How Would an Immediate $50K Change Your Business?

How Would an Immediate $50K Change Your Business?

How Would an Immediate $50K Change Your Business? 150 150 Alicia East

If every late or missed payment you’ve ever had showed up in your accounts today, what difference would that make to your business? According to this report, more than half of freelancers have over 50K in unpaid/late invoices. That’s no small thing. It’s a kitchen renovation. It’s a really nice car. It can even be a security umbrella during an unexpected pandemic or an international crisis!

One of my earliest clients ghosted me on a small job. The client was (hand to my heart) a collections agency. The fact that I had just taken the scary step of leaving a regular job made the blow extra painful. I followed up for over a year before letting it go. I’ve had the good fortune of working for mostly wonderful clients but even at this moment, I have 2 invoices in the red column. Maybe you can relate.

No matter what, being a freelancer is hard. Especially at the beginning, when many freelancers operate like a one-man band. You pound the pavement to get work, you do the work, and then sometimes, you have to pound the pavement to actually get paid.

Among the other discouraging statistics, survey respondents reported the following:

  • 74% are not getting paid on time
  • 72% have outstanding, unpaid invoices
  • 59% are owed $50,000+

Okay, so how can you combat this discouraging truth?

1. Require Contracts And a Down Payment

This was one of my earliest adjustments. In addition to writing a contract prior to doing any work, I started invoicing 50% up front. This means even when someone flakes on the second half, it’s not a total loss.

2. Fill Your Pipeline With Work

Crew Connection empowers professional video service providers to take their schedules back into their own hands. Since our database is online and on-demand, it allows clients to search directly for you. Once clients find a potential match, they are able to message you directly to get the booking process started. Removing the middleman means you get high-quality clients and projects delivered straight to your inbox.

Your professional profile on Crew Connection lets you control your own destiny. Creating an impressive Crew Connection profile that includes your best stills, demo reel, and bio information helps you quickly build a pipeline of paying projects with our high-quality clients. A full pipeline and steady cashflow helps buffer you against slower times and late payments. 

4. Guarantee Net 30

Guaranteed payment in 30 days can be a game changer. Every Crew Connection job  is ensured within 30 days of receiving your invoice. Every. Single. Time. You don’t have to worry about harassing a late client or going up against a much bigger company.  Video production professionals have a powerful partner in Crew Connection.

And while you can do everything online if you want, you still have the same excellent service and support from our crew coordinators whenever you need it. Give us a call literally any time at 303-526-4900, drop us a message right on the Crew Connection website, or use our handy Crew Connection chat feature to get a quick response between 8 a.m. and 5 p.m. MT. 

The Bottom Line

Make sure you never have another $50K of lost work by setting up your own professional profile in just minutes. Crew Connection puts a suite of marketing tools at your fingertips. Get your demo reels, stills, gear, awards, and more in front of the biggest clients all over the world—for free.