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Running a small business is no mean feat. There are so many plates to spin, and you are solely responsible for every department from IT all the way to sales and marketing. 

Add to that the pressure of balancing the books, and it’s hardly surprising that freelancers and small business owners are susceptible to stress — with finances a major shared concern.

According to Quickbooks, 71% of entrepreneurs have lost sleep worrying about late payments. And a recent study by Fundbox found that when clients miss invoice due dates, 79% of small business owners can’t pay themselves at the end of the month.

So what can you do to avoid sleepless nights and lack of personal income? Simple: charge a late payment fee.

Working from home used to be a rarity. Remote working and digital nomads were unusual. And nine-to-five in an office was unquestionably the normal way of doing things in the world of work.

These days, however, working from home is an increasingly popular choice. With the advances in technology and software, offices are becoming far more flexible in their processes, and virtual collaboration has never been easier.

Plus, if you’re a solo entrepreneur or freelancer, WFH is often your only choice!

There’s no doubt that the COVID-19 crisis has been devastating for many businesses.

Sadly, this will be the end of the line for many companies — but for others, this is an opportunity.

Among the challenges and the turmoil, some companies are choosing to adapt. And, just like in the natural world, it’s those businesses that can best evolve in their circumstances will survive and thrive.

If your business has traditionally been an offline and/or bricks-and-mortar operation, this advice is doubly important.

But how do you go online and keep your business alive — without spending a fortune?

It might just be time to pivot.

As a freelancer or small business owner, chances are you’ve experienced the frustration of late payments.

You’ve worked hard, formatted your hours into a clear, concise invoice and emailed on time, only for your remittance to be days, weeks, or even months late. It’s every entrepreneur’s nightmare!

Yet, some businesses are experts at getting the money they’re owed. Instead of waiting weeks or months, they get paid in days (or hours!). But how do they do it?

We totally get it: when you’re a one-person team, you’re carrying a lot of weight on your shoulders. The success of your freelance business falls solely on you, and this pressure can leave you short of ideas and motivation.