Income unpredictability is one of the biggest freelance issues. The same shows Freelancing in America 2017 survey: more than half part-time freelancers don’t switch to full time freelancing because of income unpredictability.
As a freelancer, when we found the idea on the internet about creating an Income Plan.
Income Planning lets you predict how much money you will make in 2019. In addition, I believe that putting a budget in the order combined with a goal on income will let you make more in this year.
The link is below.
So, the Income Plan has 3 tabs:
You can set your “Pragmatic Income Goal” – the sum you want to earn, and that is realistic to get.
“Stretch Income Goal” – your income Goal but bit higher, try to accomplish it in 2019.
“Income total from predictions in this plan” – a sum of your predicted services income. You will find out more about them a little bit later.
“Tax prediction” – enter you predicted tax.
“Income After Tax + Business Expenses” – your “clean” income, is calculated automatically when Predicted Tax and Business Expenses are filled”.
“Services/Packages” – what do you produce as a freelancer. Enter a price for each, predict (set a goal) on its monthly sales and enter how many months are you planning to sell this service/package. Predicted yearly income for each service/package is calculated automatically.
In this tab you can predict your Business expenses.
Your business expenses are divided expenses you pay monthly (the price will be multiplied by 12) and yearly (the price will be counted as one-time payment). The sum that you enter here will be added to “Total Business Expenses per Year” in the “Income Plan tab” automatically.
It is the third tab.
Here you track your real income. Fill it in every month to get the idea on your monthly average income and your Total income.
Here is a short video of how it works:
To get the Income Plan: https://goo.gl/kaSnf3
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