You are the owner and operator of your own venture now. Whether that venture is in an office, a rented desk in a shared space, or your house, you are officially on your own. How exciting is that? But, being on your own means being off a payroll in which as long as you attended work and did your job–you’d be paid.
Now, before you begin to rethink this, you just have to be ready to get moving with your client base. If you own a shop that offers goods or services, you may not need to read this blog as your income comes from foot traffic within the store, but if you have to develop contacts and charge clients for your work–such as a freelancer, then you may want to continue reading.
You need your clients to be able to pay you on time and the correct amount. Lost time trying to get ahold of a client can take away from time you could have spent working on other projects for more income. Why is knowing a client’s money habits such an important piece of the entrepreneurial puzzle? Here’s some thought:
The client hired you to do the job–and you did what they asked
This is not to sound bratty, but if you weren’t going to get paid in the end then you would have never agreed to it in the first place–most likely. The client needed the work done and you did gladly helped them, so the money should be ready upon receipt of the work. End of story.
You truly want a list of reliable contacts
Lost time is lost money and that is the simplest way to state it. You will have many “clients” that will try and give you the runaround with work and payment, but as long as you know to cut ties with them early on, you will always have a list of decent clients.
Knowing their habits from other sources will save you time and stress
Take the time to look up a companies reviews–both customer and previous work partner reviews. You can do this by looking at Yelp or Glassdoor to see both ends. You can usually tell the content of a client’s character by reviews highlighting major red flags involving money and others experiences with this client. It will save you the step of figuring it out yourself.
Having to let go of a client can teach you life lessons–even if it will be awkward
Letting go of anything can be tough–remember that awkward high school breakup? But, as an adult, you need to cut ties to things that do not serve you well. A client who does not pay or takes advantage of your craft needs to be left behind. It will be awkward, there may be some confrontation, but that will subside and you will have more time to focus on your list of good clients.
Check out AND CO for different platforms they offer such as a contract creator or programs that let you know when a client opens your invoice.
Have you ever had to cut ties with a client due to money issues and reliability? Let us know what happened.
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