One of the most challenging aspects of freelancing is managing your time. If like me, you have multiple clients (and even a fully fledged business) then time management can sometimes be incredibly tough.
Not only this but working for yourself requires a whole lot of admin work too. Invoices, website updates, marketing, writing (hello) all fall outside of actually getting paid.
Sure you can catch up on these things over the weekend or an evening but does that not defeat the purpose of shaking the corporate reigns and becoming freelance in the first place?
One way I try to combat the stress of running my own business and saving time for personal development is to never fully book myself with client work.
In the self-employed world this can be a bit of a gamble as you certainly have lean spells in terms of enquiries, however you have to ride the wave and stick to the script. Completely filling your schedule with client work will more than pay the bills however it’s unsustainable and ultimately damaging to you and the future growth of your company.
Fun times Friday:
I have what I call ‘fun times Friday’ which is a client free day. Unless urgent, I won’t respond to client emails on a Friday nor will I do client work. Friday is the day I spend working on my educational business, writing, catching up on admin, listening to podcasts and winding down for the weekend.
This works really well as when you get to Thursday evening you are excited for the weekend as you know the next day is going to be far more relaxed than the days prior. Try to build routines into your freelance career and make it fun and not burdening.
Budgeting for underbooking:
If you charge a day rate or a monthly retainer which is based upon xxx amount of hours then underbooking and having ‘spare’ days limits your earning potential. Always budget based upon the amount of days you want to work instead of setting a day rate and trying to reach a figure you need monthly.
For example:
You may want to have 10 client days a month and earn £2000. Easy maths but your day rate would then be £200.
Always base a day rate on what you need financially and the days you want to work and then benchmark against your local area/industry.
What to do with the time?
Side Project:
For me personally what started off as a side project is now a fully fledged business. I spend approximately 60% of my working time on my educational business and the rest on my freelance clients. But for any freelancer starting out I would always allocate at least 10-20% of your month on a side project. Starting something which can earn you money away from consultancy gives diversity to your income stream and negates the reliance on client work.
Side projects are also really fun and allow you to display some creative flair where perhaps some client work may not (technical SEO audit for example).
Personal Development time:
Try and allocate time for personal development. This could be anything from listening to a couple of podcasts, reading up on latest industry trends or taking an online course. (There are a few of those around at the moment).
As a freelancer it’s important to keep your skills set fresh and also learn new things which could pivot your offering in a different direction.
Admin:
While listening to podcasts I tend to take on a couple of admin tasks. Chasing invoices, scheduling meetings, updating calendars. Those type of tasks which can be done while listening to your favourite audio.
These are great Friday jobs and round the week off nicely; especially if it results in an invoice being paid.
Netflix and………:
OK perhaps not this but good old fashioned chill out time may be required. It’s mentally draining running your own business and sometimes you need to have a little downtime. Take a few hours off and go for a walk, start a little later and play with your child a little longer or even get the family shopping done for the week. (Little things hey?)
Becoming self employed involves spinning a lot of plates. Clients hire you as a specialist so they default to you when they need a question answering. There’s also so much more to do on top of the actual work that sometimes you need to take a step back and have a bit of time.
As a freelancer you are constantly proving your worth, talking to clients, responding to enquiries and running your business. It’s exhausting and you deserve a break so take one.
Fully booking yourself as a freelancer is a slippery slope to overworking and burning out. Nobody wants that. Take time for yourself and build a business which works for you in the short, medium and long term.