So, you’ve decided to try your hand at freelancing, huh? Being your own boss, owning your hours, and most of all – betting on the one thing you can count on: yourself.
There’s nothing quite like being your own manager, employee, and owner all at the same time but, where to begin? Luckily, we have had our fair share of freelancer customers come our way and we have compiled the best tips and tricks you can get from them to help you get started.
1. Calculate your rate
This may seem overlooked by those starting out, but your rate is the most important choice you could think of. It not only declares how much you would be earning, but also how much you value your work and of those in your industry. Here’s a tip on how you can calculate it:
Your basic hourly rate = (annual salary + annual expenses + annual profit) / annual billable work hours
2. Research your industry and your competition
Calculating your rate is not just about math and computations, rather it would also depend on how much others like yourself are charging. You wouldn’t want to charge too low and undersell yourself in a competitive market. But, you also don’t want to overcharge and lose potential customers especially if you’re just starting out!
3. Know your taxes
There are a ton of different apps now that can help you in computing your taxes correctly. Freelancers can now apply as self-employed individuals with the BIR and pay taxes like any normal employee or business. Be a model citizen and pay your taxes honestly and on time!
4. Keep a regular schedule
Despite having time to yourself, keeping to an 8-5 or regular enough schedule throughout the day not only helps productivity, but also manages your clients’ expectations on when they can contact you. You don’t want to be one of those people who call clients at 11pm nor would you want to be the ones who are unreachable at random times of the day.
5. Get healthcare
Healthcare (or HMO as it’s more commonly known) is an essential benefit most companies provide their employees, but once you become a freelancer that option seems to end upon your last day of employment. It’s important to have health insurance to make sure you have security for when you get sick or injured and suddenly can’t work anymore. Without a company to back you up, getting an HMO for yourself could spell the difference between debt versus an all expense paid care saving you the hard-earned money from your freelance hustle. Do your research on what healthcare provider fits best for you. Check how many and where they have accredited hospitals and clinics. For a freelancer it’s important you have a lot of options since you will be moving around a lot.
There are companies that specialize in getting healthcare for freelancers like ALLCARE. They can provide you with not just Healthcare, but Life & Accident Insurance, Grab promo codes, a CBTL card, and Perks & Discounts including Sarabia Optical – one of the final puzzle pieces to becoming a legit freelancer.
You can check out more info about ALLCARE and get started on your freelance journey here.