Milestones are a fundamental project management and payment tool for freelancers. They divide a large project into smaller, manageable phases, each with a specific deliverable and payment.
What is Milestones?
A milestone is a key point in a project that marks the completion of a major phase. For freelancers, it typically involves submitting a specific deliverable, like a first draft or a completed module, which triggers a pre-agreed payment from the client.
Why is this important?
Milestones are crucial for managing cash flow and reducing risk. They ensure you get paid regularly instead of waiting until the very end of a long project. They also provide clear checkpoints for client feedback, keeping the project aligned and preventing major scope creep.
How does it work?
You and the client agree on project phases, deliverables, and payment amounts upfront, often within a formal contract or via a platform's payment system. When you complete a phase and the client approves the deliverable, they release the payment for that milestone before you proceed to the next one.
Pros and cons
Key pros include improved cash flow, clear project structure, and built-in trust. Potential cons can be administrative overhead to set them up and possible delays if a client is slow to approve a deliverable, which can pause your work.
Conclusion
Using milestones is a professional best practice that protects both you and your client. They transform a large, daunting project into a series of achievable goals with secure, incremental payments. For most substantial projects, they are highly recommended.
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