When you work for yourself as a freelancer, you enjoy a lot of freedom. You have the ability to set up your own schedule, choose your own projects, and create your own services.
You also have the ability to pay yourself what you want. None of the above boss you refuse you a raise or wither the bonus.
On the other hand, no boss increases your salary or rewards you when you want to make more money. It’s just you and your knowledge and skills as you embark on your own free work.
And the idea that you can pay yourself what you want comes with a warning: obviously, you can only pay yourself the money you earn. In theory, you can earn as much as you like, but the reality may be a little different.
So how do you make more money as a freelancer?
- Charge more
Start with the obvious: increase your rate! As you gain more experience, expertise, and skills, you should charge more for your work to reflect the added value you can offer. Your time becomes more precious and your results today will probably be better than before when you have less experience.
The easiest is to start charge more for new customers. They don’t have an anchor point of the previous price for comparison, so you can get less feedback here.
Increasing the rate with existing customers can be a little more complicated, but it is quite possible. Reach out to your customers and explain the situation politely and state your reasons for charging more. Here’s a sample email script you can send:
Hello [Customer Name]!
I send you this email to let you know that I’m making changes to my service. These changes will continue to provide you [explaining results/benefits to customers].
I am glad that I have been able to develop and expand my experience. I have also worked hard to continue to develop my skill set by [explaining how to do it – courses, training, mentoring, programs, etc. that you have participated in].
Due to this development and expansion of skills and experience, I am updating my rates to reflect this. Starting from [a specific date], the price for [the type of service you offer] will be [the specific price].
If you have any questions or would like to chat further about this change, please let me know!
- Authorize and take on more work
You can reach the income ceiling if you constantly swap your time for dollars. In other words, if your salary depends on how much time you can spend on a project – whether you’re paid by the hour or just you can get things done – then you’ll always be limited.
You only have a lot of hours in a day and a lot of days in a week. Finally, you will reach the maximum. (And hopefully, you won’t be exhausted by overload in an effort to make more money!)
Earn more money and scale your free work by hiring helpers. In other words, outsourced! Most free translators with large workloads can benefit from hiring a part-time virtual assistant (or VA). You can pay the VA anywhere from $8 to $30 per hour, depending on the quality of their work and the type of task you require them to complete.
This allows you to make better use of your time, because you can delegate time-consuming tasks that anyone can do when they understand the process. You need to invest time in advance to train someone to help you, but once they know what to do, you can get your hours back.
This also allows you to focus on tasks that require a lot of skills or work that only you can do. And when you’re not bogged down by work, you can authorize your VA, you can take on a job that requires more skills – and earn more money.
- Turn Your Services into Products
Embrace the skills, knowledge, and abilities needed to do your job as a freelancer doing a service and create a product that people can buy over and over again. This is another way out of the time-changing trap for money that many free translators fall into.
Just like your VA training, this will require advance investment in your time and maybe even some money. But once you create your product and start selling, you can earn more passive periodical revenue (because the work is done).
Not sure where to start? Consider teaching others how to do something. You can create a course or teach workshops. You can also publish how-to guides, eBooks, or other materials that people can buy back and about.
Looking for more? There are many other opportunities to earn more when you are in a free trade. You can participate in affiliate programs or revenue sharing systems. Or you can find ways to collaborate and collaborate with other free translators to make the most of your time.
You are the boss here, and that means that only you are responsible for a raise if you want to earn more money, which also means that you have to make a choice. Keep your eyes and mind open to embrace opportunities as they come and discover new ways to earn more.