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INVOICING & GETTING PAID - Coggle Diagram
INVOICING & GETTING PAID
1. When should I start charging for my work?
To work for free or not to work for free?
What are you gaining from the work?
Build portfolio
Build contacts
Build skills
Build client base
It's a fine balance!
Look for longevity - how does this client present
future opportunities?
Whether that's through recommendation OR further projects
Get the MOST OUT OF IT!
Reputation, referrals and references - collect these to promote what you offer
How can you showcase your creative decisions?
After some experience & evidence to show that experience
Know your worth! Don't undersell yourself - find a way to make it sit comfortably with you
GO FOR IT!
Trust your skillset
5. KEEP A DIGITAL RECORD!
Create a digital folder in a safe place for your 'Finances' and remember to save a copy for yourself every time you send it to a client
Set your 'Financial Year' dates, or even better - use the Fiscal Year for simplicity =
6th April - 5th April
following year
Everyone needs a paper trail - particularly the tax man!!
Keep it safe!
Photograph your receipts (the ink fades!!)
Keep a version in the Cloud or on a separate drive
2. How Much Should I Charge?
Do you want to compromise because the opportunity is worth it?
Know your client
Find out the budget for the film or the budget
What are you bringing them?
How to break it down?
Day rate
Hourly Rate
Amount upfront
Fee per project
Per deliverable
Can you sweeten the deal?
Discounting?
Extras?
Work out the deal ahead of time
i.e. "Up to three re-edits"
i.e. "Up to a week to make revisions post-completion"
Crib Sheet
Breaking down what you charge - provides an easy system to quote from
Keep a record of the history of what you've charged a client for
Scalability:
Consider longevity - if that client is going to be around as you grow, are you charging them a suitable rate?
Do some research!
3. When to discuss Money?
PROFESSIONALISM!
Be upfront - Talk about money with a client early on, they can then make a decision whether they want to continue - doesn't waste either of your time
GET IT OUT THERE!
Talk money as early as possible, get comfortable discussing your fee
Lay out what they get for their money clearly - you can always refer back to this if you get into difficulty, or the project evolves
You can always discount!
Get agreement in writing!
Send a quote
Crib sheet - for you (different things you charge for) = consistent, consolidated, measurable
Keep your invoice consistent with the services you've agreed to at this point - consider your wording
Are there expenses? - ALERT! these need to be discussed in advance
Gear Hire
Additional Crew
Studio/Venue Hire
Food
Travel
Accommodation
Consider risk!
INSURANCE
Follow up email & confirmation in writing
Check: Do they need PO number on invoice?
Is there a contract to sign?
WHAT'S YOUR
WORKFLOW
?
Sending it to the right person (not necessarily the person you worked for) = Professionalism
4. What should I include in my invoice?
CRUCIAL
Do's & Don'ts
Do
Method of payment
If Applicable: VAT
Description of good and services
Name / Business Name
At the top: "INVOICE"
PO no. if applicable
Your / Your business' address
Make sure you
number
your CVs i.e. 00001 (allows for all that future work!)
This is really important for your
tax return
and your financial records. Regardless of the variety of freelance work you may undertake in the year - you'll want to submit/ evidence them by date so it's REALLY useful if the numbers match. If you work regularly with a client, it's great for easy references
Keep it simple! - just the essential info
Find out when to invoice
Send your invoice as soon as possible - within 7 days to qualify for the '30 day rule'
Check that you've been paid!
Include TERMS & CONDITIONS, this will help protect you from late payments or clients who make it tricky to get paid - know your rights, and build a healthy working relationship
Use your discretion if you need the money sooner, or if you want to charge a penalty fee for late payment
Don't be afraid to seek advice if you're struggling to get paid
Keep it consistent with your CV for extra pizazz?
Request confirmation that the invoice has been received
Don't
Expect your money straight away!
Send it as an editable version
It's confidential!
EXTRAS
Using it to continue building your relationship with the client
Does it reflect your
brand?
Or your CV?
Can you send a little
somethin' somethin'
with it?
You can restart a conversation with your client :)
When should I send my invoice?
GET IT DONE!
Know yourself - know if you need to separate your creative/emotional self and your business self
Know your worth! Don't undersell yourself - find a way to make it sit comfortably with you