For all your online business building info! , 2017-10-24 09:25:00
Earning More than the Average Freelancer
Most freelancers earn a good income. For most the income is not enormous, but still it is pretty good. Especially if you think about the freedom and independence of being a freelancer then a little less money (than with a normal job) is worth it. But as an independent business owner a freelancer is always looking for ways to increase their income. We don’t say it is easy, but it is possible, as long as you’re willing to try.
Today we look at 4 ideas to increase the earnings of a freelancer:
As in every field there is also a group of freelancers that are charging a lot more than everyone else. There are even freelancers that make two or three times more than every other freelancer in the same field. (There are also a lot of freelancers that are asking to little for their work.)
To ask for such premium rate you need of course have the skill level to go with it. This means that you have to ask yourself if you have the required knowledge (and if not what you can do to obtain the necessary knowledge.)
If you think that you possess the necessary knowledge you should determine your new freelance price. Of course you should be careful that you don’t ask too much and drive away customers. (Remember that sometimes loosing a low paying customer isn’t that bad, as long if you find a new one that is willing to pay the new rate. But you need to be careful that you don’t drive all the customers away!)
2. Expand your Business
A good way to increase your income is by expanding your business. We know that for most freelancers expanding is not a priority, but if you want to earn more then this is one option.
Many freelancers don’t have the time to do more work (there are only so much hours in a day), so to take on extra work you need to change your business and hire extra help. You have to be aware of the fact that changing from freelance work (where you are the only employee) to a business with employees is a major step. It will take you a lot of time and effort, but you will normally earn a lot more than the average freelance income, but you have to remember that the risks are also greater. (Write a business plan for the new business and also try to make use of business systems to automate work.)
3. Passive Income
Passive income is the holy grail of the online business world and who wouldn’t have an income without doing much work. (We would!) But of course finding or creating a passive income stream is much more difficult than most people think and for those who think that a passive income stream doesn’t require any work, they are wrong!
For those who don’t know what a passive income stream is, take a look at an example: suppose you have written novel. If you can find a publisher who wants to publish the book, then you have a passive income stream. In most cases you get a percentage of every sale. (As you can see the work that you have to do is of course writing a novel and finding a publisher, but after that you get payed without doing any more work.)
4. Sell Informational Products
Another way to make more money is by selling your knowledge. You could for instance write or create an informational product and try to sell it online (or even better, use affiliates to sell your product for you.)
We know that some people have given the info products business a bad name, but if you make sure your product is of a very good product you can make a lot of money online!
Where do you stand?
We have looked at four ideas to increase the earnings of the average freelancer, but there most be many more. Please, share your knowledge and ideas with us and the rest of the readers by leaving a comment!
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