If you love the idea of being able to grow your brand and earn money while working independently, freelancing is the best option. The market is increasingly looking to work with freelancers for different projects.
However, freelancing takes time to grow into a successful business which makes it a bit difficult to sustain your earnings and lifestyle. It takes time to prove your worth to clients and convert them into repeat customers.
In today’s blog, UASA IP looks at some tips on how you can maximize your earnings and survive in your freelancing business.
Learn new skills and improve the ones you already have
Without skills, there is no freelancing. So before you dive into this business, polish your skills. Once you have mastered one skill, continue to expand your skillset as it will help you maximize your revenue from current clients.
For example: If you are a video, you can learn to design unique images using Canva and integrate tools like Adobe pro for professional-looking videos, these tools can help you enhance your offering.
If you are a copywriter, you can learn other digital marketing tactics like helping clients get organic traffic or mastering paid traffic methods. Learning new skills will help you to maximize your earnings as a freelancer.
Learn how to negotiate fair deals
Research has shown that more than 50% of people are unable to accurately estimate their firmness during a negotiation. While pricing structures are challenging for freelancers because of tough competition in the industry.
Question: What should I charge to maximize my earnings?
Answer: When you have a new portfolio, you can work for lower rates to build your reputation. When you have good references and testimonials, the game changes. This is when you can look to increase your pricing to meet the market value of the service you are providing.
Create a tailored budget
According to statics, 50% of small businesses in South Africa fail within 24 months of launch. While a report by the University of Western Cape revealed that between 70% and 80% of small businesses fail with 5 years.
It is common for freelancers to spend more when they earn more. Do not fall into this trap. The simple solution to this problem is to focus on your savings, make a list of unnecessary things that you can live without, and use a tool to help you manage your budget.
Eliminating extra expenses is critical to maximizing your earnings as a freelancer. And yes, this includes both professional and personal spending. You should be even more careful if freelancing is your primary source of income.
Discipline is the key to success. If you cannot stick to a schedule and consistently meet deadlines, you can never become successful as a freelancer. Remaining disciplined is integral to your wellbeing.
If you get more done in the evening, free yourself to work at night and start working on a schedule that makes sense for your lifestyle. Remember, freelancing gives you the freedom to work in your comfort zone, but if you lack discipline and waste your time, this can become a detriment to progress.
Achieving success in freelancing is quite addictive. When you taste it once, you want more. You can prove your worth as a freelancer if you focus on solving other businesses’ needs in a way that is effective and timely. So work smart and concentrate on your work and growing your business.