Been mulling over how to structure payments for long-term projects. Thinking about breaking it down into installments, but not sure how to set it up without making things complicated. Anyone have experience with this for ongoing work?
Curious about the pros and cons, and if it’s worth the extra admin time.
I’ve been doing installment billing for a while now. Started when I took on bigger projects and needed steady cash flow.
My setup is pretty simple. I use a basic spreadsheet to track milestones and payments. Each project gets broken into 3-4 chunks. I invoice after finishing each chunk.
It’s been great for my business. I’m not waiting months for one big payday, and clients seem to like spreading out the cost.
One tip: always get a deposit upfront. It shows the client is serious and covers initial costs.
The extra admin isn’t too bad. Maybe an hour a week to update the spreadsheet and send invoices. For me, it’s worth it to avoid those nail-biting months waiting for a big check.
Installment billing can work well for ongoing projects. I usually split payments into 3-4 chunks tied to specific milestones.
It helps with cash flow and keeps clients engaged throughout. Just keep the payment schedule simple and clearly outlined in your contract.
Make sure you have a system to track milestones and send invoices promptly. The extra admin is worth it for bigger jobs.
Never thought about it. I just take cash when the job’s done.
I just bill when the job’s done. Keeps it simple. Maybe for big jobs, split it up if the customer wants. But don’t make it too complicated for yourself.
Installment billing’s worth it for long projects. Keeps cash flowing and clients happy. I break jobs into milestones, invoice each one when it’s done. Clients pay as we go, so no big bill at the end. Less risk for both sides. Just make sure your contract spells out the payment schedule clearly. And always get a deposit upfront. It’s not complicated once you set it up. Just need a decent invoicing system and to stay on top of it.
Installment billing can be a game-changer for long projects. I started doing it a few years back and haven’t looked back.
Here’s my simple setup:
The pros:
The cons:
For tracking, I use a basic spreadsheet. Nothing fancy, just dates, milestones, and amounts. Takes maybe 15 minutes a week to update.
Is it worth it? For big projects, absolutely. For quick jobs, probably overkill.
Just make sure your contract is crystal clear about the payment schedule. Saves headaches down the road.