he used proper bookkeeping and reports to see which activities are growing their income and which are not.
What’s the ideal hourly rate?
If you’re just starting up, a big question is how much you should charge for your work. A standard formula for determining an hourly rate is to put together:
- your salary,
- the overhead costs and
- the profit you want to earn.
Then divide the total by how many hours you estimate you’ll be working. After that you should compare your rate with others in your marketplace and adjust it up or down.
What keeps you motivated as a freelancer? Is it the need for money, the taste of freedom, great projects or something else? Find out what others are saying on this FreelanceSwitch discussion.