🔵 Top freelancing tips for beginners: Ask for that referral
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We all know that having a client referred to you is the most cost-effective way to grow your business. But many new freelancers still struggle to ask for referrals, which can usually be traced back to every freelancer's frienemy, imposter syndrome. 

Did you know that 89% of freelancers name "referrals" as the best way to get new projects? For comparison, less than 25% rely on "cold pitching" or "job boards." Another study of independent workers found that 84% of solo business owners who earn more than $100,000 per year get most of their work through word-of-mouth recommendations. TL;DR: If you're going to thrive as a freelancer, you need to ask for that referral

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🔵 Common mistakes beginner freelancers make: Working without a signed contract 
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Never ever start delivering a service before you put things in writing. Period. A work contract is a mutual agreement on the scope of work, payment terms, and obligations of both parties. It should be ironed out in advance to avoid any unsavory questions like “What happens if the work gets delayed from your end or the client’s side?”, “How many revisions are allowed?”, “When will I get my money?”. 

If the engagement goes awry, you have a legal document, which protects your right to getting paid. Plus, it’s a document you can always point toward when the client makes unreasonable demands.

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🔵 Common mistakes beginner freelancers make: Charging too low 
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As a new freelancer, you may be tempted to lowball your offers. That’s a rookie mistake 60% of beginners make. But being new to freelancing doesn’t mean you’re new to the job market. Don’t undervalue your skillset and past work experiences. Likewise, don’t go with the recommended hourly rate for your profession, since such employee hourly rates don’t factor in self-employment taxes and business operating expenses. 

If you’re unsure what to charge for this or that, browse recommended rate guides or post a question in a freelancing community to get some peer feedback. 

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🔵 Common mistakes beginner freelancers make: Commingling personal and business finances 
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Freelancers may want to avoid the hassle of opening a new bank account when they start out, and rather channel funds to a personal account. 

If you’re registered as self-employed, this is legally allowed. But commingling business and personal funds will likely make the end of a financial year a nightmare. You’ll have to sort through countless transactions to highlight client payments and business expenses, then do a painful tally of those. 

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🔵 Common mistakes beginner freelancers make: Not building a financial cushion 
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It’s normal to go through a feast and famine cycle in your first year of freelancing. What’s problematic is when you don’t plan ahead for the rainy day. Don’t spend your entire income each month. Create a system of pockets where you set aside extra money to cover: 

- Monthly business expenses 
- Tax payments 
- Delayed client payments 

It’s important to maintain a business bank account, with a minimum of one month's worth of personal and business expenses as your safety net. 

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🔵 Common mistakes beginner freelancers make: Tolerating late payments 
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Late payments are not acceptable. If a delay happened once, give the client a polite, but firm reprimand. If late payments somehow become the norm, fire that client. 

To avoid late client payments:

- Be upfront about acceptable payment terms 

- Introduce contract clauses for charging a late fee on overdue invoices 

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🔵 Common mistakes beginner freelancers make: Going with the flow
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You’re in charge, and you must be proactive about business management. This means being intentional and somewhat selective about the work you accept. 

By accepting unsuitable projects — low-paid, irrelevant, or plain boring tasks— you’re limiting your ability to pursue more rewarding work, and to grow your personal brand. Don’t accept every request falling into your lap. Create a set of criteria for evaluating different clients and projects. Stick to it. 

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🔵 Common mistakes beginner freelancers make: Not having a work-life balance
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No vacations, long working hours and no time for other personal commitments aren’t the way to go. Freelancing is about flexibility and freedom to focus on things you love the most.  

Sure, growing your income is a great goal. It’s not worth the sacrifice of your physical and mental well-being. There are many things you can take advantage of to help in avoiding the burnout train.

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🔵 How to manage finances as a freelancer: Create a freelance income tracker
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Starting as a freelancer often means dealing with irregular income, with busy weeks followed by slow ones. Experienced freelancers face the challenge of overbooking themselves due to fluctuating client inquiries, which can lead to burnout. To manage this, it's essential to track your expected income before payment arrives, which can take over 30 days.

Using a freelance income tracking spreadsheet can help you record booked work, invoice dates, project descriptions, and prices. Including a column for hours worked allows you to analyze your productivity and financial standing. This tracking can also inform decisions about raising rates for clients who require more hours. Remember, your billable hours should cover non-billable tasks like administration and marketing, as well as expenses like taxes and social contributions.

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🔵 How to manage finances as a freelancer: Have a separate business bank account when working as a freelancer
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Using personal bank accounts for business transactions can complicate financial management, especially during tax time. Separating personal and business expenses can be tedious, and having clear financial records is essential for activities like securing loans or applying for a digital nomad visa.

Additionally, if you decide to incorporate as a limited liability company (LLC), a separate business bank account is legally required in many areas. Fortunately, there are many no or low-fee business bank account options available for solo business owners.

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