Workers who take a hard look at their lifestyle may find that traditional nine-to-five jobs may not be as lucrative or preferable as they think. People who want to improve both their productivity and profitability can consider freelancing.
What is freelancing?
According to job search experts at Indeed, freelance work is an arrangement in which a freelancer works on different projects for multiple clients. As a freelancer, you can determine how involved you will be in your work, including how many projects or clients you take on at the same time.
Make self-employment more profitable
Companies are looking for talented freelancers to solve problems in all industries, skills, and jobs. This has increased the demand for freelancers. Online financial guide Collecting Cents says freelancers bring $715 billion in revenue 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 integrating partial or fully remote teams, making freelancers even more attractive.
Freelancers are tasked with finding their own clients and setting income goals, and here are several ways to earn more.
• Pick a lucrative niche. Find a niche that offers the best chance of getting competitive rates. A graphic designer, for example, can highlight a specific design style. A freelance writer may focus on health and medical writing.
• Perform an efficiency test. Figure out how much time you spend with each customer and how you can streamline your efforts and/or avoid customers that are eating up your time and profits. Identifying weaknesses helps you become more efficient and profitable. Also, planning your day and how it will be split between tasks can help.
• Treat your business like a business. As an independent contractor, you can easily start to feel like work is a hobby. But it won’t bring you any income and won’t move your career in the right direction. Schedule regular work hours, don’t underestimate your skills, 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 prices directly, sell incentivized services. New work and increased income can come from a simple upsell. An interior designer may be able to work on one room, but offer incentivized services by offering professionally selected accessories for another room at a slightly higher “flat rate price”.
• Create and maintain an online presence. Social media is essential for growing your business and maintaining a stable customer base. Schedule social media content update in your weekly calendar.
Self-employment can be lucrative for those who want to explore this growing sector of the economy.