Whether you are new to freelancing or you’re a long-term independent professional, it’s fair to say that we all experience our fair share of mistakes. From missing out on a game-changing client to overworking yourself out of a combination of enthusiasm and deadline driven stress, it’s key to take note of these mistakes and stop them in their tracks before they become routine bad habits.
Read our list of five of the most common mistakes a freelancer makes and how to avoid them!
Setting your rates too low
Are you under-pricing yourself in a bid to remain competitive in the market? Worried that a cheaper option will always win the work? This is a common trap that many contractors fall into because many people simply fail to research typical prices in their industry, thinking that setting their prices low will win them business.
It’s always best to consider your billable time alongside any purchases and materials you need to complete a job, your overhead and the profit you require to keep your business running. It does your clients and your business a greater service to charge for the true quality and value of your work and time. Sara Horowitz’s The Freelancer’s Bible has a great chapter on how to make sure you’re setting a fair rate for your work – a great place to start!
Not keeping your taxes organised
We’ve written about this before, but keeping organised ahead of your self-assessment tax deadline is key! Very often, those new to freelancing underestimate the amount of time it takes to properly fill out a tax return, so keeping track of receipts, jobs, outgoings and incomings from the very start is of vital importance. Failure to do this can land you with an automatic fine that will only keep increasing and nobody wants to be faced with that at the start of the year.
The word ‘networking’ can strike fear into the shyer amongst us. We get it, sometimes it’s awkward and scary to walk into a room of complete strangers and try to sell yourself and your abilities. However, the simple truth is, networking is the lifeblood of making your freelance business work. Engaging with fellow contractors in the same field will have many benefits for your business; it can result in collaborative projects, potential leads, referrals and access to new resources.
Not learning how to manage time
We understand the desire to work every hour you’re not sleeping in order to make a good impression and race against burgeoning deadlines. However, this is not a healthy way to run a business or live your life. It doesn’t get your best work done and you will eventually burn out.
Head over to our infographic on time management to pick up some tips on how you can be more productive, carve out some time for yourself and work smarter, not harder!
Not investing in insurance
There is a lot to think about when you’re a freelancer; you have to keep many plates spinning all at once. As with keeping organised ahead of your tax return, sometimes details such as investing in comprehensive freelance insurance can easily pass you by. As almost all modern freelance contracts stipulate contractors be covered by their own freelance insurance it’s vital that you don’t forget this step!
With Kingsbridge, one thing you don’t have to worry about is having a fully comprehensive, freelance insurance policy. Our key insurance package includes Public Liability, Professional Indemnity and Employers Liability cover combined into one policy. Designed exclusively for the potential risks of freelance contracting, you can gain access to cover from us almost instantly online.
Call our friendly, professional team at Kingsbridge on 01242 362176 where we will be happy to discuss your requirements. Alternatively, apply for a quote online to gain access to cover instantly.