Successfully Scaled the Freelance Business To $10,000/Month

In today’s vast technology and the gap between academia and industries, there is a dire need for jobs for fresh graduates who want to earn a living. The present situation where there are huge responsibilities and menace of covid’19 that has caused unemployment. In such a situation freelancing is the best service from where individuals can earn money online by learning some skills, getting training and experience.

To succeed in the freelancing valuable industry, one must be consistent as hard work and good luck works together. Here are some strategic steps to grow the freelancing business through which even newer freelancers can earn up to $10,000 per month.

  • Increase your rates
  • Set down low-paying clients
  • Get regular, long-term clients
  • Specialize
  • Set value- and project-based pricing
  • Change your mindset and outlook
  • Market yourself

1. Increase your rates

Increase your rates

Increasing your rates can be one of the more unapproachable tasks to do as a freelancer. This is to let you remind that rate increases are standard business practice. And in order for you to function your business sustainably, your rates can’t remain static.

To earn money fastest increasing your rates is the only way. The other way is to bring money is to take more projects but this can drive burnout and make you feel tired particularly when your rates are low.

The way to increase your freelance business is to get one or two permanent clients for which you can get freelance business and after some months or years increase your rates. Here is an example to write a simple letter to your client.

Hi Client,

As I informed you briefly last month, I’d like to update the rate on this new contract. My new rate would be $XXX/article. I do want to be aware of your budget, so if there’s any concern, let’s discuss it. I’ve really liked working together the past few years and look forward to our continued partnership.

Thank you,

Amy

2. Set-down low-paying clients as you replace them with new, higher-paying clients

To grow in the field of freelancing and making strong income it is ok to leave low pay clients in order to get higher-paying clients. This is also required as some clients won’t be able to pay more income. So, it is easy for you to focus on the work that pays you more.

3. Get regular, long-term clients

Instead of taking one particular project try to get long-term relationship clients who can offer you work one after another. This is because long-term clients offer consistent income that gives value to your work and experience. Remember one thing, time is key and it takes time to get clients and comprehend their business and strategy that is why it is unproductive to get clients over and over again for short-term gigs. Plus, this strategy of long-term clients will boost your income and value because with time you have a better understanding of their business.

To your knowledge, it takes time for clients to find and onboard new freelancers. It’s in their best interest to invest in a freelancer they can trust and rely on again and again—instead of finding a new writer every time they have a project.

4. Specialize

In the freelancing business, it is very effective to ‘niche down’. This strategy of getting specialized helps you to get a strong reputation, make great money, and helps you market your business effectively.

Specializing in your field helps you to grow in certain areas. This offers you to dive deeper into the industry and give services to your client. Definitely, it will increase your value in the business market. This is the finest way to make more clients that can give you more money for your work.

Do not feel afraid to accept work from a variety of clients and industries because this will help you to find your area of interest in which you are more skilled. So, if you are not socialized, take your time and reach out for the right fit and right business.

You can always take on projects outside your niche if they’re fun, interesting, or fulfill other goals. But when you specialize, you can provide more value and increase your rates accordingly.

5. Set value-based pricing by the project

The key strategy for building a freelancing business has been quoting value-based project rates rather than per-word or per-hour rates.

This strategy follows as first, rates shouldn’t only be about how much time you put in (i.e., hours worked) but what the deliverable itself is worth to your clients. This is because you know the value of the deliverables you provide to your client.

The second step is to remember that efficiency comes with expertise when you are working with a long-term client. This means the faster you are producing, the less money you make. (charging hourly).

Second, efficiency comes with expertise (especially if you’re working with clients long-term). If you’re charging hourly, the faster you produce, the less money you make. Project rates mean you don’t get penalized for getting better at your job.

6. Change your outlook from an employee to a business owner

Changing mindset and outlook is such a significant part of growing a sustainable freelance business. Remember: A one-person freelance business is still a business.

There are several suggestions for this. First, don’t ask for raises. Secondly, don’t ask permission for time off. You’re not an employee, and your clients aren’t your boss. Changing your mindset isn’t always easy to do, but it’s made a big difference in the way you conduct business.

Shifting your approach helps you take the emotion out of contract negotiations and let you stand stable on decisions that are best for you (and your business). It also helps you position yourself as the expert consultant in the relationship, which adds value for your clients and helps you command higher rates.

7. Market Yourself

Marketing for the growing freelance business is essential. It is a way to find work and get clients who value your efforts and work.

Being newer in the freelancing business you need to find your clients for work as they do not come to you. This is marketing and searching.

LinkedIn has been one of the best sources for discovery clients. You should search for companies in your target industries, filtering by things like size and funding to find prospects that are likely to be a good fit.

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