Freelance traders have been hit hard by the global restrictions on movement introduced to combat the SARS-CoV-19 pandemic. Many freelance traders throughout the world are facing uncertain periods without employment and with a huge reduction in the number of profits that they are making. This is a time in which, for many, income is not guaranteed, which is why it is time for freelancers to begin adopting trading strategies that will help them to make a profit and to combat the law of wages they are experiencing because of global lockdowns and restrictions.
This page will hope to tell you a few trading strategies that you can use to make a profit as a freelancer during these terribly uncertain and tumultuous times.
The strategies here will be briefly discussed – and subject to your industry and the nature of your business – you should be able to adopt them and make them work with your business model. It is important that if you are experiencing extreme loss of finance that you sign up for government financial support – you do not have to endure the financial hardship.
Here are a few trading strategies that help freelance professionals make a profit.
Taxes
Albert Einstein is once alleged to have said that taxes were the hardest thing in the world to understand. If a man like Einstein couldn’t understand them, where do we stand? Many people will turn to taxes for independent contractor guide when they are experiencing difficulty with their taxes, others ring the Inland Revenue (or HMRC) and discuss it with them. It is very important that you file your taxes properly should you want to make maximum profit when you are working as a freelance trader.
Your taxes will stand between you and the money that you have made – if you file them incorrectly, you could be subject to massive fees and may find yourself overpaying on your taxes and losing money. It is essential that all freelancers do their taxes properly, lest they lose income, which is needed now more than ever before. Do your taxes diligently and meticulously.
Cold Calling
Most freelancers can find a business through cold calling. It is strange that more freelancers do not do this, considering the massive amount of profits that they can make. Cold calling can see you taking clients from your competition and making new clients that did not even know they needed your service. Cold calling is a great way to make money as a freelancer, and every freelancer, no matter what their field of business is, can do it. Get started by sending out emails to everybody and anyone – if you are an independent tradesman, then begin door-knocking and offering your services in the local area.
Buy Low, Sell High
Buy low and sell high is something we have all heard before – and something we have quite likely laughed at. It is, however, a phrase that carries a lot of meaning, and is very true. This is the phrase that can carry you through financial independence. When you are working as a freelance trader, buying your goods for the lowest price possible is essential to making a profit. Many freelance traders simply settle for the first wholesaler they can find – this is a mistake. It is essential, especially now, that you shop around and find a wholesaler that offers you the cheapest priced products without compromising quality.
You can do this by browsing marketing forums and web pages, as well as looking internationally. You can often find wholesalers internationally that offer fantastic deals and can give you great discounts.
Digital Marketing
With so much time spent indoors, social media has seen a massive boom; because of this boom, you can market your service more effectively digitally. Digital marketing is a massive industry and one that has thrived for many years. Now, with so many people staring at their phones all day to stave off the boredom of isolation, you can launch an online marketing campaign that can take your business to success overnight.
Digital marketing is definitely a great way to spend your isolation, even if it bears no fruit. You can try out social media marketing, which is one of the, if not the most, effective methods of digital marketing.
Lower Your Price
If you are a freelancer who works as a writer or content creator, a fantastic way to make a profit and draw in business is to lower your asking cost. Freelancers who charge more are more likely to get a reduced amount of business than those who charge less. Now, with the help of this page, you know how you can make a profit as a freelancer during these troubling times. With the help of this page, you can turn your business into an overnight success. Good luck!
