Freelancing can be a gratifying engagement in Singapore. Whether a national or a foreigner, one has to find a niche, they are good at in freelancing, and when they do, they stand a chance to earn their livelihoods off it. Before moving into freelancing, you need to give yourself a cushion. Firstly, the industry is not predictable. You may get a gig once a month. As much as you may get a hefty pay, it may only come once in a long time. And secondly, after the job is done, you don’t have a guarantee of payment.
Also, some freelancing gigs pay less than others. Getting a stable clientele also helps mitigate challenges that can be witnessed in the field due to low demand or an escalated competition. Therefore, this post has highlighted a few precautions that you can take to survive in freelancing in Singapore as a foreigner.
- Plan ahead
Freelancing has got no security of work or inflow of income. This is why it is necessary to have a brilliantly laid plan to help you in stressful situations. Planning ahead involves looking past the current timeframe. It consists in looking to the future maybe three or four months ahead. So, if your check is to be delayed or the payment delays, then you can survive on the contingency plan you had laid earlier. It is advisable to be proactive about things if a payment is going to delay, do not let it become a deterrent to your plans, including payment of debts or bills to lenders. You don’t want to have an adverse profile on you in a foreign country.
- Monitor your finances
In most of the online freelance jobs, you are likely to be paid through the bank or other money transfer and payment platforms. Therefore, cash inflow records are guaranteed. What is not promised is the control over the cash outflow. If you have an automated payment system for your utilities, you may lose track of your finances. Before you know it, you have negative balances that may adversely affect your operations. Since money inflow may not be within your control, cash outflow is controllable. You can put a ceiling to your monthly debatable cash, you can open a utility account that will be independent of your main payment account or you can create a system where you have a finger in every payment that may be initiated from your account. This way, you will create a strict network in which you will have full control of your finances. If you need to borrow, always go for the best deals. You can click here to see some.
- Build a cushion
A cushion is meant to be your insurance plan in case anything goes contrary to plan, or an unplanned emergency occurs. Due to unguaranteed job security with freelancing, work will be affected badly when you fall ill, or lose working equipment. Whenever anything nasty and unexpected occurs, your job will be compromised. Therefore, mitigating such emergencies will need you to have developed a solid plan to cushion you and the well-being of your family.
Being in a foreign nation may be a disadvantage since some lenders may deny you credit for the same reason. Being away from your country without contact and away from family may prove a serious challenge when you get into a problem that requires immediate intervention.
Also, a cushion may come as a form of an insurance cover. Financial experts believe that some losses can be prevented if a freelancer on contract takes out a cover on the contractual job being carried out. If the party is not paid or the finances have been delayed, then the insured can take compensation in the meantime to settle all urgent bills. Ask around the insurance companies that offer covers on jobs and contracts, and if it suits you, then consider getting yourself insured.
- Remit taxes
You are in a foreign nation. If you are reported to be tax incompliant, this alone can get you deported, and your immigration papers are termed void. It is only logical that you honor your tax obligations as instructed by the government of Singapore. Remember to file your tax returns annually to ensure you are on the right side of the law. Since freelance work does not have a specified salary division, consult with your lawyer or the tax body to get a clarification on how much you are required to remit.
- Communication
Communication is what makes a freelancing job to tick. Whether you are at home or in Singapore, you have to ensure that your clients reach yours at the designated times. Also, it is advisable to have a way to send feedback to your clients. It is easier to have a system of communication 6hat works so that the customers do not feel sidelined. Also, communication can only be as important as its timing. Develop a system where you can trace those who are making bookings, those that have paid, and those who are not in opposition to bringing forth the payments. Such a system helps you to carry out your work seamlessly, such that you may not have issues with your finances, communication, and accuracy.
- Build a reputation
Freelancing requires marketing and promotions to thrive. One way of building a successful image is if you do excellent work. Your clients will be inclined to rate you well. It would work to your advantage if you were to get a larger rating that will then guarantee work and better pay. The other way is by forming a website where your clients can look you up, or turn to the influencer’s to help grow your image.
The Bottom Line
Surviving in a foreign country such as Singapore may not be your daily meal. It gets even harder when you have a job that, in itself, is very unpredictable. Surviving in this field and in a foreign country requires you to be always on the safe side of the law and at the same time, providing services to those in need. If there is a way to monitor your finances as well as keep the work afloat, then you will be safe.
