Freelancers, just like regular employees, have contributed many things to all industries. Clients hire freelancers due to low cost and high productivity outputs. While freelancers have the opportunity and luxury to take on multiple projects, they also encounter some difficulties. Loan repayment is one difficulty that freelancers are facing. Without a regular paycheck, freelancers need to stay on their toes to repay their loans and make both ends meet.
Are you having difficulties repaying your low income loan even if you have multiple projects? In that case, you should try using the strategies that other freelancers have taken advantage of:
Never underestimate the power of mini-projects. These mini-projects usually pop in between regular projects and they can be completed at a quicker time frame. The pay is smaller than regular projects, but you have the liberty to take as many mini-projects as possible. Once these projects pile up, you’ll have a decent amount of cash that can be used to repay all of your loans.
Negotiate for Higher Pay
Sometimes, you’ll realize that your projects won’t make the cut. If this happens, you need to plan for negotiation. Talk to your client and start relaying your situation. There’s a chance that your client will understand what you’re going through and give you a little extra. During the negotiation process, try to be 100% honest and humble. If you’re successful, you’ll be in an advantageous position.
Leverage Other Opportunities
A freelancer must always know how to find solutions, regardless of the problem. One of the best solutions is to use your network. Rely on the power of leverage. If you have a bankable skill, use it to offer extended opportunities to everyone in your network. As much as possible, you must exhaust your options. Who knows? Maybe your leveraging tactic can help you gain new clients in the future.
Freelancing has its fair share of ups and downs. In case of loan management and repayment, you just need to have a proactive mindset. If ever you missed a payment, don’t worry – it’s not the end of the world. Just pick up the pieces and make sure that you’re more than prepared next time.