Are you looking to make more money as a Freelancer? It’s a rhetoric question all freelancers ask themselves at one point or another. One thing you get to enjoy when freelancing is the ton of freedom you have. You can create your working schedule, choose projects that you want to do and even set prices for your services. Freelancers are always looking to improve and increase their profits. There are several ways to tweak your services or business to make more money. Get to know which projects or services bring in the most profits and then prioritize. It will take time, and you’ll learn a lot along the way. But with a sharp focus making more money and expanding your business, you are guaranteed to boost your profits. Don’t shy away from trying new things. Here are ways you can explore to increase profitability.
Raise Your Prices
One thing that most freelancers shy away from is increasing their prices or negotiating for better rates with a client. Most of them don’t know how to say no to peanut prices offered by clients simply because they are desperate. If you have years of experience and have perfected your skill, then why stay quiet during a negotiation instead of asking for more money. This is the very first step and easiest way of making more money. For first time clients, it is easier to charge them more. However, for existing clients, it may get a little pushback but do your best to explain that your results are better today than in the past when you had less experience.
Delegation is a popular way of overcoming limitations. To a freelancer, the limitation would be not making more money. Delegation is a vital key to freelancer to maximizing productivity, meeting tight deadlines and handling large workloads. You can only complete so many tasks and work so many hours a day. And since your time and workload is limited, so is your profitability. That’s where delegating work to your team helps to break down this barrier. Delegate work to your team and take up more projects to earn more money. Train them and offer them assistance when needed so that your standards and quality of work do not lower.
Trying charging per project instead of the usual charge per hour that some freelancers go for. Charging per hour limits your potential earnings. You work less efficiently, and since you can only work for a certain number of hours in a day, you limit yourself from earning more. Sure, you can raise your hourly rates. However, you’ll still have the same working hours. On the other hand, charging per project is an easy way of making more money. You’ll only be limited by your speed to complete a project which you can improve with time. Also, you’ll impress clients with your efficiency and quick turnaround thereby building more profit into each project.
As noted above, outsourcing is one way to become more efficient and making more money when freelancing. The idea is to work smarter and utilize the little time you have effectively. Other pointers include;
- Track your time: Take note of the time you spend to complete tasks. Cut down on time wasting activities and schedule your projects.
- Bundle Tasks: Group similar tasks together to increase productivity. Grouping them breaks down the project in smaller jobs that can be completed
- Get Referrals: Happy and satisfied client market your expertise and business, therefore attracting more clients to your business and a chance to make more.
- Minimize Social Media: Don’t get caught up in the buzz of social media and waste time surfing social media platforms and getting distracted instead of working. If it’s work time, let it be work time and nothing else.
Pay Attention to what is working
Lastly, just like any business, you need to keep an eye on what methods are bringing the desired results and which ones aren’t. Figure out the projects and clients that bring in more money. Analyze your numbers to make informed decisions. As soon as you discover what works best for you and is the most profitable, capitalize on it. Making more money as a freelancer can be simple if you are doing something you enjoy or with a little determination.