October 17, 2024
by Bamidele Onibalusi / October 17, 2024
You have to get creative to make money freelancing.
Freelancing offers unparalleled opportunities for skilled professionals to forge their own paths and achieve financial independence. However, with great flexibility comes the challenge of maximizing earnings.
Whether you’re a seasoned freelancer or just starting, understanding how to increase your income is crucial for sustainable success. By signing up on multiple freelance platforms and implementing the right approaches, you can boost your income and cultivate a thriving freelance business that aligns with your professional aspirations.
Most of the ideas are easy to implement and have the potential to double your freelancing income.
One of the easiest ways to earn more as a freelancer is to improve your productivity, and one of the simplest ways to be more productive is to use a dual monitor setup.
There are numerous advantages to using a dual monitor. As a freelance writer, for example, you can easily research and write at the same time with Google search opened in one screen and your Word processing application opened in another. Instead of having to minimize windows and reopen them each time you want to research or verify information related to what you’re writing, you simply move your mouse seamlessly between screens.
Besides using a dual monitor setup, you can also consider using distraction-prevention apps like StayFocusd to limit your daily access to sites that easily distract you, particularly social media. Once the set time is expired, you’ll be blocked from accessing any site on the blacklist for the rest of the day.
If you can improve your productivity twice or thrice and ensure you have enough clients to work with, then you’ve pretty much doubled or tripled your earnings.
While the freelancing landscape becomes increasingly competitive, which might result in reduced income for the average freelancer, there is a category of freelancers whose income won’t be negatively affected: specialized freelancers.
Whether you’re a freelance writer, a freelance designer, a freelance web developer, or a freelance legal consultant, it might seem smart to want to serve a general audience based on the belief that it gives you access to more people. It is important to realize, however, that your opportunity to earn more serving the same clients everybody else is serving is limited.
Instead, by focusing on niching and building up your skills to help you further specialize, you ensure that—despite the increasing pool of freelancers—your skills and service are somewhat scarce, enabling you to command higher rates.
The harsh reality of freelancing is that you’ll seldom earn the bulk of your income from a single client. However, some clients may sign a retainership agreement with you, so you don't have to worry about looking for freelance writing jobs. But those gigs don't last. forever.
It’s unhealthy for you to rely on just one source for your income as a freelancer, no matter how profitable that source is. Besides the fact that income from this source can dry up at any time, it significantly limits your earning potential.
Instead, try to find as many opportunities as possible to land freelancing jobs; this includes cold pitching, referrals, social media, bidding sites, and taking advantage of a list of online writing jobs for freelance writers.
It's important to recognize the necessity of upselling and cross-selling existing clients. While some clients are willing to pay well, depending on the nature of the job, you may be limiting your earning potential. However, you should learn to upsell your skills and services to clients with whom you are closely connected. Doing so can help you earn much higher amounts than you're used to for the regular services you provide.
If you do not upsell or cross-sell your services to existing clients, that doesn’t mean they will no longer be requiring the service. They will simply be using another freelancer. Plus, it’s much easier for you to sell additional services to existing clients than it is for you to get new clients.
Depending on the nature of the services you offer, come up with a list of additional services you can offer to existing clients and pitch them the services. For example, if you’re a freelance writer doing blog posts for clients, you could offer additional services, including press releases, email newsletters, landing page copy, guest posts, and a lot more.
Social proof can turn a situation where you're severely undersold into something much more lucrative. For example, a potential client reached out for help with blog posts for a blog launch, with articles going live at an under-minimum-wage rate. Not long thereafter, a personal feature on Huffington Post went live, and the potential client saw the feature, reached out again, and offered double what he initially offered. This experience shows just how powerful social proof can be; someone who adamantly insisted on paying so little all of a sudden saw the social proof, thus turning the value rate twice what it was before.
There are many ways you can get social proof as a freelancer:
Any of the above will serve as good social proof, and more power to you if you’re able to use a combination of two or more.
Often, the only thing you need to do to earn more as a freelancer is to ask for more simply. It sometimes doesn’t get more complicated than that.
You'll often read stories of freelancers who make six figures annually and might wonder what they do to earn such money. Six-figure freelance writer Carol Tice provided the following (paraphrased) advice: [Do not charge] your clients so low. Charge more!
It's as simple as that: you need to be demanding more from your clients. Gradually raising your rates can increase your freelance earnings multiplefold.
Try to research what rates are like in your industry and compare them with what you’re charging your clients; are your rates standard or lower? Often, you’ll be surprised to discover that you’re charging three or four times less than you’re supposed to be charging. In such instances, you simply have to demand more from your clients.
Continuous learning and adaptation are essential in the freelance world. Invest time in relevant courses, attend workshops, or gain certifications that complement your existing skills.
For example, if you're a graphic designer, learning web development or digital marketing can allow you to offer integrated services. This not only enhances your marketability but also enables you to command higher fees for specialized skills.
Additionally, staying updated on industry trends can help you anticipate client needs and stay competitive.
A cohesive and professional online presence is crucial for attracting clients. Ensure your website is well-designed, showcases your portfolio, and communicates your unique value proposition clearly. Utilize social media platforms to share insights, showcase your work, and engage with your audience. Consistency in your messaging, visuals, and tone across all platforms reinforces your brand identity.
A strong personal brand can build trust and credibility, making it easier to attract higher-paying clients and differentiate yourself from competitors.
Building relationships with other freelancers and industry professionals can lead to valuable referrals and collaborative projects. Attend networking events, industry conferences, and local meetups to connect with potential partners and clients. Join online communities, forums, or social media groups related to your field to share knowledge and seek collaboration opportunities.
Collaborating with others can expose you to new audiences and projects, potentially leading to a more extensive client base and higher income.
Explore ways to create passive income related to your skills to enhance your financial stability. Consider creating and selling digital products such as eBooks, templates, or stock graphics. Offering online courses or webinars can also generate income while establishing you as an expert in your field.
Additionally, you might start a subscription-based service, such as a membership site offering exclusive content or resources. These passive income streams allow you to focus on high-value projects while providing financial security and freeing up time for more creative endeavors.
Making more money as a freelancer requires a strategic blend of skill enhancement, market understanding, and proactive networking. Diversifying your skill set can broaden your service offerings and appeal to a wider range of clients. Setting competitive yet fair rates, maintaining a professional online presence, and consistently seeking out new opportunities can greatly boost your earning potential.
Additionally, nurturing client relationships and delivering exceptional work will enhance your reputation, leading to repeat business and referrals. By adopting these strategies, you can create a more sustainable and lucrative career path.
With all of this information at your fingertips, it's time to sharpen your hard and soft skills to land the next gig faster.
This article was originally published in 2020. It has been updated with new information.
Bamidele Onibalusi is a freelance writer and the Founder of Writers in Charge, one of the top blogs for writers. He has been featured in Forbes, Fast Company, Huffington Post, and other publications.
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