How to Increase Profits as a Freelancer
In my previous post about freelancing, I listed the top 6 freelancer services in this ever growing and competitive industry. Once you’ve picked a portfolio of services to focus on and your freelance career has taken off, the next step is working more efficiently and increasing your profits. The freelance market is not for everyone – there are no guarantees of security or benefits like in an employed position. As an independent freelancer you also need to handle one the most difficult aspects of any business: the cash flow.
You can check out this infographic that illustrates the expenses deducted from the business income and the net profits. Let’s take a look at the basic 6 things you can do to increase your profits as a freelance professional:
Build Your Personal Brand
It can take some time until people recognize your name and your services or products. However, bear in mind quality can take you a long way. Customers will keep ordering gigs if you offer them top quality and they don’t have to worry about their order. Always focus on pleasing your customer, sticking to deadlines, and really hearing them out- their satisfaction is vital for your business!
Market Yourself
There is really no excuse for not using Social Media channels such as Pinterest, Google+, Tumblr and YouTube to market your services and products. Create your profile, display your portfolio and services, and go viral; spread the word about your freelance business. Look at the following trends for Social Media in 2014:
Look into the different freelance marketplaces and submit your portfolio to major Sites like Elance, oDesk, Freelancer.com, and Envato. Once people start getting to know you and good reviews start rolling in, post your customers’ testimonials online – word to word marketing leads to more business.
Check out this really cool infographic that shows the main purposes why people use Social Media Marketing based on the results of a survey.
Boost Your Efficiency
While being a freelancer might have lots of advantages, like being your own boss and working at your own pace, it can also be difficult to work efficiently. Distractions can be a very strong productivity buster. Wondering how you can avoid it? Keep yourself organized, work around a schedule, and don’t waste time on your business hours. Try and take small breaks once you feel you’re losing focus. Most importantly, push yourself: there’s always room for improvement!
Know Your Limits
While on my previous tip I advised you to push yourself, it’s also very important that you know your capabilities and what jobs you can or cannot deliver. Choose your projects wisely: as a freelancer, you will not receive training or tools. Rather, you are expected to be professional and provide the services or products exactly as requested.
Branch Out
Do you think you have excelled at your job and feel like you can take on more gigs? How about expanding your business? This doesn’t mean doing everything by yourself, but maybe teaming up with other freelancers or even outsourcing smaller projects. In this business, you will benefit loads from working with other people, sharing your experiences, and learning from others.
Invest in Yourself
As a freelancer, YOU are your biggest asset. Make time to take courses and brush up on your skills. Work on a few challenging projects from time to time, especially after succeeding in delivering minor projects. Most importantly, don’t rest on your laurels!
Are you a Freelancer and want to share your experience and tips with us? Perhaps you’d like to write a guest post on our blog? Let us know in the comments below!