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| Photo by Alexander Mills, Unsplash |
If you're as broke as I was in 2019 or you're still struggling to pin down substantial professional earnings as a freelancer then you need what I am about to share with you than anyone.
Passion is great, but no man has ever fed himself doing what he loves but what he's paid for. The only thing not down for money in life is charity —then, money is still needed to fund non-profit events and activities.
I love football as a hobby, and I love to write. That doesn't mean when opportunities present themselves to monetize my hobby that I won't take it. I currently do short football analysis with a little bit of punditry by the side, and come 2024, I plan to fully monetize it.
When you get to a certain stage in your life everything comes at you fast; the bills are up, the responsibilities increase by day. No one will believe in your vision until there are tangible results. You have to start seeing everything as a means to expand, and that will take us to my first point;
1. Diversify Your Skill Set
Embrace versatility by expanding your skill set in the coming year. Learn new tools and stay updated with industry trends, put yourselves amidst the sharks. Offering a variety of services makes you more attractive to potential clients and opens up diverse income streams.
Move from an ordinary writer to UX writer, explore the gold mines in some of your hobbies and new trending Niches — Crypto, NFT, and more. I have missed out on opportunities to make huge earnings at times because of my lack of knowledge in a related niche.
2. Set Clear Goals and Budgets
Define your financial objectives and create a realistic budget. Knowing your income targets helps you stay focused, and budgeting ensures you manage your earnings wisely, setting aside funds for taxes, savings, and business investments. Don't eat your eggs instead of hatching it, instead of waiting to watch 100 Youtube videos, spend a few out of that earnings to pay for that Master course you have been surfing the whole internet to learn for free.
Prioritize your expenses more on growth and believe me, you will see results.
3. Master Time Management
Efficient time management is crucial for freelancers. Use tools like time-tracking apps to monitor your work hours, prioritize tasks, and allocate time for personal and professional development. Maximize your productivity to increase your earning potential. I once set myself on a mission to make every data count, that is every data must give back no matter how small through each month.
4. Build a Strong Online Presence
Invest time in cultivating a robust online presence through a professional website and active social media profiles. Showcase your portfolio, client testimonials, and success stories to attract potential clients and command higher rates.
I wasn't a fan of these things because I often get lucky, but man, I learned the had way. You must have all these things in place if you want to move from a $50/100 a month freelancer to $800, $1000, $2000... Or you're looking to clinch a high-paying part-time job.
5. Networking and Relationship Building
Cultivate meaningful relationships within your industry. Attend virtual conferences, engage in online forums, and connect with fellow freelancers. Networking not only opens doors to new opportunities but also helps in securing repeat business from satisfied clients.
I have a lot of people I look up to; I am a very inquisitive person so I needed expert sources and professionals better than me in any of my fields to ask questions. It saves me the hassles of having to do things the hard way. More so, more links mean open doors to get things done quickly and easily.
6. Effective Client Communication
Clear and concise communication with clients is key. Understand their needs, set expectations, and provide regular updates. Building trust through effective communication leads to long-term partnerships and referrals, contributing to a steady income flow.
7. Continual Learning
I am repeating this because I want it to sink in. Stay ahead of the curve by investing in your education. Take relevant courses, attend workshops, and read industry publications. Continuous learning not only enhances your skills but also positions you as an expert in your field, allowing you to command higher rates.
8. Optimize Your Pricing Strategy
Regularly assess and adjust your pricing based on your skills, experience, and market demand. Consider value-based pricing, where you charge clients based on the perceived value of your services, ensuring you are compensated fairly for the value you deliver.
Don't be greedy too, make sure your price justifies your output. Your outputs will either make or break your relationship with your clients. And don't be scared to pick a price worthy of your value as a beginner — that's if truly you're good at what you said you do. There are people out there ready to exploit your naivety, the internet is not a safe place. I have had experience of client's running away with my work when I first started on Upwork. Make sure you have all measures on ground to build trust.
9. Create Multiple Income Streams
Diversify your income sources to mitigate financial risks. In addition to client work, explore passive income options like creating and selling digital products, affiliate marketing, or teaching online courses. Multiple income streams provide stability and financial resilience.
You know you are growing as a freelancer when a month or a year is better than the former. It shows in the way you do things.