Freelancing is an exciting and liberating career path to take, but it isn’t one without its risks. Financial insecurity is perhaps the biggest concern for anyone wanting to leave the corporate world behind in favor of full-time freelancing.
But just because it starts off as a rough journey doesn’t mean it will stay that way. With enough grinding, you can find big success in the freelancing world and thrive in the freedom it offers you. Here’s how you can start growing your freelancing income today and start shooting yourself up to success:
1) Give Yourself a Salary
As tempting as it is to use a client’s full payment for your personal expenses, the best way to start growing your freelancing income is to only take a cut of the full pay and save the rest for business expenses. You can think of your freelancing work as its own company where you are the only employee. While it’s only right for you to get your due pay after a job well done, it’s also crucial to invest a cut of that money so that you can earn more later.
One easy way to do this is to separate your personal funds from your business funds. For example, if your clients pay you through PayPal, you can cash in PayPal to Maya for your salary. The rest of the money can either remain in PayPal to be used for business expenses or transferred to a separate business account.
2) Register as a Full-Time Freelancer
If you’re earning over PHP 250,000 a year on your freelancing gigs, then it’s time to register as a full-time freelancer and start paying your taxes. Go to the Bureau of Internal Revenue (BIR) and register as a self-employed individual. Then, secure a permit that will allow you to print your own receipts.
This will be your ticket to bigger-scale projects. Some larger-scale clients and companies will refuse to work with freelancers who can’t provide their own receipts. Registering as a self-employed individual could potentially give you access to higher-paying projects, allowing your freelancing business to skyrocket.
3) Invest in Yourself
Investing in yourself will improve the quality of your work even higher so that you can start reeling in more clients who trust in the quality of your service. Consider branching out and signing up for classes for some new skills within your field so that you can cater to a larger audience. Buying a new laptop or computer that will speed up your workflow and getting high-end software with all the latest features that will improve your work are also great investments. These will all help strengthen your portfolio and attract more customers who are interested in working with you.
Besides this, it’s important to invest in your personal future as well. Paying for an investment plan, for example, ensures that you’re still passively earning income on the side while you focus on your freelancing career.
4) Market Yourself
There’s a lot that goes into freelancing success, but one aspect that will really allow you to grow your income is marketing. After all, how will future clients be able to work with you if they can’t find you?
There are many different ways you can market yourself as a freelancer. The easiest is to build a visually appealing portfolio filled with all your best works and all of your contact information. Sites such as LinkedIn are important for marketing and networking with clients and other professionals. Facebook groups and pages are also great platforms to advertise yourself.
Also, keep an eye out for networking events and workshops that will put you in contact with professionals who may be in need of your services. Create eye-catching business cards and share them with anyone who seems interested in what you do. Even if they don’t end up working with you, they may spread the word to their other colleagues and give you a healthy stream of clients and jobs.
5) Actively Track Your Business Expenses and Income
Just like budgeting for your personal expenses, tracking how your business funds come and go is essential to ensure the success of your freelancing journey. This is especially important if you’re registered as self-employed and are due to pay your taxes.
You can track your expenses and earnings the same way you would with your personal funds. Divide your expenses into different categories, such as for marketing, upskilling, or home office upgrades. Set limits for each category so that you still have funds for any emergencies.
The Bottom Line
Truthfully, you have to take risks if you want to grow your freelancing income. Investing in yourself, your skills, and your branding is crucial in order to succeed, especially in such a competitive career field. Still, it is possible to achieve financial stability and contentment in the freelancing world—and you can start today with the tips listed above.
Very well written, I enjoyed reading this.