6 Actionable tips for Increasing Your Freelance Income

Jul 27, 2017

Content 6 actionable tips for increasing your freelance income

You are happy with your freelancing; you are making enough to feed yourself. But now you are ready to move that business forward, grow it to a high level, and begin to enjoy the lifestyle that more income will allow.

How do you do this? Well, here are some tips that you can act on right now to make this happen.

  1. Increase Your Rates

This is the obvious, easy one. If your current customers/clients are happy with what you produce for them, announce an increase. You don’t have to make it exorbitant – just reasonable.

Before you hesitate to do this, for fear you may lose some clients, think about this. Inflation is real. You are paying more for your food, clothing and maybe housing. Your clients are paying more for other products and services. It is only understandable that your rates should go up too.

And if your services are valuable to them, they will stick with you. You may be a copywriter, a translator, or an accounting consultant. Check out what others in your niche are charging and move yourself up to the high range of those rate.

  1. Commit to More Time

There are small ways to put in more time. You can get up ½ hour earlier in the day and add ½ hour to your day at the end. That’s an extra 5 hours a week. If you are also willing to have a working lunch, or at least cut your lunch time in half, you can add another 2 ½ hours to your week. All totaled, that is almost an extra day each week, without having to give up your social life on the weekends or an occasional week night.

  1. Time is Money – Get Smarter About It

Could you take on more clients if you had more time? What are you doing with your non-actual work time? Are you spending time balancing your books, sending invoices, creating marketing materials, or, even worse, doing household chores and yardwork?

How many more clients could you take on if you were able to outsource some of these tasks? You might find that paying a cleaning person once a week gives you enough time to take on more clients, and as long as you are earning more than that person costs, you are ahead of the game. Same with other tasks and chores that you could delegate,

Another way to be a bit smarter is to lengthen each work day to 10-11 hours, but only work four days a week. The fifth day can be devoted to chores, marketing and bookkeeping tasks, etc. if you put in four 11-hour days, for example, you have added 4 hours to your work week and still have three days off. Or, plan to work 12-hours days with an hour of free time during those days.

  1. Get an Edge on Your Competition by Being Unique

Sometimes it only takes a small thing to tip the scales in your favor. Can you add to your services repertoire, for example? If you are currently engaged in freelance copywriting, can you write essays for students? If you translate in just a few small niches, how about branching out into another area? You might have to get some additional training, but it will be well worth it in the long run.

And sometimes, additional training isn’t even required. If you are currently translating HR manuals and other non-technical content, it would not take much to add book translation to your repertoire. Don’t limit yourself. Take a look at what others in your freelance nich are doing and add to your own offerings.

  1. Improve Your Marketing

This may take a little work, but if you have changed your workdays to four longer ones, you can spend that 5th day marketing. If you understand your target audience, you will understand their needs and what you can do to meet those needs. That is what you have to focus on – solving their problems. Create a cool video, remodel that website, start posting regularly on social media, join LinkedIn groups – do all of those things that you did not have time for when you worked all five days.

  1. Weed Out Low-Paying Clients

As you build and take on new clients at your higher rates, you need to give those low-paying clients a choice.

Of course, you have loyalty to them – they were probably your early clients. But you are growing now, and you can no longer afford to keep them on at those early low rates. Either you will have to drop them or they will need to agree to pay the higher rates you are now charging. This may be difficult, but you have to consider your business and income growth too.

So, here are six things you can do right now to work better, smarter, and generate more profit. Choose one or two to take action on right now. If you have more tips, be sure to share them n the comments below.