- Being a freelancer can make for a flexible, rewarding career.
- But it can take time to increase your earnings as a freelancer.
- You'll find more success if you discuss pay rates with other freelancers in your field and know your worth so you can determine what assignments to take on.
By adjusting some of your habits, you may be able to boost your freelance income.
I've been a full-time freelance writer for nearly six years now. It's been an adventure with good and bad times. But I've learned some things along the way.
Are you a freelancer who is looking for ways to boost your income? You're not alone. Freelance life can provide you with a flexible schedule and greater control over your day-to-day affairs. This type of gig is a dream for many.
But if you're not making enough money to reach your financial goals, it can be stressful. The good news is that you can take steps to boost your income as a freelancer so you can enjoy your flexibility and freedom without constantly checking your bank account balance.
1. Be open to discussing rates with other freelancers
I used to think it wasn't appropriate to talk about salary or freelance pay rates -- and I was wrong. Here's the thing, if I had started talking about rates with other freelancers sooner, I would have made more money faster.
Talking about rates with other people who do what you do is beneficial. It's a win-win for everyone because there is more transparency around pay and your work's value.
Don't be afraid to connect with other freelancers in your field. As you get more comfortable discussing rates, you'll be doing yourself and other freelancers a big favor.
2. Become an expert in your field
Before I became a full-time freelancer, I wrote on a part-time basis.
I was writing about various subjects and didn't consider myself an expert in a particular topic or field. When I wrote about everything, I wasn't getting paid well.
As I shifted to full-time work, I had a plan for what areas I wanted to focus on based on my life experiences, personal interests, and knowledge.
Doing this allowed me to market myself as an expert, and I worked to take on clients in set industries. By keeping my writing to a select few areas of expertise, I could score better-paying clients, and over time, my checking account balance grew.
If you're struggling with low pay, choosing one or two areas to focus on as a freelancer may be beneficial. You can share your expertise and get paid better for your work.
3. Know your worth and set your rates accordingly
Remember how I mentioned the importance of talking about rates? Well, that will help you here.
Once you understand the value you bring, you can set your rates accordingly. Focus your time and attention on work that pays you well and clients that treat you well. Your work matters, and you deserve to feel like you're being respected.
If you have work that pays a lower rate than you'd like, consider raising your rate, dropping the client, or continuing to work for them while looking for better-paying work elsewhere.
It may take time to find better-paying work, but it's out there. As you take on better clients, you can boost your income and you may feel more confident, too.
4. Surround yourself with like-minded freelancers
If you're a freelancer working to build your business and increase income, it can be wise to surround yourself with like-minded freelancers.
It's easier to work on a big goal when you have other people on your side cheering you on and offering support. I've met some great freelancers on this journey, and many have helped me learn and grow. Like-minded people will root for you and want the best for you.
If you surround yourself with freelance workers who are always complaining but not doing anything to change their situation, you will likely also feel stuck and may settle for low-paying work longer than you should.
Consider who you're spending your time with on your freelance journey -- it matters.
Don't give up
The best part about being a freelancer is the income potential is unlimited. Unlike a salary job, there is no set cap on what you can earn in a year. Instead, you control your earnings.
While it will take time, and you'll likely experience many ups and downs along the way, it's possible to boost your income as a freelancer.
With an increase in earnings, you can work toward achieving your personal finance goals.
Alert: highest cash back card we've seen now has 0% intro APR until 2025
This credit card is not just good - it's so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.