As a freelancer, I get asked all the time by friends and coworkers whether they should try their hand at freelancing. I can tell they’re mostly envisioning an easy side hustle that they can do while sipping martinis on the beach (that part is usually my fault).
My answer, however, is always the same: “Yes! Definitely! But it will take more work than you think.”
Indeed, freelancing isn’t for everyone. It takes a lot of discipline to stick with it, particularly if you need to work another full-time job or find freelance clients in addition to raising children or caring for other dependents.
But if you have any significant amount of free time available and want to make some extra cash or perhaps even replace your regular job income then freelance writing could be a profitable option. Here are some things to consider before you start your own freelance business:
| Takeaways |
|---|
| 1. Freelancing can indeed be a profitable side hustle if approached strategically and with the right mindset. |
| 2. Implementing effective time management techniques is crucial to balance freelancing with other commitments. |
| 3. Offering specialized skills or expertise in high-demand industries can lead to higher earning potential. |
| 4. Building a strong network and establishing a solid online presence can attract more clients and lucrative opportunities. |
| 5. Consistent quality work, professionalism, and exceptional client service are key to maintaining a profitable freelancing career. |
Start Charging Hourly
For example, if you’re a writer who wants to freelance part-time, start with hourly rates. If you’re a programmer, offer per-project rates. For designers and illustrators, consider flat daily or weekly fees.
You can even mix the two: charge by the hour for one service and a monthly retainer for another (we’ll talk about retainers later). The amount of work that goes into each project is different; it’s important to set pricing accordingly so that clients know what they’re getting and how much it will cost them long term.
If all this sounds overwhelming, keep in mind there are plenty of resources online where people share their best practices on setting up billing systems that work well for everyone involved, and trust us when we say that once everything is in place it becomes second nature!
Looking to improve your freelancing skills and achieve better results? Our article on 13 Tips for Freelancing That Are Like Sleeping Pills provides valuable insights and strategies to help you sleep peacefully while excelling in your freelance career.
Don’t Undercharge Yourself
One of the biggest mistakes people make when starting freelancing is undercharging themselves. If you’re working from home, it’s easy to lose sight of what your time and skills are worth. You might be tempted to charge less than other professionals to compete on price alone but this is a bad idea for a few reasons:
You could be sabotaging yourself if you’re doing work for pennies that others are charging for dollars. It’s hard to build a successful business when you’re offering premium service at bargain-basement prices. Charging too much will cost you business. Charging too little will cost you money.
Raise Your Rates
As you gain more experience, clients, and work, you can raise your rates. This is often a difficult thing for freelancers to do because we’re afraid of losing clients, but the truth is that clients are always looking for someone who can do the job well and at an affordable price. If you have more skills than other freelancers in your niche, don’t be afraid to charge more money.
And here’s something else: it doesn’t necessarily take years of experience or tons of completed projects before you’ll feel qualified for higher rates.
If you’re just starting as a freelancer or entrepreneur and especially if this is your first side hustle you will likely be able to sell yourself as being capable of doing much more than some seasoned pros out there might be able to do!
You probably won’t even need any special qualifications (like attending an expensive school) since most jobs don’t require certification or college degrees;
All they really require is someone who can get things done well within their field without causing too many problems along the way which means anyone with good ideas can provide value in this field once they know what steps they need to take towards making them happen!
Weigh The Pros And Cons Of Taking A Freelance Job
There are a lot of things to consider when taking on a freelance job. You need to make sure that you have the time, skills, and interest in the job. You also want to make sure that you’re comfortable with the client and their project requirements.
- Is this something I can do?
- Am I comfortable working for this client?
- Do I have enough time to complete this project?
- What does my rate mean for me financially?
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Find More Clients
Once you’ve got a steady stream of clients, it’s time to think about how to keep the money coming in. Freelancing can be an excellent side hustle and sometimes even a full-time job, but it’s important not to become complacent. You’ll need to keep finding new clients who are willing to pay for your services.
One way to do this is by using your network whether it’s on LinkedIn or through friends and family with similar interests as yours. With more than 500 million users worldwide and millions of companies looking for help from the top professionals in their fields.
LinkedIn is a prime resource for freelancers looking for work and businesses that need assistance with their projects.
By using the platform’s search features (such as Advanced Search) or posting ads yourself in relevant categories, you can reach out directly to potential clients instead of waiting around until they find you at random which may never happen!
You can also set up an online presence on websites like Facebook Business Pages or Instagram Business Profiles where potential employers might look when searching online for someone who could help them out with certain tasks related.
This includes creating graphics/print material; writing content such as blog posts or articles; editing footage from video shoots (e.g., weddings); managing social media accounts such as Twitter feeds).
Look For High-Paying Freelance Jobs
When you’re looking for freelance jobs, it’s easy to get stuck in a rut or just looking for gigs that pay the going rate. But if you want your side hustle to be profitable, you have to look for work that pays more than the going rate.
One way I was able to find these high-paying jobs is through my network. If someone I knew recommended me or made an introduction with their contact, then I could be sure that they were serious about hiring me and had done their research on what I charge (and what they should pay).
This also helped make me more confident about taking on work from people who weren’t already in my network because if my friend trusted this person enough, then there must be something good about them too!
Another way is by finding out which companies offer competitive rates when competing against other freelancers this includes not only writers but other types of freelancers as well (designers/developers), so make sure you’re keeping up with industry news!
Ask For Referrals
You can also make money by asking the people you know. You’ll be surprised by how many people are willing to refer you, especially if they like what you do. The best way to do this is to ask current clients for referrals, family, and friends as well, but don’t forget about other freelancers in your community as well.
For example: If someone comes up for an interview at my job, I’ll tell them about some of the projects I’m working on outside of work that could be beneficial for their company.
Or if a friend mentions needing help with their website design (a common problem), I might offer up my services and show them some examples of things that have worked well in the past.
Interested in pursuing a freelance career in architecture and design, even during challenging economic times? Learn from personal experience and valuable insights shared in our article: How I Became a Freelance Architect and Design Consultant in a Down Economy, and discover the strategies to succeed in this field.
Hone Your Writing Skills
If you’re serious about making money as a freelance writer, you’ll have to start by honing your skills. All writers need to be able to write well, but there are many other aspects of the job that will help set you apart from the competition. For example:
Learn how to format your content for different types of publications and blogs.
Read a lot (and then read some more) so that you know what makes good writing great and what turns readers off completely.
Take a writing class or two (or three or four). You’ll come away with new ideas about how to organize your words and sentences into paragraphs, sections, chapters, and maybe even books!
Diversify the kinds of content you write. Some freelance writers specialize in one type of article; others branch out into longer pieces such as blog posts and e-books; still, others do general copywriting work like press releases and business proposals;
While others focus on proofreading services or even ghostwriting projects where they take over an entire project from start to finish without being paid by the client directly but instead receive payment through royalty shares after publishing the final product under their own name/brand (eBook sales).
Be Honest With Yourself About How Much Time You Have Available To Work On Additional Freelance Projects
The most important factor is that you can realistically commit yourself to work one or more hours per day on your freelance side hustle. If you don’t have enough time, then it’s not worth it to take on additional work. On the other hand, if you have too much time available and are excited about the prospect of earning some extra money from your hobbies and interests, then go for it!
You can also hire someone else to help out with some projects if necessary; for example, a friend who enjoys writing or design could help out with social media posts in exchange for a portion of profits from sales.
Write down all of your expenses, including business-related ones, to get a clearer picture of what it costs to run your side hustle each month.
Side hustles are often a source of income that you don’t have to report to the IRS, but it’s still important to keep track of your side hustle expenses.
To do this, start by writing down all of your business-related expenses. These can include:
- Business cards
- Stationery and office supplies (like pens and paper)
Event tickets and travel costs for speaking engagements or events where you’re promoting your services or products
Next, make sure you’re only including items that relate specifically to your side hustle in these lists. For example, a barista earning extra money on the weekends might include things like gas money if she drives from one coffee shop to another during her shift.
However, if she has an employer who pays for her car’s insurance policy, gas money wouldn’t be included in this list because it doesn’t affect her finances directly; instead, she would include her monthly insurance payment as part of other household bills paid by her full-time job’s salary rather than by any side hustle income.
Devote Time To Networking And Establishing Your Personal Brand On Social Media
You’re going to need to devote time and energy to networking and establishing your brand on social media so that you can continue to grow your freelance business without having to actively look for new clients.
Social media is a great way to market yourself, network with other freelancers, market your brand, market your services and skills, and more importantly, establish yourself as an expert in the field.
Once you’ve built up enough of an audience on social media platforms like Instagram or Twitter (or both), it will be easier for potential clients and employers alike to find you! And if they find out about all the amazing things you know how do through their networks…well then maybe they would consider hiring you?
Make Sure You’re Working On The Right Freelance Projects That Are Worthwhile In Terms Of Money Earned Vs. Time Spent
Before you can start making money as a freelancer, you need to determine what exactly your skillset is. What makes your work valuable and how much should it cost?
If you’re not sure how to answer these questions, here are some tips for finding the answers:
Figure out what aspects of the freelance business are most valuable to you and focus on those first.
For example, if writing or editing isn’t your main source of income but social media management is something that could help grow your business or brand, then maybe focusing on becoming an expert at that would be more interesting for you than knowing all about SEO best practices.
Think about who wants what kind of skillset and try thinking of how they might benefit from working with YOU instead of an agency or other freelancers who have similar backgrounds as yours!
Have you ever wondered how freelancing impacts millennials’ ability to buy homes? Our thought-provoking article, Freelancing Is Keeping Millennials from Buying Homes, explores the financial implications and challenges faced by freelancers in the housing market.
Base Your Pricing On How Much You Want To Earn Per Hour Rather Than How Much It Will Cost The Client Or How Much You Think They’ll Be Willing To Pay
When you’re pricing your freelancing services, it’s important to remember that pricing is based on the value of what you create.
Because your time is valuable, you want to make sure that your clients are paying a fair price for the work you do. To charge them a fair rate and protect yourself from getting taken advantage of by an unscrupulous client, here are some things you should consider:
Base your pricing on how much money per hour you want to earn. If this number seems too high, keep in mind that there’s always room for negotiation. You can always start at a lower price point if necessary and then go up from there if necessary (or vice versa).
Remember: in most cases, people will pay more than they expect just because they feel bad about not paying enough!
Think about what other freelancers with similar skillsets are charging and what kinds of projects have been successful for them in terms of profitability. This will help give some guidance as far as how much money might be reasonable depending on what types of clients/projects come through the door every day (or month).
Freelancing Is An Excellent Way To Make Extra Cash, But It Can Take Some Trial And Error Before You Find A Profitable Rhythm
Freelancing can be an excellent way to make extra cash. The freedom, flexibility, and control it offers are unparalleled by any other kind of side hustle. It’s also a great option if you’re looking for something that allows you complete control over your schedule and what kind of work you do.
But freelancing isn’t easy it requires some trial and error before you find a profitable rhythm. If you want to be successful as a freelancer, here are three things that will help:
- Start slow and build up (or save up) capital first
- Find your niche within the freelance world
- Be prepared for rejection
Are you seeking a career that offers freedom, flexibility, and the opportunity to live an extraordinary life? Discover why freelancing is the answer in our inspiring article: Freelancing Is the Working Definition of Extraordinary, and embark on a journey that breaks the boundaries of traditional employment.
Conclusion
There is no right or wrong way to freelance. Some people prefer to take on a wide variety of projects, while others enjoy focusing on just one or two specialties. It all depends on what works best for you, so don’t be afraid to explore different paths until you find what that is!
Further Reading
Here are some additional resources to further explore the topic of freelancing as a side hustle:
How to Start Freelancing as a Side Hustle: This comprehensive guide provides step-by-step instructions on how to kickstart your freelancing journey as a side hustle.
Side Hustles to Jumpstart Your Freelancing Career: Discover a list of side hustles that can help you accelerate your freelancing career and generate additional income streams.
Best Side Hustles: Explore a curated collection of the best side hustles to consider while freelancing, providing opportunities for diversification and growth.
Frequently Asked Questions
Is Freelancing A Side Hustle Worth It?
Yes! Freelancing can be an incredibly rewarding experience and a great way to earn extra money. However, it’s important to note that this is not an easy way to make money. You need to be committed and willing to put in the time and effort needed for success.
What Are The Benefits Of Freelancing?
Freelancing is a great way to earn money on your schedule and from home. You can set your hours and work from anywhere with an internet connection. It also allows you to work with people from around the world!
How Much Money Can I Make As A Freelancer?
That depends on how much time and effort you are willing to put into your side hustle. The more time you invest into your freelance career, the more likely it will be successful. You should also consider how much money other freelancers charge for similar services before deciding what rate would be fair for you.
What Do I Need To Get Started?
If you have a computer (or even just access to one), an internet connection, and an email address, then you’re ready to start freelancing. There’s no need for expensive software or equipment just some basic tools like a word processor or graphics editor will do the trick!
You can also use your phone to write emails or schedule meetings with clients while on the go if needed.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.
