1. Use free online tools like Skype and Google drive to save time, effort and money.
2. Keep a requisite amount of savings for times when you do not get enough work.
3. Continue doing a day job before turning into a full-time freelancer. And you can quit when you have enough work as a freelancer.
4. It is advisable not to take a loan as this would add to your interest costs.
5. Invest surplus funds in stocks or mutual funds to keep earning an interest income.
6. Keep your hardware costs at a minimum. Buy a used PC/Laptop from a friend or a relative at a lesser price.
7. Keep a record of all your expenses. Ensure you avail all of your tax deductions and save on your tax burden.
8. Keep bidding and looking for newer projects. This will help you get regular work.
9. Use an appropriate time tracking application to track your hours. This will help you bill accurately and get paid well.
10. Bid for projects on freelancing platforms and find work cost effectively.
11. Write relevant and useful guest posts to promote yourself online. This is a cost-effective method to market your skills.
12. Keep a track of your daily expenses and keep them under control by setting a limit for the same.
13. Connect with people who have complementary skills to get more work through their contacts.
14. Keep learning and upgrading your skills online. If your skills match up to the latest standards, you shall find work more easily.
15. Create your profile and add your portfolio to freelancing platforms like Odesk and Elance for free.
16. Keep your fixed costs like office rent and electricity to a basic minimum.
17. Handle your work related to accounts and taxes all by yourself. You can even use online tools like Invoicera.
18. Use online tools to add a late payment fee to invoices as it will help you get paid on time. Besides, it'll also get you the right compensation from late-paying clients.
19. Send automated payment reminders to clients when their invoices get due, as this will not only save time, but cost of follow-ups as well.
20. Get a health insurance for yourself to save the risk of spending a huge amount on sudden health problems.
21. Manage a to-do list and make sure you deliver the work to your client on time. This will not only help you retain clients, but will also help you get regular business.
22. In order to reduce the possibility of an invoice reduction, send detailed reports of the work you have done for the client.
23. Hire freshers to do the surplus projects that come your way. They'll not only work for you at a lower price, but will also add variety to your assignments.
24. Cut down on office maintenance and keep it to a minimum level.
25. Use online tools to take notes as this will help you save paper and go green.
26. Leverage social media platforms to market yourself.
27. Once you receive your payments on time, send thank you mails to your clients as this will help you build positive relationships with your clients.
28. Ask your clients to make the payments online because it will not only save on time, but would also bring down operational costs.
29. Add more wings to your earning capacity by using a free-speech recognition tool to save time while typing.
30. Avail the best prices and offers on whatever you need by shopping online.
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