3 Tips to Make More Money as a Freelancer

Are you a freelancer? Wish to maximize your earnings as a freelancer? To make money freelancing, you need to be creative and smart. The freelancing domain is getting increasingly competitive. You will have to adapt to earn well.  

If you wish to make the most of your freelancing profile, here are some ideas:

1) Optimize Your Productivity

One of the easiest ways to maximize your earning as a freelancer is to optimize your productivity. There are several ways in which you can boost your productivity as a freelancer. Here are some:

• Use a dual monitor setup
• Use ergonomic chair and table settings
• Design a comfortable and productive workspace in your home
• Make use of reliable software solutions to maximize productivity

Finding ways to improve your productivity lets you work with clients more efficiently. With that you can easily double or triple your earnings.

2) Specialize Further in the Niche

As the freelancing industry can get extremely competitive, the average freelancer is getting less income per project. However, there is a special category of freelancers whose income will not be affected negatively – specialized freelancers. As a matter of fact, highly specialized freelancers who work in varied industries ranging from tecg, marketing, law, and more can expect increased earnings of around $165 to $265 hourly.

Whether you are a freelance designer, writer, consultant, or freelance developer, it may appear smart to target the widest audience to increase your chances of getting a project. Yet, it is important to realize that in highly competitive situations, the earning potential from serving the same clients as everyone else will be limited.

Instead, you can focus on niches and honing your skills in the given niche to allow you to specialize. This will allow you to demand higher rates.

3) Leverage More Opportunities

One of the struggles of freelancing is that you seldom get to earn all your income from a single client. If you’re lucky, some clients sign a retainership agreement with you such that you no longer have to worry about searching for new projects, but this is uncommon.

Therefore it is not recommended to have the expectation of relying on a single client for income; irrespective of how profitable the business is. Given the fact that income from any given source can deplete at any time, there’s a lot of risk.

Instead, veterans would advise that you have multiple channels of opportunities to ensure that you always have a pipeline of work coming your way. These channels may include cold pitching, social media, referrals, and bidding sites.

Bottom Line

Whether you are new to freelancing, or a have been doing this for awhile, these 3 tips are focused productivity, specialization, and opportunity-seeking is definetely something worth continuously paying attention to. The more efficient you become at completing projects the more work you can take on. The more niched your skills are, the more value and thus higher rates you can obtain. Finally, having a healthy pipeline of work not only gives you steady income, but also insight into where you can take your freelancing career!