Income

4 ways to increase your income as a freelancer

Image source: Getty Images

I’ve been a full-time freelance writer for almost six years now. It was an adventure with good and bad times. But I learned some things along the way.

Are you a freelancer looking for ways to increase your income? You’re not alone. Independent living can offer you a flexible schedule and greater control over your day-to-day affairs. This type of concert is a dream for many.

Check Out: This Credit Card Offers a Rare $300 Welcome Bonus

More: These introductory 0% APR credit cards made our top list

But if you’re not making enough money to meet your financial goals, it can be stressful. The good news is that you can take steps to increase your income as a freelancer so that you can enjoy your flexibility and freedom without constantly checking your bank account balance.

1. Be open to discussing pricing with other freelancers

I used to think it was inappropriate to talk about salary or freelance pay rates – and I was wrong. Here’s the thing, if I had started talking about rates with other freelancers sooner, I would have made more money faster.

Talking about rates with other people who do what you do is beneficial. It’s a win-win for everyone because there’s more transparency around compensation and the value of your work.

Don’t be afraid to connect with other freelancers in your field. As you become more comfortable discussing pricing, you’ll be doing yourself and other freelancers a big favor.

2. Become an expert in your field

Before becoming a full-time freelancer, I wrote part-time.

I wrote on a variety of topics and did not consider myself an expert in any particular topic or area. When I was writing about everything, I wasn’t paid well.

As I transitioned into full-time work, I had a plan for what areas I wanted to focus on based on my life experiences, personal interests, and knowledge.

It allowed me to sell myself as an expert and I worked to take on clients in defined industries. By limiting my writing to a few select areas of expertise, I was able to get better paying clients and over time my checking account balance grew.

If you’re struggling with low pay, it may be beneficial to choose one or two areas to focus on as a freelancer. You can share your expertise and get paid more for your work.

3. Know your worth and set your rates accordingly

Do you remember that I mentioned the importance of talking about tariffs? Well, it will help you here.

Once you understand the value you bring, you can set your rates accordingly. Focus your time and attention on work that pays you well and clients that treat you well. Your work matters and you deserve to feel respected.

If you have a job that pays a lower rate than you would like, consider raising your rate, dropping the client, or continuing to work for them while looking for better paying work elsewhere.

It may take time to find better paying work, but it is there. As you take on better clients, you can increase your income and you can also feel more confident.

4. Surround yourself with like-minded freelancers

If you’re a freelancer working to grow your business and increase your income, it might be a good idea to surround yourself with like-minded freelancers.

It’s easier to work on a big goal when you have other people by your side to encourage you and offer their support. I’ve met some great freelancers on this journey, and many have helped me learn and grow. Like-minded people will support you and want the best for you.

If you surround yourself with self-employed people who always complain but don’t do anything to change their situation, you’ll probably also feel stuck and be able to settle for a low-paying job longer than you should.

Consider who you spend your time with during your freelance journey – it matters.

Do not abandon

The best part of being a freelancer is that the earning potential is limitless. Unlike a salaried job, there is no hard cap on how much you can earn in a year. Instead, you control your income.

Although it takes time and you will probably experience many ups and downs along the way, it is possible to increase your income as a freelancer.

With an increase in your income, you can strive to achieve your personal financial goals.

Alert: The highest cash back card we’ve seen now has 0% introductory APR through 2024

If you use the wrong credit or debit card, it could cost you dearly. Our expert loves this top pick, which features an introductory APR of 0% until 2024, an insane cashback rate of up to 5%, and all with no annual fee.

In fact, this map is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.