9 Ways Freelancers Can Make More Money
An analysis report by Payoneer found out that freelancers earn $13 per hour. That indicates that freelancers make 17% more than traditional workers and that their income is an estimate of $64,000 yearly. So if you’re a freelancer, chances are you have a steady income right now while enjoying work-life balance.
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9 Ways Freelancers Can Make More Money
But just like any other business person, you shouldn’t be too complacent about the good situation you’re in today. If there’s room to earn more profit, go for it. What if we tell you that you can earn more than $64,000 per year, will you take the opportunity? If you will, we’ll show you nine effective ways you can make more money as a freelancer.
Maximize Your Rate Based on Your Market Value
You might not be aware of how much your market value is today. If that’s the case, you may be setting your service fees much lower than its appropriate amount. In other words, you’re underpaying yourself.
Market value refers to the pricing of an item, property, or asset based on its quality, demand, and other significant attributes. The higher the quality and demand, the higher the market value.
So, make sure to calculate your current market value. You can research the income rate of freelancers with skill sets and experiences that are similar to yours. Once you know your market value, use it as a basis to maximize the amount of money you should rightfully earn.
Post Your Profile on Freelance Websites
To get more money, you need to get more work. The platforms where you can find trusted clients and get more work are freelance websites such as Upwork and Freelancer.com. That said, you should post your profile on such websites if you haven’t done so yet.
Having a presence on freelance websites is a fundamental approach to marketing yourself. Every day, freelancers receive a work proposal from clients for specific projects and tasks. With that in mind, there are plenty of opportunities to get more clients on freelance websites. You don’t need an ounce of marketing budget to sell your services and increase your income.
Target High-Paying Gigs
If you think that getting more work to earn more money will strain your schedule, then you’re game plan should be to target high-paying gigs instead. Fair warning, though; gigs come with handsome paychecks are more difficult than the usual gigs you encounter. Their scope is bigger, and the clients expect amazing results.
If you’re up to the challenge, then you can certainly earn more money by targeting freelance gigs with a fat paycheck afterward. Moreover, doing difficult projects is beneficial in improving your skills and expanding your experience.
Connect with People Online
Most clients nowadays are tracking available freelancers through various online platforms and not just freelance websites. Well, in that case, you should treat your freelance service like it’s an online business. Connect with people through the internet using platforms such as social media. Social media, for one, is an excellent domain for the promotion of your freelance service and online reputation. You can reach out to your target clients on Facebook, Twitter, Instagram, and LinkedIn using effective social media strategies.
You should take note of this. Having a strong presence online is one of the tips for freelance workers that you should always remember.
To earn more income than you usually earn, you also have to improve your productivity. The formula for improved productivity is consistency and capability to meet deadlines. Take advantage of freelance apps and tools that can help you in making your work faster and better.
The reason why you should optimize your productivity is that clients prefer freelancers who can get the work done ASAP. Plus, the more work you can finish, the more money you can earn within a period.
Keep Your Clients Happy
Most of the things we’ve discussed emphasize the importance of obtaining more clients. But now, we’ll talk about keeping your existing clients.
Your current clients are your primary source of income, and you can earn more money from them in the future by keeping them satisfied. On every project they’ll give you, bring out your 101% effort; go the extra mile, and exceed their expectations. Consider your existing clients as assets that can’t be traded for anything. In return, they’ll offer you more contracts soon.
Ask for Referrals
If you and your current clients have a healthy professional relationship, don’t shy away from asking them for referrals. Your clients might know people who are looking for the kind of service you’re offering, and they would be delighted to send your email or business card to such people. Asking for referrals is an excellent method to expand your clientele. And, once it becomes expensive, your income will skyrocket.
Diversify Your Services
If you possess other skills and talents, you should consider diversifying your services. Indulge in another freelance niche with a good market with plenty of clients lining up. Diversifying yourself as a freelancer will open up other revenue streams for you. How so? Well, that’s because you’ll be tapping onto another market demographic. The needs and demands of its clients differ from that of your current target market. We advise you to choose another freelance niche with gigs that are normally high-paying.
Increase Your Rate
We mentioned earlier about maximizing your rate. Now, we’ll discuss increasing it. One of the benefits of freelancer careers is that you can set your service fees with freedom. But, you have to make sure they’re on par with your market value.
So the question is, when do you think you can increase your rate? If your answer is when your market value rises, then you’re right. As you gain experience and season your skills, your market value goes up, which gives you the right to increase your service fees and quotation prices. Thus, you’ll start making more cash.
Some people are saying that freelancing will not make you financially secure. Well, you can prove them wrong by applying the tips we’ve given you to earn more money in freelancing. So, put all of them on your checklist. Start hustling to make a bank in freelancing as soon as you can. Time is gold in growing your freelance business.