Playbook / Lessons / First customers: the offer, the price
Cash-flow businessOffer a discount for paying in full in advance
Vadas says chasing late invoices is the usual freelancer's problem and that getting paid in advance is easier than it seems. He offers clients a choice: 50% up front and the rest on a set date, or full payment in advance for a 10% lower fee. He reports that 8 out of 10 clients take the reduced fee.
“Getting paid in advance lifts a huge burden off your shoulders.”— Ian Vadas, Solve your cashflow by getting paid up front, Aug 2016
Do this
Offer your next client the choice of 50% up front or a 10% discount for paying in full in advance, in the same email as your contract this week.