Ever had trouble getting paid?

Most of the time all of us get into various kind of troubles when we are getting paid. Yes , remember all the times when it happened to you? Have you found a solution for that? Because if not Milestone Payment Method can solve that for you.

1) A milestone payment is ;

Certain % of the few of a project that the client pays over the course of the project rather than paying 100% at the end. 

I’ve got an example for you , 

• Advance - 25%
• After the first draft is submitted - 25%
• At project completion - 50%

2) Why you should use this method ;

1. This method ensure you’ve at least got the payment for what you have done even if the client drops off the project in the middle. 
2. It helps steady your cash flow.
3. It makes you more productive because with this you always have a certain date and a target to complete.

3) How this method works ;

1. First you should figure out whether or not milestone payment make sense for your project. Milestone payments are mostly used for projects with set product and time goals that last longer than at lest 2 weeks. If you have a short project , it may not make sense to break out payments.
2. You must include a payment schedule in your project proposal and if you require milestone payments , you may also have mentioned it.

Here’s another example for you ,

• Contract agreement - January 2018 
• First draft due - February 15 , 2018 : 20%
• Second draft due - March 22 , 2018 : 30%
• Final due - May 1 , 2018 : 50%

Tip - A way to ensure that milestone payment happen in your favor is to have a strong reputation for reliability. This is where referrals from previous clients , testimonials , your client list , and social proof come in handy. 

Now you know what you should do in your next project. 

Give it a try ! 

                                                                      -SG 👻