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Cash flow can be a massive problem for freelancers. Many freelance artists feel limited with the choice of activities they can engage in. That shouldn’t be much of a concern though. As many freelance artists have discovered, a solution exists. The solution is in the form of an artist brief. Yes, the brief can solve many of the cash flow problems that not only affect your freelancing business but also threaten its very existence. You’re probably wondering if any of that is true, right? Continue reading to learn more.
How can you stay on top of your cash flow problems with the artist brief?
As a freelance artist, you have to learn a few skills. One of these is the ability to forecast or make projections. These skills will come in handy where your cash flow is concerned. How does that tie in with the artist brief? For starters, everything you do in freelancing determines how much or less of a cash flow your business will have. For this reason, use the right words to talk about money with clients through the brief. This way, they will pay you in advance thus boosting your cash flow.
The best time for talking about all issues relating to payments is before you start working on any freelance project. For this reason, the brief offers you a perfect opportunity for thinking about payment schedules and making the appropriate changes. In fact, you should use this opportunity to clarify payment terms too. You may need to talk with clients about the possibility of asking for payments upfront or any time you complete project milestones.
Immediate invoicing guarantees you all the cash flow you need to keep your freelance business in a healthy financial position. For this to work well though, you would need a template that you can fill and send immediately you finish the project or complete a pre-designated milestone. More importantly, make sure that you already agreed with your clients on this issue. The best place for doing that is through the artist brief.
The last thing you can do is to ignore the expenses you keep incurring as a freelance artist. As you keep ignoring them, you will soon witness a huge shortfall in your cash flow, which would then affect your ability to provide exceptional services. The best news about this is you can monitor your expenses with the help of the artist brief. Stay cognizant of variable and fixed expenses. Think about these expenses when drafting the brief or during your negotiations with clients.
Now, it’s important to clarify that you can’t talk about savings with your clients. You can only delve into such discussion when answering a specific question, the freelance client asks you. Otherwise, it’s upon you to set a rate that allows you to set some money aside from your artist’s income as savings. For this reason, do not be in a rush to draft and submit the brief. Instead, take time to consider all factors that affect your ability to work as a freelance artist.
In recap, it’s important to reiterate the fact that you need all the cash flow you can get to run a successful freelance business. The first thing you need to understand is that you can only get the cash flow from your clients. Once you have this understanding, everything else should be quite simple. For example, saving some of your income, monitoring your expenses, preparing and sending invoices immediately, projecting cash flows, and being tactical with payment schedules.