It’s a common story.



Day One: You get paid.



Day Two: All your money is gone due to payments made for bills and debt.



It’s a problem for both employees and freelancers. We all can’t seem to save, let alone enjoy, the fruits of our labor. This creates even more stress to the freelancer whose income is already irregular and fluctuating.



Is there a better way? Serial entrepreneur Mike Michalowicz says, there is, and it involves a behavioral shift. He said that instead of following the conventional accounting formula of “Sales – Expenses = Profi,” we need to adopt a different formula: “Sales – Profit = Expenses.”



In this episode of the Freelance Blend Podcast, I explain in detail Mike Michalowicz’s “Profit First” system and how I applied it in my own life as a freelancer and business owner.



KEY TAKEAWAYS



In this episode, we talk about:



* Why it’s more challenging to protect your money (from yourself!) when you’re a freelancer* Why you need to fix profit first before growth* The new accounting formula: Sales – Profit = Expenses* How dieting is similar to budgeting* Why online banking is ideal for the “Profit First” system



THREE STEPS ON HOW TO APPLY THE PROFIT FIRST SYSTEM



1.     Set up at least five accounts: Income, Profit (1%), Operating Expenses (70%), (Tax 3%) and Owner’s Pay (26%)



2.     Make your first distribution (once or twice a month).



3.     Transfer to Tax and Profit to Hold accounts.



QUOTE FROM THE BOOK



“Profit must be baked into your business. Every day, every transaction, every moment. Profit is not an event. Profit is a habit.”



LINKS



* Profit First by Mike Michalowitz* To watch other useful Facebook Live replays please visit our Facebook page at www.facebook.com/freelanceblend. To be notified when I do another Facebook Live call, don’t forget to like the page.* Watch more freelancing tips and tricks at Freelance Blend TV·      Connect with hundreds of Filipino freelancers and learn more insights at www.freelanceblenders.com

Do you have things you barely use lying around your house? Perhaps an old pair of rubber shoes your son outgrew or a brand-new bike you didn’t get to use because you just got a lot busy. If you have this unpleasant feeling of regret and waste when you see these items, fear not. There is a way to make cash out of your trash.



Enter Facebook Marketplace. In this episode of the Freelance Blend podcast, I’ll be talking about how you can sell your old or barely-used stuff on Facebook’s very own buy and sell platform within just a few hours this weekend.



KEY TAKEAWAYS



Listen and learn:



* Why Facebook Marketplace trumps other online selling platforms* What items sell fast in Facebook Marketplace* Why some sellers fail to sell their items in Facebook Marketplace* A step-by-step guide to selling your item in Facebook Marketplace fast



Follow along with the guide I prepared for you below while you listen to the podcast episode.



THE ULTIMATE GUIDE TO SELLING ANY ITEM IN FACEBOOK MARKETPLACE IN JUST A FEW HOURS



* Look for any old stuff you would like to sell: books, gadgets, or shoes.* Go to Facebook Marketplace. If you are on your desktop, look for it on the left sidebar of Facebook. If you are using the mobile app, click the store icon below.* Determine the price. Search for how your item is usually priced in the market and determine a competitive price for what you are selling. Make sure not to put “P1” or “Free” to bait people. Also, put a buffer on your price, because people will haggle.* Take good photos showing all angles of the product including any glaring issues.* Write an accurate and helpful description of your product. You can find comprehensive details about your item when you do a Google search.* Determine your delivery method. Will you ship or meetup? Indicate this in your description. If shipping, you may use Grab or Lalamove.* Determine your payment method. Give as many options as possible to accomodate all kinds of buyers (Gcash, PayPal, Cebuana, bank transfer, etc.).* Never ship until you receive payment.* Ship immediately after receiving payment.* Be ready to get tons of messages immediately after posting your item. Try your best to reply to these messages promptly.* Be mindful of your privacy. Remember, people can see your public profile when selling on Facebook Marketplace. So, hide photos or posts you only want your friends to see.* Take care of your ratings so that you will get better rankings next time.* Leave a review of your buyer.* Remember: Most people on Facebook are good people.



That’s it! Fourteen easy steps you can take to be a successful seller on Facebook Marketplace. Good luck with selling your stuff!



LINKS



* Subscribe to Freelance Blend through any of these links: www.freelanceblend.com/itunes, www.freelanceblend.com/spotify, www.freelanceblend.com/googleplay* To watch other useful Facebook Live replays please visit our Facebook page at www.facebook.com/freelanceblend. To be notified when I do another Facebook Live call, don’t forget to like the page.* Watch more freelancing tips and tricks at Freelance Blend TV* Connect with hundreds of Filipino freelancers and learn more insights atShow more...