Business Responsibilities of Freelancing || PGWS Recap

In August 2024, two of our very own instructors, Jenny Fischer and Dana Volney presented their best tips on handling the business responsibilities of freelancing, offering best practices in managing finances, staying effective and organized with multiple projects, and giving a bit of advice on how productivity evolves with experience.

Freelancing offers incredible freedom and flexibility, but it also comes with unique challenges. Business Responsibilities of freelancing include (but are not limited to) tracking invoices, budgeting for business expenses, budgeting, tracking expenses, saving for taxes, having the right paperwork, time tracking and management, outsourcing tasks for better efficiency, and finding the right tools to stay organized.

In this blog post, we’ll explore practical tips for each of these areas, using insights from industry experts to help you boost your productivity and achieve success. Whether you’re managing finances, juggling multiple deadlines, or staying organized, the right strategies can make a significant difference.

Ready to take your freelance game to the next level? Let’s dive in!

Managing Financial Responsibilities of Freelancing

Effectively managing financial responsibilities of freelancing is one of the most critical aspects of the business, especially since there isn’t the stability of a regular paycheck. Freelancers need to adopt strategic practices to ensure financial stability and long-term success. Noted by Dana, a key first step is to implement a system for tracking invoices and budgeting. This not only ensures clarity between you and your clients but also guarantees timely payments. Like Dana said, “I can’t bill someone on the first of the month and be expected to get paid on the first, too.” Utilizing tools such as QuickBooks, Excel, or Harvest can streamline the process of managing invoices and expenses, helping you stay organized and avoid the pitfalls of late payments. It’s essential to send out clear, professional invoices promptly to reduce any delays in receiving your hard-earned money!

In addition to tracking invoices for getting paid on time, setting up a dedicated business bank account allows you to track your business income and expenses more effectively. From small costs like a coffee meeting with a client to larger investments like essential software, keeping detailed records will help you manage your finances effectively, and it will also make tax season far less stressful. Although a business credit card might not be necessary from the outset, it can be a valuable tool as your freelance business expands, particularly for covering larger expenses.

Staying Effective under Multiple Deadlines

Freelancers frequently find themselves juggling multiple projects with overlapping deadlines, which can be a daunting task. One of the first steps to staying effective is setting clear work hours and boundaries. Establish a routine that works for both you and your clients to avoid burnout while managing multiple deadlines. Defining when you’re available helps you maintain productivity and personal well-being!

As Jenny mentioned in the webinar, task management tools are invaluable for freelancers managing multiple projects. Tools like Harvest help track time, handle invoicing, and manage project budgets, allowing you to keep everything organized in one place. Its stopwatch feature and mobile app make it particularly useful for freelancers who need to work on the go.

Equally important is managing your calendar. Blocking out time for focused work without meetings can significantly boost your productivity. Tools like Google Calendar or even physical planners can help you visually track deadlines and avoid overbooking yourself. (Both Jenny and Dana still use physical planners!)

Efficient resource management is another way to avoid chaos. Using tools like Dropbox and Google Drive to keep files organized and easily accessible ensures that both you, your team, and your clients are on the same page, avoiding confusion and time-consuming searches for important documents. Regular check-ins with clients are also crucial for maintaining momentum on projects. These meetings serve as informal deadlines for deliverables and keep the lines of communication open, providing both you and your clients with reassurance that everything is on track.

Jenny and Dana talk about the importance of time management in our first webinar, Starting a Freelance Business. You can watch the webinar here: Professional Growth Webinar Series – Starting a Freelance Business, Episode 1 or you can read the recap here: Starting A Freelance Business | PGWS Recap!

Organizing Responsibilities of Freelancing

Organization is the backbone of a successful freelance career. Staying organized helps you meet deadlines, avoid stress, and ensure the quality of your work. Task management platforms such as Monday.com, Trello, or Google Workspace are excellent tools for staying on top of task assignments, file sharing, and real-time updates. They allow for a clear overview of what’s been done and what still needs to be completed. The key is to choose a platform that fits your workflow and your budget.

In the beginning stages of your freelance career, it’s important to focus on the essentials, like registering your business and securing clients. Overthinking these early steps can lead to paralysis, so aim to prioritize the basic, necessary actions that move your business forward.

While some tools may come with a price tag, investing in the right ones can dramatically improve your workflow and overall productivity. Like Jenny mentioned in the webinar, as your business grows, adapt your tools and processes to suit your evolving needs!

Productivity Evolves with Experience

Your productivity strategies will naturally evolve based on the experiences and lessons learned over time. Refining your processes becomes an ongoing practice as you discover what works best for your business. You’ll learn to develop more efficient workflows and systems, making your business run smoother and become more effective.

Building strong client relationships is another benefit of experience. The more rapport you build, the more consistent and reliable your workflow becomes. Trust and communication are key elements in improving project management, making deadlines easier to meet and expectations clearer to manage. Reflecting on past projects also gives you the opportunity to refine your strategies, identifying what worked well and what could be improved for future projects.

Freelancers who have accumulated experience are often more adaptable to change. With time, you’ll learn to embrace the flexibility and uncertainty that comes with freelancing, evolving your strategies to fit the changing needs of your business.

Freelancing can be a rewarding career, but it requires effective management of finances, deadlines, and organization. By implementing the strategies outlined by Dana and Jenny, you’ll be better equipped to manage the demands of freelancing and enhance your productivity.

Ready to elevate your freelance career? Start applying these strategies and witness success unfold!

Interested in revamping your resume for the tech industry? Join us for our 3rd webinar in the Professional Growth Series: Resumes for the Tech Industry!

This webinar focuses on helping job seekers and career changers learn how best to write effective resumes for the tech industry. There is an emphasis on using the S.T.A.R. method to describe the impact one can bring to a company and how best to format resumes so that they can pass through the automated systems that prevent so many resumes from reaching the hands of a real human.

Happening on Monday, October 28th @ 11 am MST.