Increasing your freelance income EVERY year is very possible.
As freelancers, we run our own businesses. We can decide when we want to ask for a raise or do other ventures to increase our earnings. This freedom, the flexibility, is what gives us more leverage than regular employees.
But sometimes, we get stuck in a rut. Even with a regular flow of clients or consistent work from long-term customers, we can’t gain that additional bump to our weekly, bi-weekly or monthly paychecks.
The good news is there are simple solutions that can address these issues all year round. They may give you the boost you have been looking for to better enjoy your solopreneurship, both financially and psychologically.
1. Team up with other freelancers
New or seasoned, freelancers reach out to one another. This is because we work at home and on our own, and so it’s logical to find other individuals who understand our work environment and what we go through.
Forming connections with other remote workers is the first step to forming partnerships with them. When you have formed good connections, reach out to these individuals and ask if they’d like to partner with you for certain gigs.
For example, if you are a web designer, you can suggest a joint venture with a writer.
There are many ways to do this.
The most common is to refer each other’s services to new clients. You both get to work for the same project or with the same client while charging separate fees. You can pitch this solution to your prospect employer, adding another 5 or 10% to the amount charged by your partner (or vice versa), depending on whoever manages the deal with the client.
The key is to work with someone you trust and who trusts you as well. With that said, you and your partner should agree to these conditions when forming the collaboration.
2. Earn from your online portfolio or blog
There’s no rule that says you cannot earn from your professional portfolio, especially when you have a blog integrated into it.
One thing you can do is to include affiliate links to your posts. Just don’t stuff it in too much as it may make your post “salesy” and taint your professional reputation.
You can also sell an ebook or email course focused on your niche. It doesn’t need to be a hundred pages long and you don’t have to be a writer to do this (though it would benefit you to do a bit of copywriting). Just make sure that it’s of high value that buyers will really learn a skill or two from.
When you have also taken the time to build up your blog and gained good rankings, you can reach out and attract potential advertisers. Put an “Advertise Here” page or button on your site to let them know you accept advertising. This is a good source of additional income, plus it will not take up much of your time.
3. Slowly increase your fees when you pitch to new clients
Celine Roque suggests the same strategy in a previous post. However, some clients, especially those who hire via freelance bidding sites like oDesk, will ask why you are asking for a higher rate when you are receiving lower rates from your current clients.
While this strategy is easier to do when negotiating with prospects outside of job bidding sites, be confident enough to cite the quality of your work and its results to justify your reason for a higher bid.
This works for existing clients as well. Don’t hesitate to ask for a raise every year, especially when you know your work yields great results, such as leads and/or profit.
4. Do what you love
A good freelance career is not all about money. For most, the main reason we choose to work as freelancers is to be able to do what we love. So for next year, think about what you REALLY want to do.
What makes you wake up each day with so much excitement and rigor?
Have you always wanted to study a certain course, but have been postponing it for the longest time?
Go ahead and do it.
If it requires you to take on-campus classes, find online alternatives or correspondence courses. It may cost a little bit more, but it’s an investment worth every penny since you are investing in yourself.
When you have achieved this, your worth as a freelancer will be much higher due to the skills you’ve gained from it.
5. Give time for your passion, even for just 1 or 2 hours per week
If you like making crafts, make crafts. If you like taking pictures, click away.
Set aside time for it. And on that set schedule, do nothing else. Just focus on that passion.
Doing so will relax and invigorate you. You’ll have more inner motivation to continue to become better at your freelance business for many more years.
Having a prosperous freelance career in 2013 and beyond would all depend on how strategic we are when running our solo businesses. Yes, we can work more and earn more but wouldn’t it be better to work less but earn more and enjoy more time for ourselves and our loved ones? Think about it.
What are your plans now to make your freelance career more prosperous in the coming years? Share them in the comments.
About the Author: Guest Blogger
Guest bloggers are welcome to submit interesting and insightful posts in relation to freelancing and the Pinoy freelancing community. Visit http://thefreelancepinoy.com/write/ for the guidelines and steps on how to become a guest blogger on TFP. Related Posts
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Thanks Stef!
Thank you Jovell,
I like the idea of teaming up with other freelancers. I’ve met some wonderful talent which I’d love to team up on a project or recommend.
Hi Priska, thanks for checking my guest post out…Yes, collaborating with other freelancers is a good choice. You get additional income and to learn from them too.
You’ve offered 5 very useful and potentially easy-to-try suggestions, Jovell. Thank you!
Networking with like-minded writers and pro’s can be a huge boost — not only to your career, but to your emotional well-being. We’re social creatures, and “work” can be a lot more fun when you have peers you can relate to.
And you’re so right — no matter what, make time for #5. Enjoying a couple of hours a week doing something you love can make all the difference.
Yes Jim. I believe #5 is the most important as well. New freelancers tend to forget this when they get so fired up in making money from freelance jobs. Thanks for sharing your thoughts
Great suggestions, Jovell! I hope your freelancing dreams all come true in 2013!
Thanks Bobbi! It is truly exciting to make future plans.
Thanks for this post Jovell!
You gave me a lot of confidence and will to start my new career in freelancing/blogging.
When I found this site, I thought that I could do the things that freelancer can do. But it takes a lot of time and experience.
Really amazing post. Thank you.
Hi Norman,
You’re welcome. Becoming a well-versed freelancer really takes time and perseverance. But as long as you’re willing to learn then you can do it! I wish you fulfill your freelancing goals next year
Hi Jovell,
Some great advice here, especially the suggestion to connect with other writers. I’m hoping to branch out into some freelance work this year, so it was a timely post for me.
Glad to be of help Dave! Blogging combined with freelancing really adds to a good income stream and collaborating with other freelancers not only gives that extra bump to our finances but also a good network of friends.
This is really a great advice, Jovell. I hope our career plans will all come true this new year as freelancing/telework has been forecasted to grow rapidly in the next coming years (Source: https://www.staff.com/blog/infographic-is-telework-the-future/). So I wish everyone will become successful especially in business.
Thanks for sharing the link to that cool infographic Mike! Yes, it;s a bright future ahead for remote workers
Hi Jovell,
Thank you and best of luck to you in 2013! Namaste my friend.
Good ideas all of these, especially connecting with other writers, which is something I haven’t been doing that I need to start as of this year.
Hi Isis, thanks for reading my post! You should definitely start networking with other freelance writers. We’re a good bunch and most of us love sharing what we learn from projects and clients we face
These tips are very helpful. I like the idea of teaming up with other freelancers. Hmm… Good thing I’m already doing tips 2 and 4!
Good for you Aleah! Earning from our blogs is truly satisfying. It adds to our income and personally, I feel warm and fuzzy when I know my hard work on my blog is paying off.
[...] I shared some ways on how to increase your freelance income in my recent guest post over at Stef’s blog – The Freelance Pinoy. You might want to check that [...]
As others have mentioned, I need to do some collaboration. I tend to be too solitary, despite knowing the advantages of teamwork.
fyi. the captcha thing is mad confusing.
Thanks for the heads-up. I’ve lowered the captcha’s difficulty. For the record though, it’s working. 0 spam.