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Contractor Management

Are you taking the first steps to start Freelancing/Contracting…

By 24 February 2021No Comments

Top 7 tips that might be of great help…!

  1. Register for an ABN
  2. Set strategic prices for your services
  3. Invoicing – bookkeeping
  4. Insurance
  5. Create examples of what you can deliver
  6. Be an expert in your Niche
  7. Start looking for work
  • Register for an ABN: You will need an Australian Business Number – a unique 11-digit code that identifies the business to the government and community before you start sending out orders, invoices and making money.
  • Set strategic prices for your services: You have to consider your own value. If you are currently employed, take your yearly salary, add on 30% or more (as you have to take into consideration insurances, your time for invoicing etc), then divide it by 220 days and then divide that by 8… that will give you a minimum hourly rate for the value of your time. Once you have that value, you can check the market rate and then you can decide if it’s worth you becoming a freelancer/contractor…
  • Invoicing – bookkeeping: As a freelancer/contractor, you will have to make sure you are on top of your invoices and accounts/bookkeeping. Assuming you’ll have multiple contracts to finish, raising/chasing invoices, and collecting debts may be a hassle for you. You will require a good bookkeeping/accounts package to keep all these in order for compliance and cash flow purposes. For this, you may consider outsourcing your back-office services to a third party who specialises in this area.
  • Insurance: You will need to have the correct insurance cover which can be very expensive. You should talk to your accountant or get professional advice around the insurance required for your skillset. If you are running through a third party such as a recruitment or contractor management company, they will cover you for all the necessary insurance at a minimum rate.
  • Create examples of what you can deliver: One of the best ways to attract clients is by showing them your skills through the previous work you might have done. Regularly posting content, blogs, images or videos will help you impress your target audience and let them know what you can do for them.
  • Be an expert in your Niche: Definitely, there will be a lot of competitors in your industry that will voluntarily charge much less than you do… position yourself as an expert and share your knowledge with everyone. This will help you get more clients.
  • Start looking for work: Finding work as a freelancer/contractor is a challenge in itself. You can use business connections if you have any, or do a little bit of social media marketing to let your target audience know about you. Moreover, there are websites like Upwork, Fiverr, Freelancer, Indeed and many more to help you get started.

If you are looking to become a freelancer/contractor but you are nervous because you don’t know where to start and what’s involved or if you are looking to become a freelancer/contractor and want a no-headache approach, please don’t hesitate to contact us on [email protected] or alternatively talk to us on 02 9407 8700

Purnima Kabra