How much do freelancers make? Freelancing might seem like an easy-going job that allows you to work your own hours, but it can actually be quite the demanding and rewarding career. Freelancers might not be rich by the standards set by traditional workers, but they often fare better than people working in an office. Read about how and why freelancers can earn big bucks from the comfort of their house.
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What is a Freelancer?
Freelance work is a great way to make some extra money while keeping flexible hours. Depending on your experience, you can expect to make anywhere from $10 to $75 an hour as a freelancer. However, the earning potential varies greatly depending on the industry, specialty, and client base. The best place to get started as a freelancer is on Fiverr.com.
If you’re a skilled writer or have editing experience, there are many freelance writing opportunities out there. Freelancing as a content creator can also be lucrative if you have a niche area of expertise. Many larger businesses will contract out specific content tasks rather than employing full-time writers. You can create a gig on Fiverr based on your skills and attract potential clients.
Be sure to research the market before launching into freelancing. There are several factors that will impact your earnings: the size and complexity of the project, your hourly rate, and the number of hours you work per week. As with any new venture, start small and build up your business over time. There’s no right or wrong answer when it comes to freelancing; it’s all about finding what works best for you.
How Much Do Freelancers Make?
Freelancers typically make anywhere from $30,000 to $75,000 per year. That said, this number can vary drastically depending on the freelancer’s experience, skillset, and the size and complexity of the project they are working on. Obviously, the more experience a freelancer has and the more complex a project is, the higher their pay will be. On Fiverr, there is more flexibility because you get to set your own rates and hence allowing you to get paid what you want and not what the client want.
What is the Average Salary for a Freelancer?
Freelancers are in high demand as the number of businesses looking for additional help continues to grow. According to the Freelancing Industry Forum (FIF), the average salary for a freelancer is $70,000 per year. This figure includes work done in salaried positions, as well as those working on their own. For those who freelance full time, the average salary can be even higher.
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Predicting Your Salary as a Freelancer
Freelancers are in high demand and can make a lot of money, but it’s important to know what your marketable skills are and what the average salary is for your field before you start freelancing. The median annual salary for Americans who freelance is $62,500, according to 2017 data from the National Survey of Independent Businesses (NSIB). This corresponds to an hourly wage rate of about $30.
However, this number can vary significantly based on experience and skill set. For example, event planners and coordinators earn much higher salaries than text editors or graphic designers; web developers compare favorably with information security specialists; while veterinarians typically have earned considerably more than yoga instructors as self-employed professionals.
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Tips to Increasing Your Earnings as a Freelancer
Establish and keep track of your rates
The first step to increasing your earnings as a freelancer is to establish and then track your rates. This can be difficult, but it’s essential if you want to maintain a sense of control over your income and know what you need to bring in order to make ends meet. Start by figuring out what your average hourly rate is for the type of work you do. Once you have that number, periodically review it and adjust your rates accordingly if necessary either up or down. It’s also important to be clear with clients about what you will and will not do; charging for additional services (such as translation, design work, etc.) can increase earnings significantly.
Make use of resources
Networking is one of the most valuable tools a freelancer has at their disposal when trying to increase their income. Why? Because it allows them access to potential clients who might not otherwise consider them, as well as opportunities that might not have arisen had they not been introduced through a friend or acquaintance. There are many resources available online where freelancers can find collaborators, such as LinkedIn Groups and Freelance Forums. If there isn’t a specific forum or group specifically tailored to freelancers interested in earning more money, browsing the general forums sections may provide fruitful opportunities for finding new clients and making better deals with current ones.
Master Project Management Skills
Managing projects successfully can add an extra layer of income to your freelancing repertoire. Whether you’re managing a single task or a series of related projects, being able to manage deadlines, keep track of expenses, and resolve conflicts is critical in ensuring success. There are many web resources available which can help you achieve these skills as well as various coaching programs offered by freelance management firms.
Utilize Outsourcing
Outsourcing can be a helpful way to cut costs while increasing your income as a freelancer. By working with outside vendors who can provide specific services at a lower cost than you could, you can allow yourself to focus on more important tasks while they handle the mundane details. This can save you both time and money, making it an ideal strategy for those who want to make significant income increases while keeping overhead costs low.
Be willing to work odd hours or on weekends
As difficult as it may be at first, working odd hours or on weekends can be surprisingly beneficial for freelancers looking to increase their income. Not only will you be able to find more clients during off-hours, but you may also find that some employers are more likely to offer flexible work hours in order to attract and retain talented employees. If you’re willing to put in the extra effort, there are definitely ways to earn more money as a freelancer.
Conclusion
As a freelancer, you know that making a living as a professional writer, web developer, graphic designer or photographer can be difficult. But it’s not impossible — if you work hard and have the right skills. In this article, we’ve explored some of the factors that can impact how much you make as a freelancer. We hope that our insights have helped to shed some light on what it takes to be successful as a freelancer and given you some pointers on how to set yourself up for success.
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