Money Matters an Online Jobs Professional Should Know (Online Jobs Training #7)

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Money Matters an Online Jobs Professional Should Know (Online Jobs Training #7)

Hi Guys! Our step #7 of our Online Jobs Training Course Series is about Money Matters pertaining to your Online Career. I am sure that almost everyone who chose to pursue an online job did it to make money, right? Well, I could be wrong because some of you might be doing this for the love of it. :) In case you are one of them, kindly message me, I have some tasks that needs to be done :) hehehe. Kidding aside, this is a serious matter that needs to be discussed and treated seriously. On this post, we will talk about how you should charge your clients and handle your finances.

 
The Importance of Budgeting
 

Let us begin by discussing the importance of having a budget. You may ask, "why is budgeting part of our discussion?". Budgeting plays an important part, although this career requires little money to begin with and the expenses are very minimal, you will still have expenses and there comes the need for budgeting. Below are some of the things you need to allot some cash and finances for as you go along.
 
a) Equipments
 
Chances are, most of you already owns a computer to use. However, I am sure, the time will come when something may happen to your computer like some parts breaking down or you will need to reinstall your software because it's very slow or got infected by a computer virus. Cases like these will cost you mone. Thus, it is essential to set an emergency fund just for this. Remember that this is your business now, the source of your income so you need to be able to have a working computer. Keep in mind that in this industry the policy of "No Work, No Pay" is very much in effect. 
 
b) Softwares and Systems
 
Again, this is something that is not needed but as you grow your career and get more clients, you would want to serve the client efficiently and fast. This can be done through the use of certain softwares and tools. The tools that I am referring to are those that would help you with your task management, invoicing and reporting to your clients. Nothing beats an online professional that are using tools that streamlines the process. Having such system as well will justify you having to charge a higher rate.
 
c) Marketing and Training Budget
 
This may come to be of a surprise to you, but you do need some marketing budget. When I say marketing, I mean, funds that will allow you to join certain groups or activities where your target clients are. For example, there is a training event of a new product that came out of the market then based on your analysis, setting up this new product is something that you can do very easily but might be complicated to others. You can join that training event and give your details to the attendees and say that you can help them in setting it up if they are having a difficulty. In most cases, many will contact you and seek your help and assistance in setting it up. Instant money. But of course, before you can give out your details, you will need to spend money to join the training event. Consider this as an investment. 
 
Let me share one of the many stories that I have about spending on marketing efforts that resulted in landing to a good client.  I bought this training program that will certify me as a social media management. It's a bit expensive and I mean EXPENSIVE (20k pesos). I said, i'll take this training program because I want to learn and offer better services to my clients. During our training session, one of the participants says that she is looking for a virtual assistant. Guest what? I am the only virtual assistant in the room since very few online professionals invest in themselves and everyone in the room are business owners. The nice thing about these types of groups is that many of them know how to properly pay an online worker. They understand that if you charge high, that is still ok, because the high rate for us is still very minimal for them. 
 
Another example is  when I bought a training guide that teaches how to do reputation management. It costs money but it's less than 600 pesos. I thought it's a waste but I was wrong, because after 3 months, I encountered a client that is looking for someone who can do reputation management and I was able to ask for more than the standard rate.
 
Where To Get Paid
 

I guess you have heard about Paypal? Well, if you haven't, paypal is an online payment processor that is widely used by many clients and service professionals. It's almost safe to say that around 80% of online jobs transaction happen though Paypal. For this reason, you need to have one, if you are to pursue a career online. 
 
Getting a paypal account is easy. You simply go to www.paypal.com and register there. The hard part is verifying your Paypal account so that you can use it to receive and withdraw money via your ATM account. You will need a credit card to do so, but there is an option provided by Union bank call the EON card where you will be given a debit card number that you can use to verify your account. To help you understand more, you can watch this short video: http://youtu.be/_Q7ZmzFsCw8
 
How Much To Charge
 

All of us wants to charge our client as high as they are willing to pay. Just imagine being paid 1k pesos per hour. Wouldn't that be nice? :) But for the mean time, the main question is how much should you charge your client and the answer is… "It depends." It depends on 2 things:  a) If you are charging by the hour & b) If you are charging by the job completed.
 
If you charge by the hour, your rates will be much lower compared to those who are charging by the jobs completed. The main difference is that, the per hour arrangement is more stable and frequent, compared to the per jobs completed. 
 
Another question commonly asked by many online professionals is "should they post their rates on their website?". I would recommend that you post your hourly rate and its variations on your site. Doing this will save you and your potential clients time because, lets say this client contacted you and your interview went well, everything is ok and they are impressed with you but when the time to ask for your hourly rate arrived and found out that she/he cant afford your rate, you basically wasted a good client. So better to list your rate online so that only those willing will be calling and contacting you. 
 
So there you have it. How about you? Do you have other tips or suggestions to add? If you have any questions about what I've discussed above? Feel free to post it in the comments section below this post. Don't forget to click the LIKE button and the Google+1 button to show your support to this post. Till next time and God bless.

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IGNhdGVnb3J5OjwvbGk+PC91bD4=