Past Issues

July 28, 2008

How To Increase Your Freelance Income

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Imagine being able to work from your own home, doing a job you love. Today, millions of people worldwide have established highly-successful careers as freelance professionals. So do you need years of experience and fantastic qualifications to join these lucky people? Not at all. You just need a skill that you can offer to potential clients, and the willingness to learn how to run a home-based business. The biggest challenge for new freelancers is finding enough work to justify giving up a day job.

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There are hundreds of franchise businesses available in the home-based category, from technology and home repair to health care and financial services. To find out which franchises are available and right for you, we recommend a complimentary consultation with a franchising expert from FranChoice, the "matchmaker" of the franchising industry. They'll listen to your concerns and goals, guide you through the search process and answer all your questions. To sign up instantly for your complimentary consultation, go to FranChoice.

How To Increase Your Monthly Income

By Kathryn Vercillo, Freelance Writer and Blogger

Now working as a freelancer, I'm a career professional who can afford to live in a nice apartment in North Beach, San Francisco, pay my bills on time and accumulate very little debt. For someone who works entirely doing freelance working out of my home office, that's an accomplishment!

Although there are many different reasons that I've been able to achieve this sort of steady income, one of the biggest ones is that I continually work to increase the amount of money that I am earning.

Here are some tips you can follow to steadily increase your own freelance income:

Aim to make the majority of your income steady income.
It can take some time to hunt down new freelance writing jobs, learn the specifications of those jobs and start earning an income from them. Although one-shot jobs are great for additional freelance income, you should be actively seeking out jobs that are going to provide you with a steady stream of work and a regular paycheck.

With a handful of steady jobs, you can organize your time better and get more done which means that you are going to be earning more hourly after just a short period of time has passed.

Always keep an eye out for other opportunities.
Even when you have a steady set of gigs, you should be spending a certain chunk of time each week looking for new freelance jobs. These may be steady or they may be one-shot jobs but either way, they're out there. You don't have to apply to everything you see. The goal is to find those jobs that are really going to add benefits to the working situation that you already have.

Know what you make hourly.
You'd be surprised by how many freelancers don't know what they earn hourly. You need to work out the math and find out what you earn so that you can set goals towards increasing that hourly rate. You should aim to increase that rate every six months.

Rank your jobs and your clients.
Once you have those steady jobs and you know what you earn hourly on each of them, you can rank those jobs. The way that I do it is through a 20 point system. The first category is a 1-10 scale of how much I enjoy doing the job. The second category is a 1-5 scale of how much I get paid hourly for the job. The third is a 1-5 scale regarding how well I can count on that income.

Continually assess your rates and raise them as you grow your freelance business.
You shouldn't be earning the same hourly wage today as you were 6 months ago and your clients should be aware of that. If you have some jobs on the list that you like but that don't pay enough, see if you can't move them up the ranks by raising the rates on your clients.

In the "real world", people expect to get raises on a regular basis. If you take yourself seriously as a professional freelancer, you'll demand the same thing for yourself. It's a little harder when you can't just go into a boss and ask for a raise but it's possible to regularly raise your monthly income in order to achieve this for yourself.

Sure, there are going to be times when a job unexpectedly ends or you experience a lull in the new jobs that you're getting. But you can combat these times by actively engaging in the ongoing process of forwarding your own career.

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