Freelance writing is a great way to earn extra money. It also gives you the flexibility to work around your schedule and meet your personal and professional goals.
As a freelancer, you are in charge of your own finances and have to be good at money management. You need to keep track of invoices, payments, and client responses.
1. Earning Potential
While freelancers may lack the security of traditional employment, they can still earn a good living. This varies greatly by industry, specialization, region, and experience level.
For example, Australian writer Lindy West made over $130K in 2020 through a mix of journalism & corporate writing, plus online course income. She also landed clients from referrals and cold emailing.
Freelancers have the option of choosing their payment schedules, which can range from hourly to project-based or monthly retainers. This gives them more control over their earnings and can help them grow their business as they become more confident in their skills.
Some freelancers also choose to charge more per project than other freelancers, which can increase their earning potential. However, freelancers should also make sure that they are charging a reasonable price for their work.
One way to improve your earnings is to focus on your most successful clients. Identifying your top clients and working with them consistently can be a great way to build up your portfolio, while also building a good reputation in the freelance community.
Another strategy to boost your income is to cut down on clients that aren’t paying you well. This can be difficult to do, but if you begin noticing patterns that indicate a poor match, it’s time to start cutting them.
This can be a daunting task, but the most successful freelancers know that it’s important to start small and then gradually build up their client base. In the long run, this will give them more opportunities for higher paying projects and better earning potential.
2. Flexibility
Flexibility is one of the most important factors that freelancers consider when making their career choices. It enables them to set their own schedule and choose which projects they want to work on. It also gives them the freedom to choose where they want to work and how much time they spend in a particular location.
This flexibility also allows them to design a work routine that suits their lifestyle, such as working early mornings or only in the evenings. It also means that they can plan their daily routines to fit into their family’s needs and personal values.
While freelancers do not typically have the same benefits as employees, such as health insurance, maternity leave, overtime pay, and 401(k) benefits, they still have the freedom to take on projects that are a good match for their skills and talents. This is a great way to build a portfolio of work and attract new clients, which can increase their income.
The flexibility of freelancers is especially beneficial for those with certain personal circumstances, such as disabilities or caregiving responsibilities. These conditions can prevent them from finding a job in the traditional workforce, but freelancing offers them the flexibility they need to make a living.
Freelancers can also find the freedom they need to be more creative and focus on their goals, which can lead to greater success as a freelancer. In addition, freelancers can take on more projects than a traditional employee would be able to, which helps them gain experience and develop their skills. This can help them later land a full-time job in a more lucrative field. Additionally, freelancers can meet a wider range of people through their work, which can boost their career growth and help them connect with people who could open doors to future opportunities.
3. Self-Discipline
Self-discipline is one of the most important skills for freelancers to have. It allows them to set their own schedules and keep their jobs. It also helps them to stay motivated and bounce back if they fail to get work.
Freelancers who have great self-discipline can be more successful and make more money than those who lack it. This is because they know how to manage their time, prioritize their tasks, and work in a way that will increase their productivity.
Another aspect of self-discipline is the ability to stick with a plan even if it’s uncomfortable or painful. Those with great self-discipline are able to tolerate discomfort and learn from their mistakes, so they can improve their skills in the future.
The ability to stick with a plan is especially vital when you’re starting out as a freelancer. There are plenty of opportunities to waste time and slack off, so you need to be disciplined about your schedule and the amount of work you do.
In addition, you should make sure that you give yourself regular breaks from your work. This is important for both your brain and your body. It will allow you to gain a new perspective on your work-related problems and to boost your creativity.
You should try to break your projects down into smaller parts. This will help you focus on them and ensure that you finish them on time.
Getting a good night’s sleep is another key element of self-discipline, so be sure to get enough rest. This will enable you to have more energy and be more productive during the day.
If you have a hard time staying focused on your work, you may want to designate a specific space in your house for working. This will prevent you from wasting your time in front of the TV or on your phone.
4. Reliability
Of all the values, strategies, and techniques espoused by business, freelance, and self-improvement gurus, there’s no word more powerful than reliability. This is one of the most essential traits for any small business, freelancer, and client – the ability to consistently do what you say you will.
A study by IPSE (Independent Professionals in Skills) found that a majority of clients valued reliability over price and talent when hiring a freelancer. This is a surprisingly common sentiment.
This is due to the image that many clients have of unreliable freelancers who work on a whim, forgetting tasks, or simply not delivering. And while this may be true in some cases, the reality is that many freelancers actually are reliable and deliver exactly what they promise to do.
Reliability is a quality that most freelancers possess, and it’s often the single most important factor for clients in evaluating the work of a freelancer. They want someone they can trust to meet deadlines, communicate effectively, and provide an honest account of the project’s progress and deliverables.
The term “reliability” is used in scientific research to refer to how consistent a study or measurement device is. In psychological research, for example, reliability can determine the value of a test or study.
It can also help researchers avoid personal bias. For example, if a researcher creates an exam on a particular psychological concept, they can divide the test into halves and see if the results from the two groups are consistent. If they are, the result is reliable – it proves that the psychological concept in question is worth studying and testing again.
Another way to measure the reliability of a freelancer is to look at their track record. This can include a number of factors, such as how long they’ve been in the industry and whether they’ve had any problems with previous employers. This is also a good way to assess their level of commitment.
5. Flexibility
Flexibility is important for many freelancers, as it allows them to work when they want. It also gives them the freedom to choose their working hours, which is especially helpful for those who have caregiving or parenting duties.
In addition to time flexibility, freelancers also enjoy location flexibility. They can work at a desk or conference room of their choice. This can be a great way to get in some extra productivity during the day or to meet with new clients.
Aside from this, flexibility allows freelancers to work with a variety of different clients and projects. This allows them to build their skills and make money while doing something they love.
Another benefit of flexibility is that it helps to create a better work-life balance. Since a freelancer doesn’t have to work a set number of hours, they can take care of their family and other obligations in their time off. This can help to reduce stress and keep their productivity high.
Freelancers also have the flexibility to say no to clients and projects they don’t feel comfortable with. This is a huge benefit that traditional employment can’t replicate.
Freelancing can also have some negative aspects, as it can become difficult to separate work from personal life. It can also cause fluctuations in income, which can lead to financial hardship. Additionally, a lack of employee benefits like health insurance and retirement plans can cause some freelancers to seek other options. They can also find it difficult to establish a network of colleagues. These issues are why businesses should work with a reputable freelancer payments platform to ensure their employees are properly paid. The platform can issue flexible payments to freelancers and help them receive payment as quickly as possible.