Last night, I thought of a very important topic for home-based professionals – getting paid. Everyone loves to get paid, and there are many different ways in which people get paid. When you are a home-based professional the way or ways that you get paid may involve a bit more effort than what you may have been used to at a traditional job where you report to work for your shifts, you punch in and out, and you get a regular paycheck on a regular schedule.
Some home based work does generate regular income on a monthly, weekly, or bi-weekly basis. Even if the income is regular you may still be responsible for signing in to work sessions online or submitting time sheets on a predetermined schedule. Sometimes, the work of keeping track of your work is done for you, which is a nice perk. Other home based work is done on more of a per-project basis. Depending upon the size of the project and the timeline for completion, you and your employer may simply agree to payment in full upon completion of the project. For larger projects that take more time, you might arrange a set of milestones for completion of smaller portions of work, with payment for each portion due upon receipt of the work. If you are providing services to clients and you are in charge of billing them, you will most likely bill monthly but what day each month is for you and your clients to work out. These are just a few of the many ways in which home based professionals get paid, because every job and every business is unique.
If you are a home-based professional, it is essential that you know when and how you are getting paid as well as how much you are getting paid. It can be a little hard to keep track of it all if you have multiple jobs, clients, and projects but do not by any means let that be an excuse that prevents you from writing it all down and knowing your cash flow situation. Simply saying “it is so irregular I could not possibly keep track of it” is a very dangerous thing to do and you will quickly find yourself struggling financially. Even if the numbers and dates that you use are approximate, you can make a budget for your business and personal expenses that is close to what real life is going to provide. It is much easier to focus on providing high quality work on time if your thoughts are not preoccupied with financial matters.
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