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Are you new to freelancing or looking to maximize your success on platforms like Upwork? If so, you're in the right place! Welcome to the Talking Freelance Podcast, where we bring you valuable insights from industry experts and freelance superstars. In this episode, we'll focus on building a solid financial foundation for your freelance business.

Host Leah Meyers introduces her guest, Michelle, a financial expert and analyst. They dive into a discussion about the importance of financial stability when starting and growing your freelance career.

Leah shares a personal story about her initial struggles when freelancing, highlighting the financial desperation she faced. She emphasizes the need to make sure your freelance business starts on a financially stable footing.

Ixchel's Free 10 Part Questionnaire: https://iolite-sodalite.ck.page/clarity-for-pricing-confidence

Michelle then takes the stage to provide valuable tips, tricks, and pointers for freelancers looking to manage their finances effectively:

1. **Define Your Time Commitment**: Understand how much time each project will take away from your daily life. Avoid underestimating the time required, as it can impact your income.

2. **Consider All Costs**: Beyond time, factor in the costs of tools and resources needed for your services. Properly quote your services based on their value, not just your worth.

3. **Invest in Education**: Courses and certifications enhance your expertise. Don't hesitate to include the cost of your education in your pricing, as it adds value to your services.

4. **Account for External Costs**: Moms, for example, should account for babysitting expenses when working on projects. External costs can significantly affect your profitability.

5. **Budget Wisely**: Consider technology costs, software subscriptions, and any enhancements required for your services when bidding on projects.

6. **Audit Your Time**: Be mindful of how you allocate your work hours, including non-billable activities like emails, phone calls, and networking.

7. **Profit Matters**: Always include a profit margin in your pricing. Don't just break even; ensure your business is profitable.

8. **Track Expenses**: Use bookkeeping software to monitor your expenses, ensuring you're aware of your financial health.

Leah and Michelle emphasize the importance of evaluating your pricing strategy periodically, adapting it as your expertise and business grow. They also stress the significance of distinguishing between revenue and profit, especially in terms of taxation.

In the end, building a successful freelance career requires careful financial planning and continuous assessment. By following these tips and staying mindful of your financial well-being, you can set your freelance business on a path to long-term success.

If you'd like to access the questionnaire mentioned in the podcast to help with your pricing strategy, check the show notes for details. Stay tuned for more valuable insights on Talking Freelance with Leah Meyers.

Don't forget to subscribe to the podcast on your favorite platform and visit talkingfreelance.com for more resources and episodes. Thank you for joining us, and best of luck in your freelance journey!