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This article is posted with permission from our partner Lili and originally appeared on the Lili blog at: https://lili.co/blog/cost-of-starting-a-business Get the digital bank account designed for freelancers with Lili and manage your business expenses, estimate your taxes, and save for a rainy day all with zero account fees. Start a Lili account today. A step-by-step process for creating your own successful new client onboarding checklist. You’ve successfully landed that client and are ready to jump into the work — now what? Where do you start to make sure you have all the information you’ll need, and how can you make sure you don’t miss some vital piece of information? What you need is a client onboarding process. In other words, you need to have a set list of steps to follow every time you take on a new client. Let’s take a look at what you need to know to create your own client onboarding process. Note that while we’ll mostly focus on onboarding new clients for service-based businesses, we’ll also briefly cover customer onboarding for e-commerce store owners or sellers on sites such as Etsy or Amazon. What Is Client Onboarding?Client onboarding refers to the process of beginning work with a new client or customer. It takes place during the period of time between agreeing to conduct business together and actually starting your first project or delivering the product. However, client onboarding involves more than just an agreement to do business. There are a lot of little details to work out that will set both you and the client up for a successful working relationship. During client onboarding, you and the client establish the parameters of your working relationship, including scope of work, payment, communication expectations, turnaround times, availability, and so on. It’s also the best time to exchange important legal documents such as tax forms, set up productivity systems, and address potential challenges upfront. Following a pre-established, step-by-step client onboarding process ensures you get all of those details taken care of before the work begins. Do I Need a Designated Client Onboarding Process?The simple answer is yes: if you are going to have clients, you definitely need a client onboarding process. There are several reasons for this:
While onboarding new clients without a specified onboarding process is technically possible, it’s not recommended. Better to put in a little extra work now to save time, effort, and frustration down the road. Client Onboarding Best PracticesBecause every business is unique, the client onboarding process will look a little different for each person — and sometimes for each client. But there are a number of key components that are important to include no matter what kind of business you run. Here are some client onboarding best practices to keep in mind:
Client Onboarding Best PracticesNow that we’ve established the importance of having a client onboarding process and looked at some key principles for carrying it out, it’s time to create your client onboarding checklist. Once again, this will look a little different for each business, so be sure to adjust the details to suit your needs and business offerings. With that said, here are the basic steps to include:
Now, let’s take a look at each of those steps in more detail. Initial TalksChances are you’re probably in this stage now, or have just finished it. Maybe you’ve conducted a successful email marketing campaign, guiding the client to the point of offering them your services, and have received a positive response. Maybe the client was referred to you by another client or freelancer in your network. Or maybe they found your website organically and reached out to you first. Based on how the relationship was initiated and how much the client already knows about you and your business, you may need to provide additional information before you can really get down to business. For example, if they reached out to you organically, they may not know much about you and your business yet. In that case, you’ll want to have introductory materials on hand that you can share with them. Once you’re both ready to proceed, it’s time to dive into the details:
Overall, the goal here is to ensure you both know what to expect moving forward and that you’re ready and willing to continue. This stage may be completed in a phone conversation, video call, or in-person meeting, or may take place over a series of emails. Make It OfficialYou and the client have agreed on the terms and begun setting expectations, so now it’s time to get that agreement in writing. The main item to take care of here is of course signing the contract, but there are several other documents and action items to include as well. These include:
Remember, the more you get in writing now — even if just via email — the easier it will be to avoid misunderstandings or, in worst-case scenarios, settle disputes later on. Nail Down the DetailsTime to send that welcome packet and make sure you’re both on the same page. This is your chance to eliminate any lingering confusion, so don’t be afraid to ask questions and to take the lead in setting boundaries and expectations. There’s a lot of information to give and request during this stage, including:
Don’t forget to express your enthusiasm to begin — this is a welcome packet, after all! Get OrganizedNow that you have all the relevant information, you need to get that information filed and organized so you can easily find it again when you need it. If possible, try to finish getting everything organized before you start working. But if you need to start the first project immediately, just do your best to get organized as quickly as possible. Here are some important pieces you’ll want to make sure you have set up and easily accessible:
Getting organized will take time, but making an effort to do it as soon as possible will save time and potential problems once the work has officially begun. Get StartedOnce you’ve gathered all the necessary information, answered your client’s questions, and set expectations, you’re ready to start. Congratulations: you’ve officially onboarded your first client! Don’t worry if the process didn’t go 100% smoothly from start to finish — now that you have a better understanding of how it works (and what doesn’t work for you), you can fine-tune your client onboarding checklist and be even more prepared for the next time. Customer Onboarding ProcessBut what if your business doesn’t deal with clients? Do you still need a process for customer onboarding? Absolutely! While service-based businesses may only work with a few clients at a time, product-based businesses like Etsy or Amazon sellers don’t have much of a limit for how many customers they can sell to. So, having a solid customer onboarding process that you can repeat with every new customer is an important time-saver. Not to mention, it increases your chances of converting one-time purchasers into recurring customers. As you create your customer onboarding checklist, you’ll want to follow this basic process:
Step 1: Welcome Email.Thank the customer for their purchase and include relevant order/tracking details. Here’s an example of what that might look like: “Hi [Customer Name], Step 2: Order Progress Updates.Provide updates about the production and shipping process, inform the customer of any delays or issues with their order, and share when the customer can expect to receive their order (if possible). For example, you might send one email when the order has entered production, another when it has shipped, and additional emails if there are any unexpected delays. Step 3: Request for Feedback/Reviews.After the product has been successfully delivered, ask the customer to leave feedback about your business and the product. Here’s an example of what this might look like: “Hi [Customer Name], Step 4: Invitation to View Other Products.Invite the customer to check out other products they may be interested in purchasing. Showcase popular items or items that are similar to what they’ve already purchased. This step could be included in the same email as the request for reviews, or sent as a separate email. Still not quite sure where to start? Check out these other great customer onboarding examples. Just the BeginningWhen your new client onboarding process runs smoothly, you set the stage for an equally organized working relationship and demonstrate professionalism from the very beginning. But, of course, the client onboarding process is just the beginning of that relationship. Once you’ve set your expectations and boundaries, it’s up to you to continue to uphold them by producing quality work. via Freelancers Union Blog https://blog.freelancersunion.org/2022/09/07/conduct-successful-client-onboarding/
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[unable to retrieve full-text content] Having organized records and information in hand helps prevent filing errors and will likely create a smoother filing experience.via Freelancers Union Blog https://blog.freelancersunion.org/2022/09/05/taxpayers-should-be-sure-to-have-all-their-info-before-going-to-a-tax-pro/
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There has been lots of talk about student loan forgiveness recently, especially after the past two years of Covid chaos which had a negative financial impact on many taxpayers. Now with inflation rising, the government has finally pushed through the American Rescue Plan legislation including student loan debt relief which may help your financial situation as a freelancer. A key caveat: The net benefit of this new legislation may largely depend on where you live, according to how each state enacts it. Here are the details of how the American Rescue Plan may help individual taxpayers: • If you are an individual whose total income is less than $125,000 or a married couple with less than $250,000 in income the Department of Education will provide up to $10,000 in debt cancellation to non-Pell Grant recipients and up to $20,000 to Pell Grant recipients. • You will have the option to use your 2020 or 2021 income for eligibility purposes. This means you may qualify for the debit forgiveness if your income is greater than the threshold in one of the two eligibility years. You do not have to meet the income requirements in both years. • The Biden administration has also extended the pause on federal student loan repayments through December 31, 2022; this allows taxpayers to retain additional disposable income for other purposes. Even if you do not qualify for student loan forgiveness your student loan payments are still paused. • If you already have your loan information on file with the Department of Education, the government has indicated that you should be eligible for automatic student loan forgiveness. In general, debt forgiveness, including student loan forgiveness is considered taxable income at the federal and state level. However, student loan forgiveness under income-driven repayment plans is temporarily exempted from taxable income, if forgiven between 2021 through 2025. It is important to note that this may not be the case at the state level. In addition, forgiveness only applies to government loans not private ones. If you as a parent, or your own parents have a Federal Parent Plus loan, it is eligible for forgiveness if the signor’s income is less than the limit of $125,000 for a single filer or $250,000 for a married couple. Loan forgiveness eligibility for student borrowers claimed as dependents for tax purposes by their parents will depend on the parents’ income. Beware of a potential student loan relief tax trigger in some states: On the surface, student loan forgiveness sounds like an easy win for taxpayers. However, even if your federal income tax burden is lowered, you may still have to pay a significant amount of income tax on this forgiveness to your state if it considers it taxable income. This means that if you receive $15,000 in relief, depending on where you live, it may be treated as taxable income at the state level. Currently, these states have no income tax, so if you live in one of them federal student loan forgiveness would not impact your tax situation: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. However, under the current guidance if you live in one of these states (New York State included), you could be liable for state tax on federal student loan forgiveness: Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia and Wisconsin. There are several states that automatically conform with federal tax rules. If you live in one of these states benefiting from federal loan forgiveness will not have an impact on your state income tax situation. How much could your state tax burden be? According to The Tax Foundation, taxpayers in states taxing student loan forgiveness could be on the hook for anywhere from $300 to over $1,000 in state taxes, depending on the specific state, “if they receive $10,000 in student loan forgiveness through the Biden plan. These figures could double for Pell Grant recipients, who are eligible to receive up to $20,000 in student loan forgiveness.” Watch for updates on how the new student loan forgiveness law will impact you. There is likely to be additional guidance issued by individual states and potentially the federal government as well related to student debt forgiveness. Unless you are aware of the direct state guidance regarding your residence status it is smart to consult with a tax professional to learn how student loan forgiveness under the new American Rescue Plan will impact your freelance tax situation. via Freelancers Union Blog https://blog.freelancersunion.org/2022/09/01/the-new-student-debt-relief-and-your-taxes-what-freelancers-need-to-know/ |
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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