Important Considerations when Opting for Freelancing
Today, the world of employment is taking a new turn, and most of the people are embracing the changes as it is convenient to work in a digital platform from anywhere in the world at your comfort. However, freelancing calls for a lot of self-discipline as there is no supervision from superiors and there are strict deadlines to beat so that you deliver the work as agreed.
To some people freelancing might be a side job to earn extra income while to some, it is the main job and they rely on it to get their income. Anyway, this is unlike other formal jobs where you have to be present at the workplace to do your duties, but it gives you the freedom to be self-motivated and work from anywhere without any person monitoring your progress. It might seem attractive but before you take the first step to getting a freelance job, here are some few facts that you must know well.
Contracts – Most companies that offer jobs to freelancers have short term projects which must be undertaking over a definite period, and usually, any freelancers would have the appropriate resources to complete the tasks. It is important to have a contract with the company so that it becomes a formal engagement which is enforceable by the law. The agreement must be clear and straightforward to understand for both the parties, and it must be signed properly. The contract must show the type of work that you are doing, the duration to do the work, the amount payable and the payment terms.
Taxes – You have a duty to submit taxes from any activity of income that you do. After completing the tasks for the company, you will write an invoice and get the payment, and the company will not withhold any tax. Therefore, it is your responsibility to remit the tax to the authorities in the appropriate proportion according to your income. For ease of tax payment, you can set aside an account which you deposit the monies for tax. Be keen on tax payment dates so that you avoid any penalties for late payment.
Holiday and sick pay – In freelancing, there is no payment for a holiday or sick days that you did not work. It is not like other forms of employment that you are entitled to holiday and sick pay, and it only counts for the days that you have worked. Make good use of the days you can work so that it covers the period that you would fall ill or travel for a holiday.
Time management – Value for time is vital for freelance jobs, and you must utilize any moment you have properly to get the maximum benefits. You must complete your assignments within the agreed timelines as no one will be around to push you to do it. Keep off any form of distractions and have a work schedule which you follow strictly.