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Workers who take in-depth looks at their lifestyles may find that traditional nine-to-five jobs may not be as lucrative or preferable as they believe. Individuals who harbor a desire to improve both productivity and profitability may consider freelancing.
What is freelancing?
According to the job hunting experts at Indeed, freelancing is an arrangement in which a self-employed person works on different projects for multiple clients. As a freelancer, you can determine how involved you will be while working, including how many projects or clients you take on at one time.
Businesses are seeking talented freelancers to solve problems across every industry, skill set and job. That has increased demand for freelancers. The online financial guide “Collecting Cents” says freelancers are contributing $715 billion in earnings to the economy, so it’s possible to do well with a freelance career. And thanks to the global pandemic, companies are more open to having partial or entirely remote teams on board, making freelancers even more attractive.
Freelancers are responsible for finding their own clients and making earnings goals, and the following are several ways to earn more:
• Pick a lucrative niche. Find a niche that offers the best chances for competitive rates. A graphic designer, for example, may highlight a specific design style. A freelance writer may zero in on health and medical writing.
• Conduct an efficiency test. Figure out how much time is spent on each client and how you can streamline your efforts and/or avoid clients that eat into your time and profits. Identifying weaknesses helps you become more efficient and profitable. Also, planning your day and how it will be split up among tasks can help.
• Treat your business like a business. As an independent contractor, it easily can begin to feel as though work is a hobby. But that won’t bring in income or get your career moving in the right direction. Schedule regular work hours, don’t sell your skills short and know when to say yes or no to a project or client. Don’t take on more work if you can’t handle it, or your results may suffer.
• If you can’t raise rates directly, upsell services. New work and increased revenue can come by a simple upsell. An interior designer may be able to work on one room, but upsell services by offering professionally curated accessories for another room for a slightly higher “package price.”
• Create and maintain an online presence. Social media is key to building your business and maintaining a stable of clients. Plan social media content updating into your weekly calendar.
Freelance work can be lucrative for those who want to explore this expanding sector of the economy.