Can you Become Rich From Freelancing?
Make your payday, yayday.
Is it possible to become rich from freelancing? Of course, however, it does not happen easily. To help you out, we’ve looked into a few ways how freelancing allows you to maximise your revenue in a few simple ways.
Now, as a freelancer, things like raises don’t come around in the same way that other workers may receive them. As you set your rates for clients, then you have to be efficient at evaluating what your work is worth. Maybe it’s time to look at the wealth of experience you have under your belt … and turn this into wealth. See if your skills, efficiency and brand have increased in value and set your rates accordingly. Not least, since the cost of living has gone up.
Another bonus to being a freelancer is the ability to set your own hours. Have a look and see if you could be more efficient in certain areas, such as set-up, administrative hours and breaks. Now, it can be very easy to work continuously when your pay is running with the clock. However, your productivity and work value will not increase if you find yourself experiencing burnout. Simple changes could be working eight hours instead of seven, which can give you an extra five or six extra hours of pay per week. Maybe if you work weekends for a project that has a really urgent time scale, consider upping your rates for evening, weekend and bank holiday work.
As a freelancer, you also get to set your own holidays which means you need to be on the ball for noticing peak working times of the year. Be sure to schedule holidays during times when work seems to ebb. For example, you might find that during the summer there is more advertising, copywriting and graphics to be sourced relating to travel, and summer holiday activities including marketing and website updates, so try not to take holidays during peak times to increase your work and therefore opportunities for pay – making sure the schedule them for quieter periods.
If you want to become rich from freelancing it’s best you focus on a niche that’s close to your heart. The remarkable element to freelancing is that you can follow your passion and therefore the skills you find easier to profit from. The famous phrase, “doing a job you love is like never working a day in your life” could not be more true. The easiest way to remain passionate about your work and to keep you working within those intense hours and timeframes is when you really love the work.
This is not limited to one passion. As a freelancer, you can advertise and work on multiple projects at once, especially when you have multiple trades to offer. This expands your reach to multiple networks, client bases, and therefore extended sources of revenue. Once again, be careful not to experience burnout. Use this as a way to work up to some holidays without missing out on a lot of revenue.
Having this passion comes with other benefits. With passion comes an interest in keeping up with industry trends. Reading articles like this is a great start as you can follow how the gig economy changes and how you can make it work for you. This gives you an element of professionalism and showcases to clients that you’re reliable, organised and passionate.
Maintaining an extended network of freelancers and clients allows you to network, learn new tricks and find out about potential new jobs that you can go for. An example of untapped markets and networks could be found through your social media. Using Twitter, Facebook and Instagram are new ways that the gig economy is changing. Advertise your skills on there, for example, as a graphic designer, you may wish to post examples of your work and build up a portfolio. It is free advertising to an almost unlimited network of people.
As a freelancer, you will likely have the option to work from home which is a way to reduce overheads in multiple, significant ways.
Not only does working from offer the flexibility to work when you want, wherever you want. It allows you to skip commuting to work, which could give you an extra hour to work and make money. Also, it allows you to save money on transport costs, as well as other costs associated with commuting such as a few coffees and on-the-go lunches.
Further still, many other business costs related to renting and running an office are completely cut out. That allows you to work from home, and work flexibility while still earning good revenue.
Watch out for:
Now, as with anything, there are things to watch out for. No job with the potential to make a fortune comes without risks. As aforementioned, freelancers often don’t receive holiday or sick pay, which are all risks that require contingencies and planning. So saving up for these are all essential as you work. Without this planning, they can interfere with your plans to make some extra cash.
Before you go:
Now that you know that it is possible to become rich from freelancing, check out ‘How to Secure More Freelance Work’ and start earning. For even more freelance tips, check out: Can Freelancing Be a Full-Time Career? and Top 5 freelancing skills that pay the most.
Freelance marketplace: Revolancer