Make These 5 Changes to Save Money in Your Freelance Business
The life of a freelancer isn't an easy one, especially when you factor money into the equation. Being dependant on others for work, there isn't always a guarantee that you will have the funds to make ends meet on a month-by-month basis.
Still, there is much you can do to help yourself:
You can do all you can to source new clients.
You should look for ways to boost your bank balance. Check out our ideas here: https://www.alinabradford.com/blog/lifestyle-changes-that-will-boost-a-writers-bank-balance?rq=business
You should also look for ways to save money in your business, as this way, not only you will have more to put into your emergency fund for those dreaded dry spells, but you will also have more spending power to grow your business. Consider our tips below.
When running a freelance writing business, money can be hard to come by. That's why it's important to save where you can. Here are five ways you can save money without cutting corners or sacrificing quality.
#1: Stop assuming new is best
Save money where you can when buying items for your business and stop going after the shiniest and the newest thing. Now, there are some things you should buy new, since the quality of your work might suffer otherwise. A freelance writer might want to buy a brand new computer, for example, as something second-hand could jeopardize productivity if there were technological issues causing computer and user slowdown.
However, there are some items where buying used is probably okay, especially where office furniture is concerned. You might buy a second-hand desk from a used furniture store, for example. Used filing cabinets, a refurbished printer and a used camera are all options, too. As long as it works, that’s what matters!
#2: Consider scrapping your landline
You don’t need a landline. You just don’t. You have a cell phone. If you want a seperate business number from your personal number you can sign up for a free one with Google Voice. It even gives you free voice messaging. The calls are routed to your cell phone and your computer, so you never miss anything, and you can make calls using your business number, as well.
You might also find it cheaper to use a cloud-based telephone service, especially if you are regularly operating the rest of your business online. Check out this example, https://www.singlepointglobal.com/services/unified-communications/, and make the switch if it's cost-effective to do so.
And even if you are reliant on your landline, you might still switch to a different provider if you can find a cheaper rate elsewhere. Consider the same with your cell phone too!
#3: Stop overlooking your tax deductions
Tax season: It's the bane of freelancers everywhere. If your tax bill is bigger than expected, then your finances will take a hit. However, you can make life easier for yourself by adding tax-deductible expenses to your tax returns. Unpaid invoices, internet, phone service, office supplies, laptops, monitors and more may be used as write-offs.
Check out this comprehensive list of deductible items for a few examples:
https://smallbiztrends.com/2016/02/top-tax-deductions-for-small-business.html
Speak to an accountant and check with the IRS for more information on what you could include when filing your taxes.
#4: Stop paying for software
I’ll admit, I love Microsoft 365, but the monthly fee adds up. To save, you can use free options. Use Google Docs instead of Microsoft Word or download WPS Free, for example. Also, trade Excel for Google Sheets. If you’re paying for Adobe PDF services, try switching to Foxit. It’s free and allows you to view and edit PDFs.
#5 Don’t pay for job leads
There are some sites out there that will promise you premium job leads if you just pay a monthly fee. Don’t believe them. These sites aggregate Craigslist, LinkedIn, Indeed, MediaBistro and more to get you these “premium” jobs. I do that for you for free and post them here every Monday. No fee required!
