Your business will start experiencing multiple challenges when the income generated becomes inconsistent. You cannot predict the amount you will be generating from the business during its first days. As a result, you will face several challenges when planning for the business’ future. Therefore, creating more consistent streams of revenue within your business will ensure that you feel more secure financially. You will also have less worries of your enterprise plunging into losses and eventual closure. You can only get constant cash flow if you follow the clues below.
You need to come up with a perfect payment plan that will be used to pay for your services. You need to sell your services to buyers in such a way that it looks like a payment plan. In this way, you can get a constant flow of income that is spread over several months or weeks. You can request your customer not to pay you full amount for this service, and allow them to pay you in installments for a period you can both agree. This will ensure that you can predict when you can get money, and how much you are expecting, as the client gets more time to look for the money to pay you. This company will benefit from this scenario, and the client will equally be satisfied with that option.
You can as well ask for retainers before commencement of work. You can request for some commitment fees before you start the work, and you can work in the agreed times. If you are tasked to manage a certain company’s website, you can ask the management of this company to give you a down payment and get paid the rest after the month. You will then work throughout the month and receive the other payments later. When you do this, it means that you will have shifted from getting paid per-service, to getting paid per-week or per-month. In the beginning or end of every month or week, you can be assured of getting a certain amount of income.
Finally, you need to look for clients who offer commission advances. Your business will be affected in a negative way if you get paid on commission and you are required to offer your services before you can have your money deposited into your account. You should opt for a client who can give you a commission advance and then deposit the rest of the money in your bank account once you are done with the work. In this way, you can be guaranteed of some cash even before you offer them your services.