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The post UK Open Banking Celebrates 8th Anniversary With 16M Users appeared first on TechRepublic.
About a year ago, an advertisement caught the attention of Ashleigh Ruane, a PhD student in physics at the University of Cambridge. The ad was simple but unusual: Teach AI about physics.
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I had to submit my résumé for a role. Then I went through three interviews, with nearly identical questions each time.
The problem? The role was for a freelance writing position. Not to become a company employee. I got all the way to the third interview only to learn that the role paid a fraction of my usual rate, even though I’d provided my rate up front.
I’m experienced enough as a solopreneur to know that going through three interviews was a bad sign. The potential client wasn’t communicating internally (as confirmed by the fact that my rate had been overlooked). Multiple interviews are incredibly uncommon in my line of work, and indicated to me that the company didn’t know how to work with a freelancer.
When you’re a solopreneur, bad clients cost you time and money. They also crowd out better opportunities and put a strain on your bandwidth. Client selection is a core business skill. And if you’re not in a position to turn down work, you at least need to know how to handle sticky situations when they come up.
Red flags during the sales process
The best time to spot a problematic client is before you sign anything. That’s when you can decide whether the client will be worth the hassle or not.
Here are some of the most common red flags I’ve experienced talking with potential clients.
Vague project scope. “We’ll figure it out as we go” sounds flexible, but it usually means the client hasn’t thought through what they actually need. That ambiguity becomes your problem once you’ve signed a contract, and it can be hard to rein in.
Requests for free work or unpaid “test projects.” There are very, very few scenarios in which I believe a solopreneur should do any unpaid work. I’ve seen unscrupulous companies use submitted test work without providing any compensation—essentially, free labor for them. If a client needs to evaluate your skills, point them to your portfolio or testimonials. Or negotiate a paid project.
Unrealistic expectations on timeline or rate. If a potential client lowballs you, the relationship will always be lopsided if you accept. Many solopreneurs juggle multiple clients, so saying yes to low-paying work or expedited timelines can impact your other clients.
Simple script to use: “My rates start at $XX. If that doesn’t work for your budget, I’d be happy to recommend someone else who might be a better fit.”
Red flags during the engagement
Sometimes you have no idea that a client will be a nightmare until after you start working with them. But before you know it, some red flags tell you that the client relationship isn’t going well.
Scope creep. You identify the scope of the project and put it into the contract, but the client continues to come back to you with additional requests. If you accommodate the client, this erodes your effective rate when you “donate” extra time—and requests can add up, fast.
Simple script to use: “This wasn’t included in our agreement, but I’m happy to do that for $XX additional amount, and it will take YY additional time.”
Framing it this way clarifies that additional work has additional costs.
Poor communication. Some clients expect instant replies, treating you like an employee who should be available whenever they need something. Or they take forever to reply, and you can’t move forward. In both scenarios, you need to be proactive. Let clients know your expected response time (like you will respond within 24 hours). Make sure they are aware that a delayed response on their end will have a negative impact on the project.
Delayed payments or ghosting on invoices. These are the clearest signals that a client relationship isn’t working. Drop that client, fast. You shouldn’t have to chase a client for money that’s owed to you.
Protecting your business
Every solopreneur says yes to an imperfect opportunity or has engagements with difficult clients. It’s part of the business. You don’t have to say no based on red flags, but you do need standards—and the language to enforce them.
The earlier you learn to spot red flags and respond to them, the more options you’ll have.
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Muhammad Ali once joked that he should be a postage stamp because “that’s the only way I’ll ever get licked.”
Now, the three-time heavyweight champion’s quip is becoming reality.
Widely regarded as the most famous and influential boxer of …
