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This year’s election in New York City is going to be huge. Due to term limits, the mayor, comptroller, and fully two-thirds of City Council seats are open to a suite of new challengers. It’s an opportunity like no other to make meaningful change for our community. Freelancers Union represents more than 500,000 members, more than 150,000 in New York City alone. Freelancers are the backbone of the economy, yet they are still left out of many important policy discussions. But we have the power to change this! When we organize our members around important policy issues, like Freelance Isn’t Free, we have been able to make huge steps forward. We believe that supporting candidates who back freelance issues is an important step to building our collective political voice. (Share your thoughts on the upcoming mayoral race) This year, we’ve assembled an endorsement committee of six Freelancers Union member volunteers, from different industries and backgrounds, to help us select the candidates that we will support in this election. For the City Council races, we identified five key districts where we know many Freelancers Union members live and work, and reached out to the candidates running in those districts with a questionnaire on freelance issues such as wage theft, housing, and racial justice. The endorsement committee then interviewed these candidates before voting for their preferred candidates using a ranked choice system. Together, the five candidates they recommended for endorsement are a freelance Dream Team representing a range of experiences, strengths, and passions. Some, like Chi Ossé, are stepping into the political ring for the first time after serving his community as an advocate and activist. Others, like Julie Menin, have operated within NYC politics for some time and have a wealth of knowledge about how to get things done. All of them expressed a commitment to work together to make freelancers’ lives better. Read on to learn about our City Council slate and find out how to work with us to get them elected. Erik Bottcher in District 3 in Manhattan (Flatiron, SoHo, NoHo, West Village, Chelsea, Hell's Kitchen) "Independent workers are an increasingly integral part of the 21st-century economy and will only become more integral in the future. Council District 3 is home to thousands of freelancers, and as a Council Member, I plan to make them a focus of my efforts in employment and economic development." —From Erik Bottcher's candidate questionnaire Tiffany Cabán in District 22 in Queens (Astoria, East Elmhurst, Jackson Heights, Rikers Island, and Woodside) "During her interview with the committee, Tiffany Cabán explained that while 'our systems are laid bare in a way we have not seen before' under the current crisis, she also sees this as a turning point that invites us to reimagine those systems, making them smarter, stronger, and more relevant to today's workforce. To that end, Tiffany comes across as a sharp thinker who is knowledgeable about government, at all levels, and is committed to giving the freelance community a voice in developing sound policy around worker rights and protections." —Endorsement committee member Chris Marte in District 1 in Manhattan (Lower Manhattan) "I like Chris Marte because he understands the plight of freelancers from firsthand experience, and has practical ideas for how to correct the long-standing problems we face as a community of self-employed workers. Through his work with the SWEAT bill, Chis has demonstrated his commitment to addressing one of our most common issues: wage theft. I think he would be a true advocate for us should he be elected to city council." —Endorsement committee member Julie Menin in District 5 in Manhattan (Upper East Side) "Julie Menin’s diverse professional and personal life experiences, in addition to her practical yet compassionate perspectives on governance, are the reasons why I am grateful and proud that the Freelancers Union has chosen to endorse her for City Council. Julie not only understands the great challenges facing our communities today on an intricate level, but she also has real, concrete plans about how to solve each problem. Julie has a demonstrated way of critical thinking combined with an inclusive attitude and sense of urgency that make me relieved as I imagine our city’s future in her hands." —Endorsement committee member Chi Ossé in District 36 in Brooklyn (Bed-Stuy and Crown Heights) "I am an independent contractor who is acutely aware of the impact that gig workers and freelancers have on this city’s economy. Freelancers make up 34% of New York City’s workforce, and 33% of Brooklyn’s. The freelancers’ contributions to the City will increase in this COVID-affected economy — especially with the current fragilities of workforce." —From Chi Ossé's candidate questionnaire All of these candidates will be on the Democratic primary ballot on June 22. To connect with us on volunteering opportunities for any of these candidates, please email [email protected]. And as we prepare to begin the endorsement process with the mayoral candidates, we want to know: What issues do you think the next mayor should prioritize? Please take a 2-minute survey to share your thoughts, which will help guide the endorsement committee’s process. via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/12/nyc-council-endorsements-2021/
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One of the key provisions of the new HEALS Act is a second round of the Paycheck Protection Program (PPP) loans, On January 9, the Small Business Administration (SBA) released its application for businesses to apply to receive “PPP2” funding. There is more than $284 billion allocated for forgivable PPP2 loans. Second PPP loans are capped at $2 million, a reduction from the $10 million available for first-time loans. The good news is that PPP2 also includes freelancers. Per The Wall Street Journal, the PPP2 loan application process will start this Wednesday, January 13, to be launched initially from community-based lenders, followed soon after by other banks. If you did not get a PPP loan in 2020, you can apply starting Monday, January 11, for a first PPP loan. These loans are obtained from banks who act as agents for the Small Business Administration of the United States. Here are some of the key things you need to know if you are considering applying for this round of PPP loans: · Self-employed and members of partnerships and LLCs (active partners who pay self-employment tax on their income) are eligible. · You can use 2019 or 2020 payroll numbers to substantiate your loan application. It may be better to use 2019 if your income was higher that year. Freelancers can use income tax Form 1040 Schedule C to show income. · You can apply for 2.5 times your salary, up to $100,000 per person, as the owner of a business. This is the same rule as last time. · The salary amount you can claim for industries with NACIS classification beginning with 72 (Accommodation and Food Services Sector Businesses) is 3.5 times regular salary. This primarily applies to restaurants and other food service businesses. · Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs. · PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures, according to the SBA. If you have a business that received PPP funding before and you have eligible expenses, you may be able to receive a second round of funding, but only if you meet these criteria: · The business employs no more than 300 employees per physical location; · The business has used or will use the full amount of its first PPP loan; and · The business has experienced at least a 25% reduction in quarterly revenues in at least one quarter of 2020, as compared to the same quarter of 2019. For loans of $150k or more, you need to prove the revenue decline prior to receiving the loan; for loans below $150k, you will need to show this decline when you apply for forgiveness. The Payroll Protection Program loan forgiveness amount will not be considered taxable income at the federal level. This could be a significant tax saving for your business. However, there is not any change in the guidance for state and local tax treatment of PPP funds. Therefore, be sure to check with your own state and local tax authorities for additional information. Paycheck Protection Program loans can help your freelance business if your income has been negatively impacted by the pandemic. However, you should always be aware of how participating in these programs (now or if you accessed them previously) may impact your freelance taxes. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, http://www.cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/11/how-to-apply-for-a-ppp-loan/
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This is a post from our partner MeetFox. Book meetings, host video calls, and bill for your time all in one place with MeetFox. Freelancers Union members get 90 days free with the code kickstart. Sign up here. Let’s face it: 2020 was not an easy year for any of us, but one success story of the year is the gig economy. In the U.S. alone, there are a predicted 9.2 million people joining the digital market. As the world begins to start returning back to normal and, with that comes the return of the wider economy, there is only more room for growth as a freelancer. We are excited to show you our best tips and tools to make 2021 the most productive year you have ever had, cutting your workload in half. We have all been guilty at one time or another of setting a goal that is not achievable. The key to making your goals happen in 2021 is focusing on Specific, Measurable, Achievable, Results-focused, and Time-bound (S.M.A.R.T.) goals. What is a S.M.A.R.T. goal?Specific and MeasurableHow many times have you said, “I want to lose weight" or “I want to earn more revenue”? This sort of sentence is too vague to be measured and will never be achieved. When brainstorming, set a specific goal that you can assess yourself against, like “I will spend 3 hours every Friday researching best coaching practices.” Any goal should be quantitative so that you can measure your performance against it. All goals, both personal and professional, need to be measurable so you can see how far you have progressed. AchievableAs a freelancer, try to set achievable goals. Doubling the number of clients you have is not going to happen in a week. A goal that is too ambitious can end up demotivating you as you fall constantly behind schedule. Don’t sabotage your goals before you have even started. The most powerful motivator is to have a clear, achievable goal set for yourself. Here are some examples of specific, measurable, and achievable goals: ● I am making 10 discovery calls with clients per week ● I am reading three articles from Forbes a week ● I am only going to work Monday-Friday ● I am posting a case story every Monday Your goal shouldn’t sound like: ● Try to keep the website up-to-date ● Engage with clients ● Make new contact leads Results-focused and Time-boundWe believe any goal should be result-focused and time-bound. Otherwise, you will find one week can quickly move to the next. As freelancers, we can be our best friend and our own worst enemy, being too lenient one day and too harsh the next. One way to deal with this is through accountability. Share your goals with a friend so you can be held accountable. Giving your goals to another freelancer is a great way to reach your goals. Why not try setting up a weekly or monthly review, with your freelancer friend? They can assess whether you have reached your goal, and will give you results and a set timeframe to work upon. Lastly, you need to make sure you reward yourself. If you don’t reward yourself over time, studies have shown your brain will lower the priority of your target goals in the future. Even if you have only moved towards your goal by a small amount, reward yourself. So, treat yourself to a coffee after reading this post! Try using Strides, a great app to set up and track your S.M.A.R.T. goals that helps you stay focused and reward yourself. Setting S.M.A.R.T. goalsMany enthusiastic freelancers are using this dynamic time of change to learn about new areas of the market. If you are looking to redefine your specialism or niche, use the SMART goal method to achieve the transition successfully. We have found that most freelancers are focusing on reducing their work through automation, upgrading their skill set, and optimizing their digital presence. Try using this SMART goal template or Strides as you get started using this method to help you adapt your way of planning and set concrete goals. You can even print your goals and put them right in front of you to keep them on your mind. Follow these rules when setting your goals:
If you follow our advice, we are confident that you will reach your goals for 2021. But if you are ever worried about your progress or what goals to set, don’t be afraid to connect with other freelancers on forums and social media. By James Eyermann, MeetFox via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/07/get-more-done-with-smart-goals-this-year/
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You finally receive a reply to the quote for your recent marketing proposal. “Is there any chance you could lower the price?” You are now officially in negotiations with the prospect. This is a major step in the sales process and one of the most dreaded parts by many sales reps and freelancers. It is not always the price, by the way. Sometimes, the request could be a change in scope, timeline, or any one of a thousand variables. But quite often it starts with the cost. Your first thoughts may range from ”No, that was already as low as possible” to “Absolutely, if we can get this project.” Freelance work is heavily reliant upon the negotiation process—both on the seller and the buyer side. If all a purchasing person did was beat vendors up on price, they would not have a job for long, because there is more to business than getting the lowest price. This goes for freelancers, as well. Your business may always charge the lowest price, but that is going to affect what is delivered. Your service or quality won’t be able to compete in the marketplace, and your company will always be relegated to being the low-cost solution. If you choose to make that your business model, there is nothing wrong with that. Most freelancers, however, usually do not want to get by on razor-thin margins. If you are not good at negotiating, here are three tactics to keep in mind I happen to love the negotiation process. For me, it is like dancing. They move, you counter, then lead and so on. When done right, both the buyer and seller finish the exchange feeling satisfied with the experience. Like any skill, it requires practice. Freelancers will become far better at the process if they work on it every day. Always Be Willing to Walk AwayYou communicate and negotiate differently when you “have to” get the deal. There is a certain amount of desperation that comes across, and potential customers can sense it. Often, this will encourage them to be more aggressive in their negotiation and cause them to place less value on your services. You’ll also end up making a higher number of concessions than you would if you did not feel like the sale was critical. It is human nature for customers to press their advantage and for freelancers to concede when they feel they are in need. If you can engage with a potential client knowing that you can walk away without the deal, you will negotiate more effectively. Know Why They are Asking for a ConcessionYou may find this hard to believe, but lowering the price does not guarantee you will get the business. Sometimes, a person will set off a firecracker in a crowded room just to see who will jump out the window. If you are in negotiations with a company for the first time, a seasoned buyer will want to know what they can get away with—not just for this deal, but for future engagements as well. If you are quick to make a pricing concession, they will approach you in the same manner for future opportunities. It is a tough cycle to break, but even with existing customers, you can change this behavior. What you need to find out is why they are making the request. This doesn’t just go for price; they could be asking to change the project timing, add additional services, or any other request. Knowing the why provides you the ability to negotiate better by knowing your options and countering them. They are asking you to lower your price because: ● They do not see the project being worth the cost ● Your services are not high-value in their mind ● They hired another company previously but switched and now half of their budget is gone ● They are incentivized on Profit & Loss ● The owner simply told them to ask you Every one of these situations is different, and negotiating for each requires you to pivot in your strategy. Since practice is key, sit down and write out every request you have received in all of your previous negotiations. Determine the multitude of reasons they were requested. Now, write out how you would respond to each. Never Give Without Getting Something In ReturnBuyers aren’t the only ones focused on price. If your agency does not have other goals, you are not thinking creatively enough. Value comes in many forms: ● Consistency of your schedule ● Reputation in the industry ● Long-term commitments ● Opportunities for future engagements ● Lower-cost but higher-margin solutions When you have a solid grasp of what is important to your business, negotiation becomes a little easier. When you are asked for anything outside of the scope and quote that you presented, you’ll be prepared to offer other options. I have seen plenty of companies that were focused on reducing the hourly rate or capping the cost of a project, but had no issue whatsoever paying for the project in full on Day 1. Would that align with your company’s secondary goals? There is also a mutual respect that factors into the negotiation process. If you take 25% off the price of a web design project, the customer has a lower perceived value of what you are providing that will carry over to future engagements. If, however, they also make a concession, they’ll attribute a cost to that discount, erasing that low-value perception. The concession can be anything. I have known companies to find long-term contracts, delayed start dates, large deposits, and other requests to be no big deal in exchange for getting exactly who they request to be managing their project. I have worked with other companies that would not accept any of those terms. Remember, just because they ask you to make a concession does not necessarily mean they won’t buy from you. Sometimes, it doesn’t hurt to ask. Customer: “This project is higher than we budgeted for; is there any way we can trim it down to $20,000?” Seller: “Actually, I just completed a big project last week and am in between projects right now. If we could start Thursday, I can reduce that cost. This would work out for both you and me.” Keep these strategies in mind, practice when you can, and you will become more confident as a negotiator. via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/06/how-to-become-a-better-negotiator/
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The recently passed $900 billion stimulus package is now law. There are several key components of the legislation, including a new round of funding via Paycheck Protection Program (PPP) loans, which can help your freelance business if your income has been negatively impacted by the pandemic. However, you should be aware of how participating in these programs (now or if you accessed them previously) may impact your freelance taxes. Here is an overview of what freelancers can expect with this new round of “PPP2” funding and how it may impact their taxes. Who is eligible for the new round of PPP2 loans?Under the new law, first-time borrowers from the following groups can apply for PPP finding: · Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans · Sole proprietors, independent contractors, and eligible self-employed individuals · Not-for-profits, including churches · Accommodation and food services operations with fewer than 300 employees per physical location If you already received a PPP loan, a second round of forgivable PPP loans are available, but only if the following additional eligibility rules are met: · The business employs no more than 300 employees per physical location; · The business has used, or will use the full amount of its first PPP loan; and · The business has experienced at least a 25% reduction in quarterly revenues in at least one quarter of 2020, as compared to the same quarter of 2019. How will a PPP loan affect freelance taxes?There is very good news for freelancers who have PPP loans: The Payroll Protection Program (PPP) loan forgiveness amount will not be considered taxable income at the federal level. This could be a significant tax saving for your business. However, there is not any change in the guidance for state and local tax treatment of PPP funds. Therefore, be sure to check with your own state and local tax authorities for additional information. In addition, the new bill allows the deduction of business expenses paid for with forgiven Paycheck Protection Program loans. There are likely to be further changes to the guidance regarding the latest stimulus bill and PPP loans, so please watch for further updates. However, regardless of any changes to specifics of these provisions, it is imperative that you always keep appropriate documentation of all funds received and how they were spent for tax purposes. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, http://www.cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/05/a-second-round-of-ppp-loans-is-now-available/
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Our economy has been moving toward more independent forms of work for years. As traditional employment scenarios have come up short in terms of pay, benefits, flexibility, autonomy, and fulfillment, the freelance economy becomes more and more attractive to young people entering the workforce for the first time and experienced professionals who are no longer getting what they needed from their 9-5. Freelancing, contract work, gig work, consulting — whatever category you belong to or label you want to use — has filled this gap. For me, going solo was about control and not being stuck in a system that wasn’t giving me what I needed financially, personally, or professionally. I was sick of struggling…so I stepped outside of the system and created my own. All of the ways that work has shifted in 2020 have made me feel incredibly grateful that I already work for myself as I watch so many people lose what they thought were forever jobs or realize that their job wasn’t really giving them what they needed in the face of a global crisis. Crises have a weird way of making you rethink your priorities. The crises of 2020 made many turn to independent work, whether they made the decision on their own or were forced to by necessity. 36% of the US workforce freelanced in 2020, and the number of freelancers who do it full time went up 8% from 2019. 58% of workers in traditional settings who started working remotely during the pandemic are now considering freelancing. I say — join us. There’s plenty of work to go around. 2020 also made employers rethink their biases against using remote and freelance workers. As the traditional workforce becomes more remote, employers are more likely to start hiring independent workers. Freelancing is the future…and we’re more powerful together. Just because you’re a solo-entrepreneur doesn’t mean you’re alone. Whether it is someone you know who freelances, a killer freelance blog, or an organization like Freelancers Union, there are plenty of places to go for support, help, and advice. All you need to do is ask. Working for myself has given me a degree of freedom, satisfaction, and wealth that I never had when I was working for someone else…and I’m not alone. 75% of freelancers who left a job to go out on their own make the same or more than they did before. Is it always easy? No. Working for yourself, no matter the format, comes with its own set of risks and rewards. For me, the rewards have outweighed the risks, and I have also hustled hard to make it work. But even in those moments when things are uncertain, I still know that I made the right decision because I can’t imagine ever going back to a “regular” job. © Fruition Initiatives 2021 Fruition Initiatives is not a mental health professional, attorney, doctor, tax accountant, human resources expert, or financial adviser. This information and information contained at www.fruitioninitiatives.com is not intended as, and shall not be understood or construed as, professional advice. Please seek professional advice as needed. via Freelancers Union Blog https://blog.freelancersunion.org/2021/01/04/freelancing-is-the-future/ |
AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
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