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PERSONAL FINANCE | 9 New Year’s Goals Every Freelancer Should Make
It’s part of the magic of the season — each new year is a chance for a new beginning. For those of you who freelance, this time of year is particularly important. It’s a moment to reflect on what’s going right in your businesses (soleproprietor) / profession, what needs improvement, and what goals should shape the next 12 months. In short, it’s time to plan for the care and feeding of your self-made careers. With that in mind, here are eight New Year’s goals every freelancer should make.
1. Build your brand
No matter how small the enterprise, branding matters. If you haven’t established a brand for your freelance business, resolve to do it this year. Remember, a brand is more than a logo and tagline; it’s also the experience clients have with you.
If you’ve already established a brand, apply it consistently and flawlessly online, in all printed material, and in person. Remember, the goal is to make sure clients keep your business top-of-mind and recommend your services without hesitation.
2. Update your LinkedIn profile
LinkedIn has established itself as the social networking hub for all things employment-related. Its network connects professionals in nearly every field imaginable — and many of them are in desperate need of freelance help. If your LinkedIn profile is out of date, sloppy, or incomplete, it reflects poorly on you and your profession.
3. Learn a new skill
Regardless of what field you’re in, markets never stand still. Changing technologies, new tools, and shifting tastes all demand that freelancers adapt or die. Stay competitive by sharpening your current skills; stay engaged by learning new ones.
4. Expand your network
Freelancing can be isolating, especially for those who work from home. A strong network of colleagues will keep you engaged socially and plugged into new professional opportunities. Devote an hour or two each week to expanding your network through social media, blogs, and industry events.
5. Ditch toxic clients
Take a critical look at your project list for the past couple of years. Are there clients who consistently paid late? Had endless demands and unreasonable deadlines? They’re likely costing your more money than they bring in. Free yourself by phasing out chaotic professional relationships. But be diplomatic; bad clients often employ good people and you never know where those folks may land.
6. Bump up your rates
For many freelancers, it’s tempting keep rates low to draw in more business. But over time, this loss-leader strategy can do more harm than good. Not only does it keep you at a financial disadvantage, it implies your services aren’t as professional or in-demand as your competitors’.
Assess what price the market can bear and adjust your rates accordingly. Communicate the increase clearly in writing and give your clients at least 60–90 days notice.
7. Make time for downtime
When you work for yourself, the boundary that separates your personal and professional world can get a little fuzzy. This year, establish (and stick to!) a more formalized schedule — one that allows for real downtime and breaks from client calls, email, and paperwork.
8. Save for retirement
Without access to employee-sponsored retirement programs, freelancers must take the lead on saving for the future. Some retirement programmes have distinct benefits and limitations. Choose the one that works best for you and make regular contributions — starting now.
9. Have a dedicated accountant for your business
Freelancers should have a dedicated accountant to save time and money, ensure compliance with tax laws, and gain access to expert financial advice for business growth. An accountant pays for themselves by identifying potential deductions and avoiding costly errors or penalties. You do not want to find yourself doing great in your career and later realise the penalties of being non-tax compliant. They are costly and discouraging.
Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.
Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.
We have well trained and qualified staff that manages the aspect of both business and individual taxes.
We are the fast growing accounting service-providing agency in South Africa and across the globe.
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We are a leading provider of personal tax return services in South Africa.
We offer a wide range of services, including the completion and submission of personal income tax returns, provisional tax returns, and capital gains tax calculations. Our team consists of a very powerful team of registered and qualified accountants and experienced tax practitioners. We can help you to legally structure your income, deduct allowable deductions, and claim your rebate as and where relevant.
If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog
Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.
You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za
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