June 24, 2024

Small business

There are benefits and negatives that come with being a freelancer. The flexibility of working your own hours and managing your own time provides a great work-life balance. On the other hand, work isn’t always available so there’s the risk of unpredictable income and digging a hole filled with debt. Unlike working full-time where your income is consistent and easily managed, freelancing is the complete opposite. If you’re struggling keeping finances in order, here are a few tips that are available so you can matter with the important aspects of your business.

 Keep money available for taxes

 The dreaded tax deadline is extremely stressful for anyone, and it’s no different for freelancers who need to pay them too. Unlike working under an employer where a budget is automatically set aside from your wage, taxes for a freelancer have to be calculated and paid manually. It’s complicated as freelancers would have to go off last year’s tax credits to make an educated guess of annual earnings they’ve received. It helps if freelancers are aware of the tax rules that are associated with doing their work.

 Set rates that are as good as others

 Freelancers have the benefit of controlling how much income they receive. It’s probably suggested that when you first start out you won’t have the privilege of starting off your prices extremely high, but as you gain more clients over time this will be possible. It’s good to research the going rate for the industry you specialise in as a freelancer. If you raise your rates you’ll be able to manage your finances far better instead of stretching to cope.

 Acquire business insurance

 Although as a small business you’re always looking to save expenses wherever you can, business insurance shouldn’t be an aspect that you should cut corners on. It’s important to cover yourself in case the worst possible scenario occurs. It’s not denying that you’re good at whatever you do, but nobody’s perfect and when accidents happen they can come with big payouts. The most common insurance policy that’s taken out by freelancers includes professional indemnity insurance which covers for professional negligence. There are many firms such as Caunce O’Hara who can provide this reassurance for freelancers.

 Track income

 Do you know how much you’re earning at the moment? Is there a seasonal period where you tend to earn more throughout the year? If you keep on top of how much income you receive it’s easier to manage your finances. Try to keep historical data of how you’re performing weekly, monthly and yearly. You’ll find it easier to understand in what periods you can spend less or more in. Having a separate business account for your work is always helpful too.

 Keeping on top of your finances should be one of the main priorities as a freelancer. Although it may take more time and effort, effective management of your finances causes less stress and provides you the time to focus on the work that’s important.


Running a farm is a tough job. Farmers rarely have days off because when they’re not managing the day to day farm practices, they’re sorting out the finances and planning next seasons planting rotation. Whether you’re running a new-age no-till farm or sticking to the traditional methods of the past, you should read these 3 tips!

Don’t forget it’s a business

Farming might be your passion. It might be an ancient ritual that’s been passed down through your family for generations… but it’s still a business. If you want to keep your farm profitable and alive then you need to make sure it’s run like a business.

Luckily, with a growing population it looks like we’ll never not need farmers. You just need to find the product for your farm that turns a great profit and cuts down on expenses.

There’s no point trying to grow soybeans to improve nitrogen in the soil if your next crop in the rotation uses very little nitrogen. Even though soybeans are profitable, you should look at the long term profit your farm will make over several seasons.

That’s just one example of profitable business decisions on farms.

Plan carefully

Following on from my soybean example, you need to plan very carefully for the future. Problems like herbicide resistant weeds and flooding or drought (depending on your location) due to climate change, are issues that we should start planning for now.

Not only will you be greatly admired for taking precautionary steps now, but you’re also less likely to be faced with a disaster. You’ll be prepared for whatever the world throws at you and your profits will remain steady while other farms fall.

Cover crops, for example, could be the alternative you try instead of herbicides to prevent weeds. Careful integration of cover crops amongst cash crops will prevent soil erosion, pesky weeds and water logging.

Use the right equipment

Finally, you should be using the right equipment for your farm. Agricultural technology is steadily progressing, each week there is a new machine or attachment brought to the market. Some are very expensive and not all that useful right now (like autonomous tractors) and others are so simple and effective that you’ll wonder why you never thought of inventing the machine yourself. The key is picking the useful tech from the gimmicky tech.