12

Whilst not truly passive, if you are a web developer then offering maintenance/hosting is a great way to boost income and build up a stable monthly income. Another great way is to create a product. For designers and developers the likes of codecanyon and themeforest can be very lucrative. Edit to answer a few points: Hosting - Too cheap and requires a ...


11

The first step is to be clear with your employer about your plans. If he gave you the green light, then read the following lines. If he did not give you green light (a reference for other readers of this topic), then you should visit a legal advisor to review your contracts. Employers are not always right and fair. Now, you're asking how to approach to ...


10

You should never neglect your health. You should sleep for about 6-8 hours a day to be healthy. You can end up in trouble at a later age. Plan out in such a way that you don't overwork and you need to skip your sleep. You can work for 8 - 10 hours a day and still end up finishing the project. If you end up with minor bugs you can speak to the client and ask ...


10

If you already know what you want out of your business and how to go about it, you already have a business plan. Perhaps not formalized and written down, but one nonetheless. There are several things you can get from putting it down in writing: You have a comparison point - something that you can use to compare the vision to the reality and that will allow ...


8

I am in the fifth year of running my own web design and development business. I hired a legal professional to help me with my terms and conditions and despite the copyright notice on my website, my terms and conditions have been copied by web design and development firms all over the world, often with very little changes. I guess I should be flattered! How ...


8

If you want to focus on passive income while simultaneously working on other projects, I would recommend you take a partnership with some trusted client of yours on a project. I have many clients of mine who offers a partnerships on the projects. In turn, I develop the requirements for a cheaper rate. Since there are trusted source, I am in a win-win ...


7

As a developer freelancer as well I would recommend two things, first think of a product or service you can make once and then support and sell, as that way you can scale. Things like support do scale but can also swallow time that you were not planning, and like some of the other comments say can often be a hard sell. Second with your product or supporting ...


7

First off, remember that Linux is marketed as very robust, open source, and free (with a few exceptions). Can you keep that philosophy? The reason distributions become popular are for different reasons. Ubuntu became popular because someone was able to make all the decisions, and choose where development happened. Debian is build to be rock solid, but doesn'...


6

This is not a complete answer, as I don't really have time to write one at the moment, but I wanted to take a minute to address a few issues relevant to the contracting questions you raised in your post. (My apologies if any of this seems self-evident or is already on your list of things to do.) Do you draw up a contract and what general things are ...


6

You are not informed properly, retainer money is not returned! This is true in the IT industry, especially programming, and some other industries like legal. In other industries, companies don't usually use the term "retainer" as they don't want to return unused money. That is why you will more often see them sell premium support or similar service which ...


5

In the past I myself did the same. And with time I became concerned by the rightness of this (what I now call) bat habit of mine. Unfortunately, I still do it. Not as intense as in the past but sometimes, without intent I wake-up at four in the morning still coding. Maybe a new feature (which I start at midnight after I end a project for some client) or ...


5

Wow, Teresa was spot on! I'll add this: Wherever the road takes you, a repeating theme you're going to see is "move the risk". What is that? Let me give you an example. You're a web designer. When you're using your favorite HTML tool - that you've spent good money on - and something's not quite right, you can PICK UP THE PHONE and get an answer (to ...


5

Here's a question for you - what sort of structure are you providing to encourage your people to perform? Do you have a mutually beneficial and understood verbal or written contract that specifies who is responsible for what, what kind of work each person is responsible to put in to be counted as a full participant, and what kind of rewards they can expect ...


5

Absolutely, it's allowable to get help with projects! But you take on a different type of role, depending on the project: the Project Manager. First off, decide if you really need someone else coming on, and taking money from you. Yes, they may make you lots more money, but many people want to hire people for the lowest possible rate; can you accept that ...


4

Please bear with me as I set up and use this analogy from my days as a real estate agent: In the US, Real Estate Agents typically get paid a commission when escrow closes, that is, when the transaction is complete and the property is sold. It usually takes around 30 days and it's not uncommon for a deal to fall-through or cancel even at the last minute. ...


4

Well you covered most of it. During the research phase when the client is not sure whether he will start the project or not, you will not be able to avoid couple of free hours of work. that's just the way for both of you to realize whether you can finish the project and for the client if he has money for it. If it takes more than a couple of hours that ...


4

So you are just starting your business. You have no background in doing the forecasting and you are confronted with what to put here. It's scary. Introduction The good news is that you don't have to take this too seriously in this case. Chances are your estimates are either targets or just guesses anyway. As we get better at it, we typically just get ...


4

Peter is absolutely correct. Retainers are NOT refunded if the time is not used. Retainers are to ensure that if something comes up that's urgent, you will drop everything possible to see to their needs first. Since this arrangement potentially results in an "opportunity cost" to you, the money is yours to keep even if no work needs to be done that month. ...


4

I heard from many people that Gibraltar has good taxation. You should check it out. Others opened a company in Germany as it has a great refunds and benefits for companies. The third group opened a company in South America (I think Chile) as it gives great benefits to any foreigner who wants to open a company. It would be great that you come back here ...


4

Mutual kindness, gentleness and thankfulness is very important to keep long term good relationships with clients. I have many clients who could go to any other freelance but they always wants me because we enstablished a good work relationship based on mutual respect, personality affinity and things that goes beyond the work task to complete. For example ...


4

First of all keep in mind that freelancing always is a risk. Sometimes things are going well, sometimes not. Sometimes I love to be free and having no boss, but sometimes I really hate the responsibilities and problems which you only have as a single freelancer (you probably know). I was in a pretty similar situation and here is how I got out of it: Take a ...


3

If you insist on sprinting to complete the project at the beginning, I would suggest looking into polyphasic sleep as a possibly healthier alternative. Basically, instead of sleeping once per day for 6 to 8 hours straight, you spread your sleep time across each 24-hour period and require less total sleep-time in the process. It might give you a head start on ...


3

Short Answer: It depends Longer Answer: It depends on whether you, your business or your business's future direction require one. A business plan is just that: a plan. It identifies a way from here to there with the steps in between. If you (and your business) are happy the way you are, having a Business Plan stating "No changes" is a waste of paper! ...


3

I don't really see any options other than target a different market. Start selling to smaller companies. Build your business. Once you do that, the concerns of the large corporations will be reduced. They want to protect their ass. You're not going to trick them. Build a business, then grow into the enterprise market.


3

First, let's clean up the language: Every individual conducts BUSINESS. As with you. Whether you "own" a business or not, if you work for somebody else, you're in the BUSINESS of transacting between your employer and yourself, Alicia Uhacz (let's pretend that you're Alicia Uhacz, Inc -- it'd be the same!) There are several business forms: Sole ...


3

Whenever offered equity I have informed potential clients/employers that accepting equity would make me an actual investor, meaning I will need to perform due diligence of their company's financial state, be informed of the business model and strategy to a much larger degree than a mere employee. This usually makes the owner back down and either offer ...


2

This topic is very broad and so nothing beyond a very broad overview is really possible to give a very basic overview, namely where to start or begin, in the hope that this gets the process going. More specific questions may also have significant answers. Before you begin Who are you writing the business plan for? What do you want out of it? Different ...


2

Short answer yes, but a business plan helps. Long Answer There are two traps that come from business plans, IME: Not having one, and following one closely. This seems contradictory but it is not so much. As Eisenhower said, "Plans are nothing; Planning is everything." The major point of preparing a formal business plan is to think through all of the ...


2

I have no direct experience, but what if something happens to one of the dogs? Escapes, gets run over? In such situations it would seem that insurance would be important to cover your liabilities but also be useful for your customers' piece of mind. Also, what if one of the dogs causes damage to a third party? It seems insurance for that would also be very ...


2

It's hard to give specific answers without knowing what field you're in. I can give some examples... As part of my course we interviewed the founder of a small "boutique" design agency — although not freelancers, they had the same issues of variable income depending on how many projects were coming in. They had a number of things they were doing to try and ...


Only top voted, non community-wiki answers of a minimum length are eligible