Freelancing has evolved into an extremely popular and lucrative job opportunity for many professionals in today’s digital world.
The internet age has opened the door to a host of flexible career options for anyone with the right mindset, skills, and plenty of dedication.
However, while the barrier to entry for new freelancers might be lower than ever, professionals in this industry still need to strategize if they want to stay ahead of the competition and earn a significant income.
Today, we’re going to share some of the best ways veterans and beginners alike can increase their earning potential in the online freelance economy.
Jump To
1.Know Your Audience
It’s much easier to run a profitable business if you can build a community of loyal, return customers.
Repeat customers spend more than one-time buyers, and they’re likely to account for a significant portion of your income.
However, you can’t generate loyal customers if you don’t understand who your target audience is, or what they need from you.
Get to know your niche.
Do regular market research to find out what the goals and pain points of your customers are.
Request feedback from the customers you work with and pay attention to the sales and marketing strategies that improve retention rates.
2.Establish a Reputation
No matter what your freelancing job entails, there’s a good chance you’re going to have competitors in your industry trying to connect with the same clients.
To ensure your customers choose you every time, you need to build a reputation, or a brand, that appeals to your target audience.
Prove to your customers that they can trust you to deliver the best results, and they may even be willing to pay more for your goods and services.
The best way to establish a reputation is to focus on strengthening your online presence.
Use social media to connect with your audience and showcase reviews and testimonials from customers.
Share leadership articles on your blog and use LinkedIn to show customers your credentials and skills.
Additionally, make sure you commit to delivering on your promises for excellent service, quality products, or fantastic customer support.
3.Level Up Your Skills
Another way to convince customers to pay extra for your services or solutions is to level up your skills.
Depending on your niche or target audience, you might be able to boost your potential value in the eyes of customers with online courses or classes with certifications.
However, you might also need to consider a more traditional approach to upskilling, such as going back to college.
The biggest challenge here will be figuring out how to pay for your course.
A good credit score is often crucial when applying for most student loans, so be careful when applying for many loans at once.
It’s important to know the difference between soft inquiry vs hard inquiry when applying for cash, so you can protect your credit score.
4.Build Out Your Network
One of the easiest ways to increase your earning potential in any industry is to connect with the right people.
Your network in the freelance world doesn’t just influence your reputation and credibility.
It can also be an essential resource when it comes to finding new opportunities and clients.
Make sure you’re dedicating enough time in your schedule to meeting new people who can help your business to grow.
You can consider attending industry events, both online and in person.
You might also join groups and forums on social media, or you could follow those in your industry who might be beneficial to your career.
5.Always Invest in Marketing
Finally, perhaps the best way to increase your earning potential in any freelance landscape is to make sure you’re drawing enough attention to your business, products, or services.
Though marketing can be difficult to master for beginners, there are so many marketing tips geared towards all levels, that even a beginner can take advantage of.
It’s important to showcase the benefits you can offer buyers or clients.
Don’t underestimate the value of a strong presence.
Experiment with everything from simple inbound marketing tactics like search engine optimization, content marketing, and blogging, to paid marketing strategies like PPC campaigns.
Pay attention to which efforts drive the most value and opportunity to your business.
