Financial Planning and Setting Yourself Up for Success as a Caring for Care Trainer
Financial Planning for Freelance Trainers
Financial Planning and Setting Yourself Up for Success as a Caring for Care Trainer
Today, we’re talking about realistic earning potential, financial planning, and strategies to set yourself up for long-term success as a freelance trainer with us.
🧑💻 Complete this 6-minute video
Earning Potential as a Trainer
Let’s start with income.
Realistically, trainers with Caring for Care can earn between £35,000 and £40,000 per year, plus mileage, or even up to £50,000 to £60,000 annually for those taking on more courses and travel.
Mileage claims are covered by Caring for Care, but it’s worth discussing with your accountant to see if there are any additional claims you might be eligible for.
For instance, using your home as an office, covering insurance, or claiming expenses for professional training can offer tax benefits and reduce your taxable income.
If you’re new to freelancing, consider reviewing your direct debits as well.
Adjusting or cutting unnecessary subscriptions is a practical way to save money and ease any initial concerns about freelancing income fluctuations.
Using Your Budget Planner
To support your financial planning, we’ve attached a budget planner to this email.
This tool will help you calculate how many courses you need to complete to reach your income goals.
Set a realistic target for annual income, then use the planner to break down the number of courses you’ll need each month.
This can give you a clear sense of how to structure your workload to achieve your financial goals.
Consider Upfront Costs
Being a freelance trainer does have a few upfront costs. Think about items like essential training equipment, travel expenses, a reliable laptop, and potentially a projector.
You’ll also need to factor in any fees for qualifications, such as the PTLLS or AET certification, which is a valuable long-term investment in your earning potential.
If you’re missing any essential tools or certifications, now is a great time to plan for those investments. Caring for Care offers discounts on certain equipment, so reach out if you’d like details.
Bonus Action: Setting Personal Financial Goals
Now, let’s take it a step further. Think about what you want to achieve financially as a trainer beyond just covering monthly expenses.
Set a goal that excites you! Perhaps you’d like to save for a specific milestone, reinvest in more training, or simply enjoy the flexibility that freelance training offers.
Write down your financial goals, and consider how much time you can realistically dedicate to training each month to help you meet those goals.
Whether you’re looking to work part-time or dive in full-time, having a clear idea of your financial goals will guide your decisions and help you plan for success.
Ask Questions and Reach Out for Support
If you have any questions or would like guidance on crafting your financial plan, we’re here to help!
Reach out to us anytime for advice, whether it’s about setting rates, understanding the market, or structuring your schedule.
Thanks for watching, and remember—a solid financial plan is your foundation for a successful freelance training career. Here’s to setting achievable goals and building a rewarding future!
Setting Yourself Up for Success
Here are a few ways to set yourself up for success with Caring for Care:
- Update Your Calendar: Keeping your availability up-to-date is essential. This is a simple way to guarantee bookings—our system relies on your calendar to plan ahead, so keeping it current ensures more consistent work.
- Timely Paperwork Submission: Make sure your paperwork is submitted promptly. If you run into any issues, just give us a call before 3:30 pm on the day of training. Timely paperwork helps us process your invoice on time, and we’re always here to help you get it right the first time.
- Review Your Budget: Regularly review your budget and expenses. Freelancing means you have control over your income, but planning is key to making it work. Use the budget planner, and track any potential deductions for things like mileage and home office expenses.
- Diversify Your Work: While we love working with our trainers, we encourage you to explore opportunities with other companies as well. Most of our trainers prefer working with us, but it’s beneficial to “spread your wings.” Having multiple options ensures that working with us is a choice, not a necessity.
- Broaden Your Skill Set: The more subjects you’re qualified to teach, the more work we can offer. Consider upskilling to expand your range of subjects and make yourself more versatile.
- Be Realistic with Mileage: Flexibility with travel can open up more opportunities, but balance is important. We aim to schedule you for courses close to home when possible, but a bit of give-and-take helps maximise your bookings. Over time, as we get to know you and receive positive feedback, we can book you further in advance and tailor your assignments.
A True Partnership with Caring for Care
Working with Caring for Care is a two-way partnership.
We’re here to support your growth, provide consistent work, and help you build a rewarding freelance career.
We’re thrilled to have you as part of our team, and we’re committed to making this journey as successful as possible.
Thank you for reading! Remember, with clear financial goals, a realistic plan, and open communication, you can achieve great success as a Caring for Care trainer!
Actions you can take
Plan: Review the earning potential and draft a financial plan for your first year as a freelance trainer. Consider any upfront costs and how many training sessions you might need to deliver to achieve your income goals.
Bonus Action: Write down financial goals and think about how much time you’d be able to commit to training each month to help you hit those goals and reach out to potential accountants that you would like to work with in supporting your transition.
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