On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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Sukanya

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The <a href="https://assets-global.website-files.com/60a241ae6727e385f83bb3f5/62d19f3e4e6e63282b6c08dc_Global%20Freelancer%20Survey%20Report%202022.pdf">Global Freelancer Survey Report 2022</a> reveals invoicing, billing and managing international payments as one of the top three freelancing challenges.

You have scaled your business by catering to global clients. However, each client has different payment terms and pays in different currencies. How do you manage all cross-border transactions with clients?

You can tackle this challenge using Skydo. This modern payment platform helps you streamline international payments for your freelancing business by opening an international bank account in just five minutes.

This blog explains how you can open <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts">multi-currency bank accounts</a>, with Skydo and track payments in real-time.

Create an International Bank Account with Skydo in 5 Minutes

Opening a virtual international bank account with Skydo enables your foreign clients to do a local bank transfer.&nbsp;

Once you receive the payments in your international bank account, Skydo facilitates a seamless transfer of funds to your Indian bank account within 1 day.&nbsp;

<a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts">Multicurrency accounts</a> reduce the risk of payment delay, payment failure and high transaction costs.

Here is how you can open an <a href="https://www.skydo.com/blog/seamless-payment-experience-with-international-bank-accounts">international bank account with Skydo</a> in 6 simple steps.

Skydo aims to tackle issues related to cross-border transaction issues for global freelancers. To open an international bank account, you should have at least one paid invoice and or a contract with an international client to show that you engage with foreign clients.

2. Documents Required to Create International Accounts With Skydo

Once you are eligible to open an international bank account with Skydo, collect all the following documents for virtual KYC.

Enter your email ID and verify it using an OTP to register on Skydo.&nbsp;

Next, you have to complete the virtual KYC formalities. The page will display all relevant instructions and the required documents to open an international bank account. You will have to click on ‘Accept and Continue ‘.

It will redirect you to a window where you have to enter your freelancing service details, bank account details and other relevant information along with uploading copies of the required documents.

After uploading relevant documents, you must verify your Aadhar number through an OTP sent to your mobile number.

The last involves bank account authentication, where a nominal amount of ₹1 or ₹2 is deposited in your bank account to verify the details.

The entire process is designed for a smooth and fast user experience which facilitates opening an international bank account within 5 minutes.

Benefits of Using Skydo for Your International Freelance Payments

The key benefits of using Skydo for freelance international payments include the following.

As a freelancer, you are alone responsible for client acquisition, project management, project delivery, sending invoices, following up for payments and all other operational tasks.&nbsp;

You can free up a lot of your bandwidth and improve efficiency by using Skydo's automated invoicing features.

Skydo provides <a href="https://www.skydo.com/blog/simplify-your-global-payments-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">customisable invoice templates</a> for each client and prepares automatic drafts. Moreover, it automatically adds the purpose code to each invoice and allows you to send e-invoices. Therefore, you can generate and send recurring invoices to clients in no time.

In addition to automated invoices, you can also send <a href="https://www.skydo.com/blog/receive-timely-payments-with-skydo's-automated-reminder-feature?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">automated payment reminders</a> to clients through Skydo in just one click.

It saves you the time and effort required to write several follow-up emails. The best part is that you can track your payment reminders and check when the client has viewed the reminder email.

3. One-Click FIRA Download for GST Compliance

The <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Certificate (FIRA)</a> is one of the most crucial GST compliance documents for Indian freelancers and businesses exporting goods and services.&nbsp;

It serves as proof of payment details and verifies that your foreign earnings are legitimate.&nbsp;

Most freelancers and vendors collect FIRA from local banks. However, seeking FIRA for each international payment requires a lot of manual effort.

Skydo simplifies this process by automatically generating FIRA for each cross-border transaction. You can download all the FIRA receipts in one click from Skydo's dashboard.

4. Flat Fee With Live FX Rate and Zero-Margin&nbsp;

Other payment solutions like PayPal and Payoneer charge a 3-5% currency conversion fee in addition to the transaction fee, which significantly impacts your total earnings.

However, Skydo charges a flat transaction fee of $19 for payments up to $2000 and $29 for payments of $2001-$10,000.

Moreover, Skydo charges zero margin for currency conversion, thus maximising your freelance earnings. You can view the live Foreign Exchange (FX) rate on Skydo's platform.

Check your potential savings through <a href="https://fx-calculator.skydo.com/comparison?utm_source=linkedin&amp;utm_medium=skydohandle&amp;utm_campaign=fxcalculator&amp;utm_content=2">Skydo's FX calculator</a>.&nbsp;

5. Boost Earnings from Freelance Platforms

Moreover, one of the best use cases of Skydo is that it enables hassle-free payment withdrawals from freelance platforms like Upwork, Freelancer, Toptal and Deel. This helps reduce transaction costs by up to 50%.

Skydo offers a variety of automated features to streamline your payment processes and maximise your savings. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to receive international payments hassle-free!

Q1. Why should I open an international bank account?

Ans. Receiving cross-border payments is a cumbersome affair. Payment completion can take up to 15-20 days. Not to forget the risk of payment failure, high transaction costs and hidden fees.&nbsp;

Opening an international bank account simplifies cross-border transactions by allowing your client to transfer the payment to a local bank account. It reduces payment failure risk and reduces losses due to currency conversion.

Q2. What additional features does Skydo offer?

Ans. Skydo is a comprehensive payment platform that offers holistic solutions for global businesses and freelancers. In addition to opening an international bank account, it provides automated invoicing and payment reminders, real-time payment tracking, automatic FIRA generation and an intuitive dashboard.

Q3. How many virtual international bank accounts can I open with Skydo?

Ans. Through Skydo, you can open a virtual international bank account in 20 countries, including the US and the UK.

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Freelancers and businesses are turning to platforms like <a href="https://www.fiverr.com/">Fiverr</a> and <a href="https://www.upwork.com/">Upwork</a> to connect, collaborate, and thrive. However, with a higher supply of experienced professionals looking for work, these platforms have become highly competitive. Which one should you choose?

In this blog, you will find the intricacies of these platforms, exploring their impact on the freelance ecosystem and providing insights into their prevailing saturation.

According to a 2020 <a href="https://help.fiverr.com/hc/en-us/articles/4409139668369-Hiring-freelancers-is-the-new-normal-statistics-say">report</a>, at least 2 million people officially joined the freelance workforce. As the <a href="https://www.skydo.com/blog/top-3-freelancing-trends-in-the-gig-economy">gig economy</a> expands, the Fiverr vs Upwork battle has reached new peaks.&nbsp;

According to companies' 2022 annual earnings reports, <a href="https://investors.upwork.com/static-files/a8118825-8d1f-49b9-884d-be8be6ad4eb2">Upwork</a> has 827,000 active buyers, and <a href="https://www.fiverr.com/news/report-20f-2022">Fiverr</a> has 4.3 million active buyers, which means the volume of opportunities on Fiverr is more than on Upwork. Simultaneously, the number of registered freelancers on Upwork and Fiverr has skyrocketed.&nbsp;

It is becoming more challenging for individuals aiming to secure clients and build sustainable freelance careers. Winning through this saturation requires a strategic approach and a keen understanding of the evolving dynamics of the freelance market.

Online platforms like Fiverr and Upwork serve as the connecting bridge between freelancers and clients, operating with distinct business models. Fiverr, known for its "<a href="https://help.fiverr.com/hc/en-us/articles/360011421218-Gig-policies#:~:text=At%20Fiverr%2C%20the%20service%20you,prior%20to%20placing%20an%20order.">gig</a>" structure, allows freelancers to showcase specific services, while Upwork is a comprehensive marketplace for various skills and projects.&nbsp;

Both platforms boast diverse services from graphic design and writing to programming and marketing.

The user experience and interface of Fiverr and Upwork play a crucial role in attracting and retaining users. Service providers are called freelancers on Upwork and sellers on Fiverr whereas the service seekers are called clients and buyers.

Freelancers can put filters to find jobs on Upwork and send proposals via <a href="https://support.upwork.com/hc/en-us/articles/211062898">connects</a> or respond to client requests. However, Fiverr sellers must create “gig packages” to find buyers.

The vetting process of both Upwork and Fiverr is confusing and there is no one-fit-for-all answer on how these platforms accept freelancer profiles. A freelancer with a <a href="https://community.upwork.com/t5/Freelancers/Very-Experienced-Freelancer-But-Can-t-Get-a-Job-Here/m-p/1425022#:~:text=There%20are%20many%20discussions%20about%20%22changes%22%20in,it's%20probably%20just%20not%20your%20turn%20yet.">3-year work experience on Upwork</a> might not be accepted at all on Fiverr for reasons unknown.

However, once accepted, you can receive profile badges based on the quality of your work. Upwork provides profile badges like Rising Talent, Top Rated, Top Rated Plus, and Expert-Vetted Talent.&nbsp;

Fiverr provides badges like New Seller, Rising Talent, Level One, Level Two, and Top-Rated Seller. These badges help clients or buyers find the right freelancer.

Understanding the pricing structures adopted by Fiverr and Upwork is essential for freelancers looking to optimise their earnings.&nbsp;

One of the most crucial advantages of freelancing on these platforms is that the payments are nearly hassle-free as they operate on escrow services.&nbsp; In escrow services, these online platforms take payment from the client at the start of work and hold it in an escrow account until both parties have agreed that the contract is fulfilled, at which point the funds are released to the service provider or a freelancer.

On Upwork, you <a href="https://www.upwork.com/tools/upwork-fee-calculator">pay</a> a flat 10% as a freelancer service fee on all earnings whereas the clients are charged a 5% <a href="https://support.upwork.com/hc/en-us/articles/4660220468499-Client-Marketplace-and-Contract-Initiation-Fees#:~:text=When%20you%20hire%20on%20Upwork,Marketplace%20and%20Project%20Catalog%20contract.">Client Marketplace Fee</a>. Fiverr <a href="https://help.fiverr.com/hc/en-us/articles/360010558038-How-Fiverr-works">charges</a> a flat 20% of the order value from its sellers and a 5.5% service fee from its <a href="https://help-pro.fiverr.com/hc/en-us/articles/17029612552849-What-is-a-service-fee-#:~:text=The%20service%20fee%20is%20charged,5.5%25%20of%20the%20purchase%20amount.">buyers</a>.

Let’s explore the strengths and weaknesses of Fiverr and Upwork.

For freelancers seeking diverse opportunities, you can check out alternatives such as&nbsp;

1. <a href="https://www.peopleperhour.com/">PeoplePerHour</a>

An online platform connecting freelancers with businesses in various fields. Freelancers in areas such as writing, design, programming, marketing, and other creative and technical fields can explore it.

2. <a href="https://www.flexjobs.com/">FlexJobs</a>

A job platform that focuses on remote and flexible job opportunities. It caters to individuals seeking flexible and remote job opportunities across various industries.

3. <a href="https://www.guru.com/">Guru</a>

A secure, flexible and cost-effective platform to find and hire expert freelancers. Top skills include programming &amp; development, writing &amp; <a href="https://www.daytranslations.com/blog/translation-skills-essential-skills-for-a-top-performing-translator/">translation,</a> design &amp; arts among many more.

4. <a href="https://www.toptal.com/">Toptal</a>

Toptal is a marketplace for top freelancers in software development, design, and finance. It is known for connecting clients with highly skilled professionals.

5. <a href="https://weworkremotely.com/">We work remotely</a>

We Work Remotely is a job board exclusively for remote job opportunities. It covers a wide range of industries and professions.

6. <a href="https://contra.com/">Contra</a>

Contra is a platform that connects freelancers with startups for project-based work. It aims to build long-term relationships between freelancers and clients. It is ideal for freelancers interested in project-based work with startups.

7. <a href="https://www.bark.com/en/in/">Bark</a>

Bark is a revolutionary way for local service providers and professionals to find jobs. This is best for professionals providing services in the home, garden, health, well-being, weddings &amp; events among others.

8. <a href="https://remoteok.com/">Remote Ok</a>

&nbsp;Remote OK is a job board specifically focused on remote job opportunities across various industries.

9. <a href="https://www.virtualvocations.com/">Virtual Vocation</a>

A job board that helps you find legitimate remote jobs quickly, easily and safely. It caters to a wide range of professions.

10. <a href="https://www.freelancer.com/">Freelancer.com</a>

It claims to be the world’s largest freelancing and crowdsourcing marketplace by number of users and projects. It connects over 71,212,893 employers and freelancers of almost all domains globally from over 247 countries, regions and territories.&nbsp;

With the increasing popularity of freelancing jobs, the pricing structure of platforms like Upwork and Fiverr is adding up to saturation.

However, Upwork has easier acceptance for freelance profiles than Fiverr even though it costs freelancers money in the form of Connects. With the <a href="https://support.upwork.com/hc/en-us/articles/211062898-Understanding-and-Using-Connects#:~:text=You'll%20receive%2050%20free,an%20established%20client%20on%20Upwork.">latest connect updates</a>, it is becoming more difficult for serious professionals to get clients. Fiverr on the other hand, is more difficult to crack than Upwork.&nbsp;

It is better to try alternatives to these online platforms as well as have <a href="https://www.skydo.com/blog/how-to-find-freelance-job-quickly">other avenues</a> to onboard clients instead of depending on third-party platforms.

Q1. What are the other Fiverr and Upwork alternatives?

Ans: You can explore alternatives like <a href="https://www.peopleperhour.com/">PeoplePerHour</a>, <a href="https://www.flexjobs.com/">FlexJobs, Guru</a>, and <a href="https://www.toptal.com/">Toptal</a>, <a href="https://weworkremotely.com/">We work remotely</a>.

Ans: The choice between Fiverr and Upwork depends on individual needs. Alternatives like <a href="https://www.toptal.com/">Toptal</a> and <a href="https://www.freelancer.com/">Freelancer.com</a> may offer different dynamics.

Q3. What is the best platform to start freelancing?

Ans: Fiverr and Upwork are excellent starting points, but exploring alternatives like <a href="https://www.flexjobs.com/">FlexJobs or Guru</a> can provide tailored opportunities.

Q4. What is the best way to become a freelancer?

Ans: You can start your freelance journey by identifying your skills, creating a compelling profile on platforms like Fiverr or Upwork, and gradually expanding to other specialised platforms based on your expertise and market demand.

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<a href="https://www.skydo.com/blog/how-to-build-a-professional-portfolio-as-a-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Freelancing</a> is a satisfying profession, bringing unlimited earning potential and flexibility. However, some freelancers struggle to book clients or build their portfolios to charge a rate they feel resonates with the quality of their work. But why do some freelancers easily book clients and negotiate a high rate while some freelancers struggle to sustain?&nbsp;

The answers lie in some ‘truths’ about freelance that are often overlooked but are crucial for success. This blog will unravel these freelancing truths, demystifying the secrets that can empower you to not only survive but thrive in the freelancing world.

Truth #1: You're worth more than you think (and your rate reflects it)

Myth: “Other freelancers are charging way less than you are; your rate seems high.”

The <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">rates you charge as a freelancer</a> are justified based on your expertise and experience. You should own them as you can add value through your qualitative work. For companies, hiring employees may cost more than your combined rates as the companies have to pay numerous benefits over salaries to employees but not to you.&nbsp;

Most freelancers charge on a per-project basis, further reducing the retaining nature of employee payments without factoring in the monetary consequences of sick leaves and paid vacations.&nbsp;

Hence, do not underestimate your value, be firm on your rates, and let your work do the talking!&nbsp;

Truth #2: Six-Hour Projects Are Eight-Hour Realities

Myth: “The work is not that extensive, that’s why the short deadlines.”

Projects rarely go exactly as planned. Unforeseen challenges, technical issues, or unexpected revisions can significantly extend the time needed to complete a task. Clients rarely understand a freelancer’s workflow and may set inadequate deadlines.&nbsp;

A six-hour deadline to complete a task may require more hours to research, edit, or align the task as per the objective.&nbsp;

Client communication, feedback loops, and revisions can consume more time than initially anticipated. Hence, it is important to analyse the communicated task extensively before starting the project to set realistic expectations from the outset.&nbsp;

If such is the case, you can charge on a per-day basis to factor in the extra time spent.&nbsp;

Truth #3: Downtime is not the enemy; it's your BFF

Myth: “The longer a freelancer works, the higher the earnings.”&nbsp;

<a href="https://skydo.com/blog/how-to-find-freelance-job-quickly?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Freelancers</a> often view downtime as unproductive and feel they are wasting time when they can work and earn. However, without a definitive downtime like salaried employees, freelancers must define their working hours and create a work-life balance.&nbsp;

Freelancers often work on tight schedules, and constant productivity without breaks can lead to burnout.

Once you start experiencing burnout, you will feel highly unproductive and struggle to do even the smallest tasks, forcing you to furnish mediocre work. Hence, it is important to take regular breaks, both daily and overall. Build "annual leaves" into your contract, and do take those breaks.&nbsp;

Remember, a rested freelancer is a productive freelancer (and a happy one, too).&nbsp;

Truth #4: You're a CEO, not a cubicle dweller

Myth: “As a client is paying a freelancer, the freelancer should behave as an employee.”&nbsp;

<a href="https://www.skydo.com/blog/how-to-file-itr-for-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">A freelancer</a> is not an employee and is not obliged to participate in a client’s micromanagement strategies. As a freelancer, you are your boss and should dictate your terms, which should be clearly defined in the freelance contract. Negotiations are always fine, but clients should not dictate your schedule and rates.&nbsp;

Recognise yourself as a CEO to create a mindset shift from thinking as an employee to a business owner. Approach your future decisions with a strategic mindset, considering the overall vision and goals you have to achieve through your work.&nbsp;

Reading business books can help create an authoritative mindset and set you apart from other freelancers.&nbsp;

Truth #5: Rush jobs deserve rush prices (and maybe a side of eye rolls)

Myth: “We don’t have the budget; can you complete it as fast as you can.”

<a href="https://dribbble.com/resources/about-freelance">As a freelancer</a>, you may often encounter clients who request urgent or last-minute work, expecting quick turnarounds without considering the impact on the freelancer's schedule. When clients think less time would mean lower payments, it should always be the other way around. For a freelancer, ‘urgent’ work should translate to ‘increase rates.’&nbsp;

Since freelancers work with multiple clients simultaneously, urgent work means that they have to work extra hours, and rushed jobs deserve rush prices. For urgent or tight-deadline work, ask for a higher rate. If it's a real emergency, they'll pay. If not, it can wait like any other request.

Truth #6: Work should fit your life, not the other way around

Myth: “A freelancer working from home can just start working any time of the day.”&nbsp;

Maintaining a healthy work-life balance is crucial, and it's essential to prioritise <a href="https://www.skydo.com/blog/personal-finance-tips-and-tricks-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">personal well-being</a> and lifestyle. It ensures longevity in your profession and reduces the risk of feeling burned out or disenchanted with your work.

Work is a part of your life, and it never benefits to make your whole life about working. Remembering that work should enhance your life rather than dominate it is a key principle for freelancers.&nbsp;

Create a balanced work schedule and communicate it with all your clients. Try not to think about work during your time, and ensure that you give ample time to your friends, family, and activities you love.&nbsp;

Truth #7: Honesty is the best policy (even when it's uncomfortable)

Myth: “As per the work schedule, it should not take more than the communicated deadline.”&nbsp;

No freelancer likes to miss deadlines, but there is no denying that project hiccups are as real as clients' missing payment deadlines!&nbsp;

They may not understand that there is always a possibility that something might come up for the freelancer to miss the deadline and ask for more time. However, on the freelancer’s part, it is always important to be honest when completing work within a set time frame.&nbsp;

While agreeing to a project’s deadline, it is important to factor in such hiccups and agree on a stretched deadline rather than waiting until the last day to confess project hiccups and ask for more time. Be honest with the client; they may surprise you with understanding and a revised timeline.

Truth #8: Desperation doesn't attract good clients; it attracts chaos

Myth: “Pleading clients for projects may help get projects”&nbsp;

Yes, there are times when freelancers need projects to earn enough to pay the bills. However, showing desperation to a client is never a good strategy, as leverage is one of the most important negotiating factors for getting good projects. Since clients need the work, you have leverage to negotiate better terms.&nbsp;

Being desperate and pleading with them to give you the project creates an impression that you are not getting regular work, possibly because of furnishing mediocre quality. Walk away from projects that smell like trouble. A good project is better than ten mediocre projects filled with headaches.&nbsp;

Truth #9: You're not alone. Community is your secret weapon

Myth: “A freelancer is a person who has to do all the work alone.”&nbsp;

One of the best things <a href="https://www.skydo.com/blog/transitioning-from-full-time-job-to-full-time-freelancing?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">about freelancing</a> is that numerous other freelancers are trying to book the same clients as you. Although such competition may seem like a threat, it can be a freelancer’s greatest asset. Why? Because you can book as many clients as you want and give the work to other freelancers at a lower rate than what you are getting.&nbsp;

Subcontracting the work to a fellow freelancer will help you earn more while allowing other freelancers to do the same and build their portfolios. Furthermore, collaboration is important to create a business synergy as fellow freelancers may also give you work in a similar situation.&nbsp;

The freelancing community is your biggest asset for insights, tips, and solutions to challenges you might face, contributing to your professional growth.&nbsp;

Truth #10: Your project is your baby, but your client has their priorities

Myth: “A freelancer’s work is the core of a client’s business.”&nbsp;

As a freelancer, furnishing quality work is of the highest priority. However, you should understand that the work you furnish may be the most important for you but is a small part of running a successful business for your client. A client is paying you for the work, and they just want your work to be their money’s worth.&nbsp;