This entry was posted on Tuesday, August 8th, 2006 at 3:40 pm and is filed under Freelance Writing, Business of Freelancing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Freelance writers are always bemoaning slow paying clients, whether they are organizations or magazines. (I’ve found that magazines are actually worse than clients in this regard.)
Here are a few ways that you can prepare for and weather cash flow shortages in your freelance writing business.
Automate your savings. I finally got around to setting up an automatic transfer from my checking account to the money market account I use as my business savings account. I’m terrible about stashing away savings otherwise. Now I have a nice chunk of change for when bills come due before clients pay up.
Use those credit card checks. My credit card companies are always sending me those cash advance checks. Sometimes they come with special rates, like no cash advance fee and very low interest rates. In those cases, I save them and use them if I get in a cash-flow crunch. You can pay them off as soon as your clients pay.
Sell something continuously. I sell tip sheets and e-courses on my websites, and that brings in at least a little bit of cash almost every day. If you’ve got an e-book or other product or service that someone could buy at any time of day or night, get it online now.
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