How many times have you been there, too? The work – you’re drowning in it. Yet the cash for that work? Let’s just say Casper makes more appearances than your checks.
At the moment, I have about $7K in outstanding invoices. Only one is just slightly overdue. Taxes are due on the 15th (you do pay quarterly taxes, don’t you?). Car inspection due in October. Oh, and I know I need two tires for the Jetta.
I saw a slowdown somewhere in my future, so I saved up. However, I didn’t save up enough to buy that laptop for the kid (hers died just before she left for school). I planned on paying a few hundred for her books, but not a few hundred more for her tuition not picked up by loans. Cha-ching. So now I’m here waiting for cash that isn’t here, watching my nice nest egg dwindle like fresh-baked cookies on the counter top.
Today will be spent chasing down invoices. The late-ish one will get a reminder and a “Can you help me locate the payment?” plea. Then I’ll spend some time sending out queries for some article ideas, finishing up an article, and organizing my workload for this month. I’ll check in with some of my regular clients and see what they expect in terms of work for the upcoming month. I’ll touch base with people who just a few weeks ago wanted me yesterday for their projects. I’ll see if I can get something lit under a few heel draggers. And I’ll wait for the second half of the big project to begin.
Am I the only one compulsive enough to want to have my month laid out in front of me in terms of projects? When it slows down for you, are you on top of it instantly? If so, how long did it take for you to learn that? It took me almost four years to see that when I was busy, that’s when I needed to be marketing. I still don’t get it perfect, but I’m learning.
Yeah, I’m waiting for a stack of invoices myself. The story, of course, is that stuff was mailed last week and “it must be the holiday”.
Um, even on a holiday, it doesn’t take six days for a letter to get here from NYC!
I’m bad about marketing properly when I’m doing shows, because the hours are so insane and I’m so tired I can’t think straight. Plus, I’ve focused so much on fiction the past few months, I have to get back to the business writing — it pays more quickly (usually).
Lori, I feel your pain. I had a bunch of money tucked away in July to do a makeover on my husband’s office while he was out of town. Mission accomplished, he loved it, and just as the credit card bills from the project started rolling in, I had to unexpectedly replace a vehicle. Oldest started college classes and books were more than we thought they’d be. Then the computer our younger kids use got fried when the power flickered yesterday, and apparently it’s now only good as a paperweight. Three months after it’s out of warranty, of course. I’ve had too many slow payers this summer, and a big job that got cancelled that I never replaced it. The down time was fun, but not the cash crunch. Thank goodness I religiously set aside tax money and never touch it.
Okay, this time I get it. I have got to market even when I’m crazy busy.
Great idea, Eileen. Set aside tax money. It’s so simple, it’s brilliant!
Devon, I so feel your pain! That “Gee, it must be in the mail” story is sooo old with me. Okay, prove it. Prove you mailed it and the post office somehow never delivered in a sensible amount of time the check that’s already late. Right.
What do you suppose they tell their utility company when that bill is late?
lori,
I learned that lesson this summer – or so I thought. I was slammed with work last week and did not market my services once! And I know better than that too! The work I have this month is the result of marketing relentlessly over the summer. Got to keep it up – November and December are just around the corner!
I learned my lesson a few months back when I was over-crammed with deadlines and didn’t bother to even sniff a job board for weeks. Then I felt the pain for weeks afterward. Now I get up an hour earlier every week day and churn out the queries, responses and applications.
I hear you on waiting for payment as well. Taking upfront deposits helps, but now I’m at a point where I have a load of regular clients whom I just bill at the end of the project. I currently have over $900 dangling just out of reach!
Ugh. I almost forgot about taxes.
I’m chasing down money too. One editor said a check would be cut on August 14. I’m assuming that check would have been several thousand dollars. I have not seen it yet.
Oh, and don’t most writers set aside money for taxes? I have a special account set up, 1/3 of every check goes into that account. It is only touched for taxes or business-related expenses. That way, no pain at tax time.
I’ve never done that, Sue. Honestly, I’ve never had enough to set aside. Now that my money pit has taken her game to college (snark), I’ve been able to save more cash. It’s amazing how much of your cash a teenager can waste. ;))
I definitely have about $2500 in payments I’m waiting for and am about to finish a $4600 project..so I’m in the same boat as you Lori….
I’m pretty fortunate right now in that none of my clients is much past 30 days. However, I do have some duty-juggling issues, such as putting off invoicing and marketing when I’m too busy. I’ve found that when you send invoices immediately after completing a project, they’re typically paid quickly. When you wait, you also end up waiting. And as for the marketing, well, I still find that I’m either swamped or scrambling (fortunately more frequently the latter), so I obviously haven’t figured that whole thing out yet.
Lori, I am just wondering at what point the “can you help me locate my payment” turns into “you better find that payment before…(insert some bad penalty here) happens”
$7k in unpaid invoices? Ouch! I haven’t had a client skimp out on me yet so I should count myself as lucky. Yes, it would be nice to have work for the whole month laid out. I remember a few months back, I was operating on a day-to-day basis. Now I’m usually booked out for a week, so maybe someday I’ll be able to plan a whole month in advance.
Oh, and I forgot to mention that if I don’t have almost a whole week of work lined up for the following week each Friday, I feel really uncomfortable.
Sal, I give them three months. Each month it’s late, there’s a 25% late fee. After 90 days, the invoice is sent with two late fees (compounded), and now there’s a note on the invoice: “Please pay within 10 days to avoid litigation.” The mention of pending litigation also goes into a note to the client, such as: “Note the attached invoice, which is now 90 days overdue. Please be sure to send payment within 10 days so we can avoid unnecessary litigation.”
I’ve never been stiffed.
It’s not as bad as it sounds, Melissa. All but one are current. The other one is being located. They’ve paid on time many times in the past, so it’s probably a matter of finding it and paying it.
@Lori: That is a great idea. I might have to steal it for future endeavours. And apparently it has great results too.
Feel free to steal it, Sal! If it works, go for it. And for me, it’s worked beautifully.