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Do You Know How to Reduce Your Freelancing Operational Costs?
May 23, 2017
Weekly Newsletter for Freelancers
Do You Know How To Reduce Your Freelancing Operational Costs?
It does not matter what type of business you are running, minimizing your costs is important. It may seem trite, but the money saved by reducing costs, is money earned. When you are a freelancer this is tricky because you not only have to minimize your costs, but you have to look at the entire equation of income minus costs equals profit.
If you are under time pressure to complete a project and you know that you are going to miss the deadline and possibly upset a client, you have to make a value judgment and accept less profit for that project by outsourcing some of the activities.
It is different for operational costs such as power, heating, light, stationery where you can clearly see that these costs can be reduced by working smarter e.g. by having solar panels to reduce electricity costs.
This is very relevant nowadays as where I live a lot of people are doing just that. It has the effect of pushing up the prices for those relying on the grid entirely. This is because the supplier’s fixed costs have to be spread across fewer consumers. It is increasingly so around the world.
In The Balance Blog Rick LeBlanc has written an article entitled: 29 Cost-Saving Sustainability Ideas for Businesses. This article is aimed primarily at small businesses, but we, as freelancers, should consider ourselves small businesses and where ideas are valid for our situation we should take them on board. You can read Rick's article here.
“Put your heart, mind, and soul into even your smallest acts. This is the secret of success.” — Swami Sivananda
Did You Know It Is Not Unusual for Entrepreneurs to Go Broke Then Going on to Become Successful?
As a freelancer have you ever felt like giving up and trying to get a 9 to 5 job? I have and most freelancers go through that stage. It is a totally normal response when starting to work for yourself for the first time.
You can look back on your 9 to 5 days and be envious of those that do not have the responsibility of being the boss of everything that comes with being a freelancer.
It is important to remember some great inspirational quotes when you are feeling depressed and wanting to throw in the towel. I know of some freelancers that have inspirational quotes on post it notes put on the office wall. Not me, of course!
These are a few that I have found are very motivational, especially after a pitch for a gig comes back in the negative or worse, does not get a reply at all. Here they are:
"Success is going from failure to failure without losing your enthusiasm." Winston Churchill.
"The journey of a thousand miles begins with one step." Lao Tzu.
Failure is not uncommon, it is normal and a lot of people overcome it and go on to be very successful. When you a feeling down after a gig rejection or failure, here is an article for you to keep in mind for a shot of motivation: From $0 to Millionaire: How 6 Entrepreneurs Went Broke, Then Became Successful. You can read the article from Entrepreneur here.
Productivity Tip Of The Week
What Is on Your Regular Wordpress Maintenance Checklist?
Have you ever had your computer, website or social media pages hacked? It is a very common occurrence nowadays. It is not only individuals like you and me that are victims, but giant organizations like Yahoo where hundreds of millions of people had their details stolen. It is hard to believe, but it is true.
If you didn't catch the details of the Yahoo breach, you can read about it here. This is why we include articles from Robert Siciliano each week at the end of each newsletter.
At your freelance business level, there would be very few of us that do not have a Wordpress website operated from your computer. It is imperative that we have a routine maintenance checklist that we work through regularly. If we don't do this, sooner or later it will seriously impact on our productivity and the ability to earn a living.
Adrian Try has written an article for the Sitepoint Blog entitled Your Regular WordPress Maintenance Checklist which looks at being prepared by carrying out routine maintenance. You can read Adrian's article here.
Work-Life Balance Tip Of The Week
Do You Know How to Form Habits That Will Help Your Life and Career?
Are you like me and have trouble forming habits? A lot of people do, because it is hard work. However, habits can be life changing if you can master the techniques of changing and developing habits.
Here is one of the most powerful quotes that I have read on this subject:
“Your beliefs become your thoughts, Your thoughts become your words, Your words become your actions, Your actions become your habits, Your habits become your values, Your values become your destiny.” Mahatma Gandhi
One of the habits that I have developed is to write one newsletter post per day so that I do not become overwhelmed at the end of the week when suddenly there will be five to do in one day. I am sure that you will have worked out similar systems of breaking jobs down to bite size pieces.
Leo Babauta is the author of Zen Habits and has about two million followers. He has written an article entitled The 5 Keys to Forming Any Habit. You can read Leo's article here. If you like the article and would like to read more of Leo's work you can get a copy of his book Essential Zen Habits: Mastering the Art of Change, Briefly by clicking on the icon below:
Disclosure: The links used are affiliate links. By buying through the links I may receive a commission for the sale. This has no effect on the price for you.
Financial Tip Of The Week
Freelance Retirees Need to Be Careful in or Near Retirement.
It can be very tricky approaching retirement. There are many traps for the unwary and many are beyond your control. One of the most costly traps for freelance retirees is not talking to your financial planner about how long your money will last and what you can do about it. Freelance retirees are in a unique position in that they can retire part time and change their situation by using freelancing income.
You have to realize that not many financial planners are trained to be lifestyle financial planners, but for freelancers it can be a powerful tool to make retirement much more enjoyable and less stressful.
The AARP in the United States post GFC has made it their mission to help retirees and those approaching retirement. One of the trickiest situations was having a home loan exceeding the value of the home. This situation was not unique to the United States and can be seen approaching in other economies. Freelancers have time on their side in this situation, which is what is needed.
The AARP Bulletin online has an article entitled "Money Missteps" and can be read here.
Freelancers And Cyber Security
We have gained approval from Robert Siciliano to bring you extracts from his books related to cyber security for freelancers. Robert Siciliano is an identity theft expert and consultant. He also gives self defense and personal safety seminars. Robert provides safety and identity theft fraud prevention tips and advice on multimedia channels in the United States. We have his approval to bring you weekly extracts from his books:
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