How to Make Money as a Freelancer?

Freelancing provides you with freedom and the opportunity to choose your own projects. You can make your own schedules and set your work timings. Freelancing is becoming more popular, and many professionals are even taking freelancing as full-time jobs. Whether you want to be your own boss or just start freelancing, there are various aspects to consider including where to start and how to make money as a freelancer. The number of freelancers is significantly growing and is expected to grow further.

A study by Upwork revealed that 36% of Americans are involved in freelancing. One of the most significant drawbacks that most freelancers often face is finding new clients and ways to generate more money. Another biggest concern is that freelancers often have inconsistent income. Of course, no profession is perfect, and there are always certain downsides. If you are thinking of giving freelancing a try, we will share some tips on how to money as a freelancer.  

How to Make Money as a Freelancer: 6 Steps

Step 1: Map Out Your Freelancing Goals  

Starting any business or profession without a goal is like setting sail without a compass. You should set some goals for your freelancing journey to stay on track. You must also set your financial goals and what you expect. Here are some of the goals that you must consider before starting your journey:  

• Lifestyle goals 
• Financial goals 
• Passion goals 
• Time goals  

Have clear expectations regarding the hours you can commit and the amount you want to earn. You must also clarify whether you are taking freelancing as a full-time career or as a side hustle. Understand that freelancing is a long-term process, and it may take some time to get your first few clients. We suggest that new freelancers should consider starting it as a side hustle and avoid leaving their full-time jobs.  

Read Also: 12 Easy Ways to Make Extra Money

Step 2: Zero in on Your Services  

You should always select a niche you are passionate about and have experience in. After this, you should start listing the services you can offer. For instance, if you are a content writer, write down the types of content that you specialize in. If you speak two languages, you may consider providing services in both languages.

You must also check platforms such as Upwork and Guru to understand the kind of services that people are offering in your industry. Make sure you highlight your niche and critical services. It will help reduce the competition, and clients will most likely choose you.  

Step 3: Identify Your Ideal Client  

You need narrow down the type of clients you wish to work with. For instance, if you offer digital marketing services, you can keep them limited to the hospitality sector. From clients to timings and schedules, as a freelancer, you can choose everything. If you have any specific preferences or requirements, discuss them upfront with the client.  

Step 4: Create Packages and Pricing Structure  

The next step is to start creating packages and pricing structures. Here are some of the pricing structures that most freelancers adopt:  

• Hourly pricing – Many freelancers charge the number of hours they dedicate. You can set a price according to the task requirements and other things.  
• Project-based – This means that you and your client agree to pay according to the project, irrespective of the hours it may take.  
• Retainer – Here is another model that is ideal for freelancers as it provides them with income consistency. As per this model, the client pays a recurring amount on an ongoing basis.  

You may not know this, but as a freelancer, you will still be paying your taxes. Therefore, pay attention to this aspect while deciding your rates.  

Step 5: Create Your Portfolio  

Before starting your journey as a freelancer, you need to pay attention to your portfolio. The clients might like to see your previous work and/or the projects you have handled. Try to incorporate case studies and sample projects that you have completed. You can use free website builders to showcase your work. If you are building a website, make sure you include the following things:  

• About Us 
• Services page 
• Portfolio  
• Testimonials 
• Contact details 

Step 6: Find Your Ideal Clients  

Finding clients can be challenging, and you should use different and unique ways to find your clients. Here are some of the ways you can use to find your initial clients:  

• Use social media.   
• Ask your personal network. 
• Ask for referrals.  
• Explore freelancing platforms and job portals.  
• Start a blog  

You may also consider marketing or promoting your services further.  

Tools You Will Need  

Freelancing and managing everything on your own can be overwhelming. Here are specific tools you will require for a seamless journey:  

• A stable internet connection is a must.   
• Laptop or computer device that can handle the entire workload.  
• Software and tools for scheduling meetings, preparing invoices, and managing all other ongoing tasks.  

Summing Up  

These are some steps you must follow to make money as a freelancer. It might be challenging to find the initial clients, but you should never lose hope. Continue with your efforts and incorporate different strategies to get more clients. You may also consider starting a course, sharing knowledge, or attending events to win more clients.