Are you often feeling broke, underpaid and unappreciated because you put your heart and soul into producing a great project yet after billing the client, you don’t get paid for weeks or even months?
Or what about this scenario:
You meet with a new client and accept a small deposit that represents a few hours of your time for getting started on the project.
Then you get to work – you create a fantastic concept, get really into the project and *EUREKA* it’s all coming together beautifully.
Next, you’re so enthusiastic about this project that you lose track of time and space out on posting the time you’ve spent. So now… you don’t know what to bill the client and probably forgot to invoice at the end of last month too.
Thus you find yourself with a terrific project but haven’t been paid because you haven’t invoiced your time.
If so, don’t feel bad! It’s not just you; many creative people share this same challenge.
The solution is to work out the money part of the job right from the start with your Letter of Agreement so that you have regular scheduled paydays you can count on.
Then you also don’t have to worry about time, money and billing, because it’s already been taken care of!
Here’s an outline to follow for your next project:
- Set up a payment schedule for your new job in your Letter of Agreement
This includes planning payments dates that coincide with client meetings and presentations.
- First deposit is to cover time used to prepare for the Schematic Meeting
The Schematic Meeting is where you meet with client to ensure they’re on the same page with your space plans, concept and major pieces.
- Next payment is due at the Schematic Meeting
That check will pay for your time until the Design Development Meeting, when the balance of your Letter of Agreement is due.
For more helpful tips on how to take your businesses to the next level, check out the Job Profit Secrets Audio Home Study Series and discover ways to start using your Letter of Agreements to create happy clients and profitable jobs that you love!
Job Profit Secrets shows you how to use a simple 5-steps process to structure your design jobs for profitability, set client expectations, establish boundaries and payment amounts and help you manage your time.
This training is for you if you’ve started a new design business and want to get on the right track, or if you’re a seasoned designer who wants to create a repeatable system, with predictable cash flow, so that you can up-level your business to higher end clients.
Owning your own business is challenging, to say the least. Check out Job Profit Secrets, previous blog posts on similar topics and remember … you’re not alone!
Here’s to Your Success!