The second largest city in England, Birmingham would be a hotbed of freelance and contract work even if it wasn’t also perfectly positioned for residents to service a wide radius around the city, capturing many opportunities within the Midlands.
One of the most obvious limiting factors on the earning power of anyone contracting or working freelance is the time spent travelling, and this is no different for those based in Birmingham, especially if they roam further afield. There isn’t much you can do about this time – a trip takes as long as it takes, and you can’t control the traffic – but you have the choice of letting it eat into either your free time or time spent earning.
However, there’s another source of time spent working but not earning, and for many, especially those just starting out and those on the cusp of expansion and development, it’s a big one.
Handling your accounts is vital. It’s not just about having them ready for the taxman – you need to know how much of a given job needs to be set aside against taxes, bills, expenses and any other costs or it’s all too easy to allow yourself to be bargained down to a point where you’re making no profit (or where, even worse, you can expend to make a loss.)
Knowing your bottom line without taking your eye off it
You need to know what scale of jobs you can afford to accept and, when you have a choice, it’s good to know which of the options is most profitable in real terms, not just at first glance.
But calculating that takes time, and keeping the books up to date takes time, and managing everything else adds to it. There are so many things to do to really know how your business is doing that we put together an accountancy packages page so people could easily see what they were missing – and what they can get by working with PaperRocket.
Don’t take your eye off your bottom line – you need to be spending your time building it up. Choose the right package for you and we can help – or if you’re not sure, we can help you work out what’s right for you, too.
At PaperRocket, we know the concerns and specialised issues facing contractors and freelancers intimately, because we specialise just as much as you do. Our services are designed for people in your situation.