3 Steps To Increase Your Freelance Income
Over half of 2021 is gone. If you set an earnings goal but you’re questioning or doubting whether you’ll make it, don’t write this year off just yet.
There’s still plenty of time to get on track and increase your freelance income.
Upgrade Your Clientele
If you’ve been writing for low-paying markets or clients, make this the year you upgrade to higher-paying opportunities.
Start by replacing your lowest-paying gigs first and work your way through your client list until you’ve swapped out all of your low-rate work.
If you have low-paying clients who gave you your start or who you’ve been working with for a long time, don’t just dump them. Offer to continue working but tell them you’re raising your rates.
If they’re cool with that—great!
But be prepared to walk away because many low-paying clients won’t increase what they pay, at least not substantially. And no matter the history, you can’t afford to stifle your growth forever.
Keep in mind that upgrading your clientele does not mean you purge before you have a plan. Secure new clients first.
Become A Sub-Contractor
Instead of fully dumping low-paying clients, consider sub-contracting the work to other freelancers.
Doing so is a great way to help newbies get their start, and it can provide you with a passive revenue stream.
Likewise, if you come across opportunities that may not be an ideal fit for you or if people approach you with work you don’t want to do, secure the gigs, pass the work along and take a cut.
In some instances, you may want to tell the clients you’re subbing the work out, especially if the sub-contractor is looking to make connections or gather bylines, but don’t feel obligated unless you have a contract requiring that disclosure.
If don’t know any qualified freelancers, don’t worry. In most fields, they’re fairly easy to find, especially for low to mid-level work. Look on social media or use a platform like Fiverr to hire for less than you’re getting paid.
Pursue More Work
A good way to earn more is to work more.
Although that’s a common-sense statement, taking on more work is something a lot freelancers are hesitant to do.
Some want to achieve bigger financial goals but don’t want to sacrifice any more time. Others tell themselves they’re willing to work more but they need to find just the right moment to ramp up.
There’s no perfect timing, and like it not, growth requires investment. In this case, that investment is additional time.
So, review your schedule and honestly consider whether you’re at full capacity. If you’re not, commit to putting in extra work and take the necessary steps to get it.
Start applying and pitching. Continue to do so faithfully.
Don’t wait to hear back about one gig before you apply to others. If you pitch an article idea to an editor and it isn’t chosen, don’t stop trying. Keep your name in front of those editors’ eyes.
A Recipe for An Increase
If you upgrade your clientele, create sub-contracting revenue, and then tack on additional work, you may not only increase your freelance income this year, you may exceed your goal.