Marketing Insurance Surveys Small Biz. Starting Out Sales Mgt. In the otherwise nirvana-like world of the homebased business owner, getting paid is probably the biggest hassle of going solo. In the corporate world, whether you complete a project or not, you know you're going to get a check next payday, just like clockwork. But when you run your own business, completing a project and getting paid for it are two completely different entities.
Demonic possession sets in as the weeks roll by.
We're becoming a nation of late payers as heavy debts force businesses to pay some bills one month while others are held over to the next. This may seem obvious, but it's critical if you want to set payment terms upfront. That's a big mistake. Get a contract, and make sure it outlines the project and includes a provision of when you'll be paid. If the agreed-upon date passes, call your client and diplomatically point out that the due date for payment has come and gone.