You do not have to report to anybody, which is a significant benefit of freelancing, but it does not suggest that it is not subject to any challenges. Freelancers are dominating the job world more than ever before. Yet, there are many who struggle to climb the success ladder. It sounds amazing to receive some projects for a couple of days, but then you are without work for almost two months. Many aspirants hesitate to enter this field due to fear of being at a loose end for a long period of time.

As a matter of fact, this is not the only concern among freelancers. Many struggle to make enough money despite working painstakingly. Bear in mind freelancing is a fully-fledged business. You will have to constantly bid to grab new projects, quote the right amount, and strike a balance between your personal and professional life to avoid burnout.

5 big mistakes that freelancers inadvertently make

 Here are the mistakes that freelancers inadvertently make:

·        Not opening a business account

You should separate your business and personal account. Managing business and personal expenses from the same account will never let you gain insight into the true picture of your finances. Having a separate business account will ensure that all business-related expenses are met from that account. You may think it is too early to do so, but you will find separating business expenses from personal ones a real headache at the time of tax filing.

Choose a dedicated room for your work and apportion energy bills correctly. For instance, if you live in a house with four rooms and one of them is used for work. You can claim one-fourth of your energy bills in your tax return.

Based on your monthly expenses, you should set a monthly payment for yourself. Pay yourself a fixed sum of money every month, and make sure that you meet all your expenses for that amount. Separating both accounts will help you understand how much-earmarked cash you have to meet unexpected business and personal expenses.

·        Charging too little

Charging too little or not enough money is another significant mistake that freelancers make. They worry that they will lose clients if they charge high prices. This seems to be the best strategy to survive the fierce competition, but remember that you have to cover the business cost. In addition, you must have sufficient money to cover unexpected expenses.

No matter how good a freelancer you are, no two months could be the same. How would you survive the next month if you did not receive any project? Not charging enough money also increases your workload.

For instance, if you quote little money, you will have to write a ton of blogs to ensure you earn enough money to meet all your expenses, but your workload will dramatically diminish as you raise your prices. This is how you will be able to strike the right balance between your personal and professional life.

Charging too little money will make it hard for you to cover your expenses. Most of the freelancers are forced to rely on the cheapest loans in Ireland to make ends meet, but no loan is cheap. There are high chances of falling into an abyss of debt. Once you get tied to an ongoing circle of debt, you will not be able to get out of it soon.

·        Miscalculating the due date of the project

Another problem with freelancers is that they miscalculate the due date for the completion of projects. While it is necessary to deliver the output as soon as possible, you cannot set unrealistic deadlines. Not only will you risk your client, but it will also increase your business cost.

You should clarify the due date for finishing the project with your client. Make sure you choose the right date. Too strict a deadline will cause burnout, while too flexible a deadline will impede the progress of your business.

Try to collect all project details from your client so no doubts are left to ask them later. It will unnecessarily increase your workload.

·        Not prioritizing marketing

Freelancers have to be reliant on rigorous marketing unless they manage to build a large and loyal customer base. Even if you have multiple projects, you cannot stop marketing of your own. Do not forget that you will need clients to grab more projects. Even if you have some clients who keep assigning you projects, you will need to acquire new clients to grow your business.

Marketing is quite expensive. There are various other freelancers competing against you for the same clients, so you must ensure that you set yourself apart from them. Your marketing techniques should be different and result-oriented.

You may need to create a website. Make sure your landing pages are attractive. Users must be able to know about your services in detail. Maintain a social media presence, too. LinkedIn is the best time to increase your visibility. Make sure you build connections. The more connections, the better it is.

However, these efforts will favour you only when you create a decent work portfolio. One of the biggest advantages of establishing a social media presence is that you can demonstrate your work. Create a portfolio that includes the best pieces of your work. Upload the portfolio on your LinkedIn account. If you have a website, you should have a separate page for it.

Marketing does not require too much money, but if you still need some money, you can take out small loans in Ireland.

·        Working with the wrong client

Working with the wrong client will cause frustration and add unnecessary pressure to your work. You can easily identify such clients. If you have to keep reminding them of your policies, if they are constantly asking for discounts, or if they act rudely, you should ditch them.

The final word

As a freelancer, you should try to avoid the aforementioned mistakes. They can affect your business in the long run. Assess your financial needs carefully and then quote the price. Do not adhere to rude or bad clients, and keep focusing on your marketing strategy to expand your business.