Plan your sales so you can predict your freelance income (2024)

Planning and creativity really DO go together. Sounds counter-intuitive? But it’s true, at least in the right circ*mstances and context.

Planning your campaigns (a.k.a. launches) might sound dull as dry toast, but it’s actually a painless process that gives you the freedom and confidence to be really creative in your business.

You already know that planning isn't an all-knowing crystal ball that guarantees your sales results before you start work on your big new idea. But a little planning can give you much more control and predictability.

Planning removes the guesswork and anxiety – so you can simply execute on your plans in a humane, drama-free way.

Much better, right?

Plan your sales so you can predict your freelance income (1)

So – creative person – let’s get the planning started!

When do YOU want to launch?

Contrary to what you might have read online, there’s no right or wrong time to promote your course, package, workshop, or services. At least, there’s no inherent right time that everyone must follow. (You CAN have a successful campaign over the holidays or during the summer or even in early January when everyone else is promoting something too. Yes, really!)

There is also no absolute formula for launch success that works for everyone. The best plan is actually something you create based on the preferences of you and your audience. So, what should you consider?

  • Frequency – How often do you want to run a promotional cycle? One huge annual campaign works well for some (I see you Marie Forleo) and smaller, more frequent cycles work better for others.
  • Seasonality – Consider when your services are most interesting to your audience. We naturally consider goal setting as we begin a new year, for example, making a service around planning and goal setting naturally popular then. But, we might want a vacation services product in late spring as the summer travel season comes into view.
  • Your own rhythm – Think about your own natural energy and focus, as well as the personal events in your life. Maybe the summer is family time for you or perhaps certain events are planned which will limit your ability to focus.

I recommend you create a calendar for the next 12 months and start building your campaign plan based on these factors. Block out personal events, planned vacations, family time, and things like that on the calendar. Make note of the seasonality you’ve identified in your business. Then take your desired frequency and see what it looks like to select tentative campaign dates.

How long does it take to move through your sales cycle?

There’s more to a campaign than opening the cart and making an announcement, right? Even the most basic sales cycle includes a teaser here and there, a bit of blog or email content, or a free event to get people engaged. Then there’s the actual selling part and the follow-up post campaign.

Your sales cycle can be as short as a few days or as long as a few weeks. (Not sure because you create each launch from scratch? You need a simple, repeatable sales system.)

Go back to your calendar and block off the time it takes for each campaign. You may identify a few conflicts or need to adjust a few things. That’s fine. :)

What traffic paths work best for you and your audience?

Over the past few weeks, I’ve written a lot about analysis, metrics, and ways to measure the effectiveness of your traffic paths, or how your customers find you. By now you likely have a pretty good idea of what works best for you and your audience. Great!

These tactics (your best practice tactics) are part of your sales plan. They determine the pre-work you need (creating content, graphics, messaging) and the set-up required (scheduling, organizing, administrative stuff) for each campaign.

Time to make a list of these tactics and add them to your plan – allowing enough time so you can implement them without feeling rushed or pushed.

What average revenue do you generate per campaign?

If you’ve gone through your sales cycle a time or two, you have good revenue data you can use to calculate an average. If this is a new product for you or you haven’t got as much data as you like, go ahead and create a conservative estimate.

What is the required campaign related budget for your goal?

This number is about advertising and promotional costs. How much do you need to invest in terms of ad spend, affiliate commission, freebies, and related labor and materials to generate the average revenue number you calculated above? This is your “campaign budget” and allocating it is part of your sales plan.

Putting all this together for a campaign plan that predicts your results.

The math is actually pretty simple when you think about it. Now that you know when you plan to promote your stuff (time, frequency) and the resources (time, money) you need to allocate in order to generate results (revenue) you can easily predict your results over the next 12 months.

Will your prediction be 100% accurate? Of course not – there are just too many variables. But the more data you gather the more refined your planning and predictions can become. With practice, you’ll be able to confidently predict (and depend on) the results of your sales system.

Ready to create a Simple Sales System that delivers reliable results every time? Come see how easy it can be.

Plan your sales so you can predict your freelance income (2024)

FAQs

How do you calculate income for freelancer? ›

Determine Your Baseline Freelance Rate

Start by dividing your desired annual salary by 52 (for a start). That gives you the dollar amount you need to earn per week. Then, take that amount and divide it by 40. That gives you the hourly rate you need to charge clients.

How to ensure you get paid as a freelancer? ›

7 Tips to Make Sure You Actually Get Paid for Your Freelance Work
  1. Use Contracts. ...
  2. Require a Deposit. ...
  3. Use Invoices. ...
  4. Be Upfront About Costs. ...
  5. Always Communicate Changes. ...
  6. Consider Pausing Work If You Don't Get Paid. ...
  7. Don't Continue Working With Clients Who Don't Pay.

What is your #1 advice to future freelancers? ›

Building something worthwhile takes time, so have patience. If you've found something you love doing that doesn't feel like work, then it's worth the effort and long hours at the start. Be diligent, keep a growth mindset, and take steps to grow your business and freelance clientele a few times a week.

How do I show freelance income? ›

For freelancers throughout the financial year, filing under ITR-3 or ITR-4 is advisable. Opting for the Presumptive Taxation Scheme under Section 44ADA is an option. It exempts bookkeeping and audit requirements but requires income below Rs. 50 lakhs and showing 50% of gross receipts as income.

How to calculate your rate as a freelancer? ›

Here is a step-by-step guide for setting your rate as a freelancer.
  1. Research Industry Standards. ...
  2. Calculate Your Costs. ...
  3. Consider Your Hours. ...
  4. Evaluate Your Skills and Experience. ...
  5. Assess the Complexity of the Project. ...
  6. Understand Client Budgets. ...
  7. Offer Different Packages. ...
  8. Be Ready to Negotiate.
Feb 24, 2024

How to make money freelancing for beginners? ›

Table of Contents
  1. Choose a Niche.
  2. Get Clear on Your Service Offerings.
  3. Define What Your Ideal Client Looks Like.
  4. Create a High Quality Portfolio Site.
  5. Start Freelancing Before Your Quit Your Day Job.
  6. Level Up Your Skills.
  7. Build Your Credibility.
  8. Determine Your Pricing.

How do I pay myself as a freelancer? ›

To pay yourself as a sole proprietor, all you have to do is transfer money from your business account to your personal bank account. It's super easy. Better yet, set up ongoing bank transfers between your business account to personal account so you never forget to pay yourself.

How do I ask for salary as a freelancer? ›

What salary negotiation strategies can you use as a freelancer?
  1. Know your worth.
  2. Communicate your value.
  3. Negotiate with confidence. Be the first to add your personal experience.
  4. Use effective tools and techniques. ...
  5. Build long-term relationships. ...
  6. Learn and improve. ...
  7. Here's what else to consider.
Sep 8, 2023

What is the salary of a freelancer? ›

Freelancer salary in India ranges between ₹ 1.2 Lakhs to ₹ 15.0 Lakhs with an average annual salary of ₹ 7.4 Lakhs.

What are the biggest mistakes freelancers make? ›

8 Common Mistakes New Freelancers Make And How To Avoid Them
  • Missing deadlines. ...
  • Accepting low-paying jobs. ...
  • Blindly applying to jobs. ...
  • Not drafting a freelance contract. ...
  • Losing work-life balance. ...
  • Not communicating with the client. ...
  • Not setting money aside. ...
  • You get co*cky.
Jun 21, 2024

What is the biggest challenge faced by some freelancers? ›

5 common challenges for freelancers
  • Finding clients.
  • Increasing pay rates.
  • Maintaining productivity.
  • Meeting unrealistic demands.
  • Getting paid on time.
  • Working alone.

Can a beginner do freelancing? ›

Whether you're a seasoned professional or just starting your career, you can become a freelancer. Beginners can learn a skill and then take on smaller projects to build their portfolios. Many clients look to hire beginners because it fits their budget or they're willing to provide training.

How to give proof of income as a freelancer? ›

There are several types of proof of income, including tax returns, bank statements, court-ordered payments, social security benefits, W-2 or 1099-MISC forms, and a proof of income letter. Your proof of income should include your full name, the date, and other identifying information.

What is the best way to be paid as a freelancer? ›

Let's look at some of the best methods to collect payments from clients for freelance work.
  1. Online payment software. ...
  2. Accounting or invoicing software. ...
  3. Freelance platforms. ...
  4. Bank automated clearing house transfer. ...
  5. Physical check. ...
  6. Fees. ...
  7. Payment methods and currencies accepted. ...
  8. Security.
Mar 11, 2024

What type of income is freelance? ›

A freelancer is an independent contractor who earns wages on a per-job or per-task basis, typically for short-term work. Benefits of freelancing include the freedom to work from home or from a non-traditional workspace, a flexible work schedule, and a better work/life balance.

How do freelancers show proof of income? ›

Self-employed individuals can prove their income through various other documentation such as invoices, bank statements, profit and loss statements and tax returns.

How do I report income as a freelancer? ›

With most freelance income, you report it on Form 1040 Schedule C, as part of your personal tax return. Starting with the 2023 tax season, payment platforms and marketplaces such as Venmo, PayPal and Etsy must now report to the IRS every user who earned more than $600 through the site or app.

How do I account for freelance income? ›

Freelancers can use Form 26 AS, which provides taxpayers with a consolidated view of all the TDS/TCS deducted from their income. You can also view the TDS taxes deducted online. The form is linked to the PAN number and helps you know all the TDS that have been deducted.

How do you calculate taxes for freelance work? ›

The self-employment tax rate is 15.3% (12.4% for Social Security tax and 2.9% for Medicare). The self-employment tax applies to your adjusted gross income. If you are a high earner, a 0.9% additional Medicare tax may also apply.

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