The freelancing industry continues to grow immensely. To freelance means to produce or sell services to employers without a long-term contract. That is just a basic definition but freelancing contexts vary. Over the past few years, more and more people have been joining the gig economy. The flexibility and autonomy of personal time management are alluring. The growing popularity of freelancing is also seen in the number of digital freelancing platforms now in existence. One such platform is Upwork. Today let us explore tips from some of the top Upwork freelancers. These are freelancers who to date have each earned an average of US$1 million via Upwork.
Start With Low Rates (Gradually Increase Over Time)
Freelancing is often not a stroll in the park; especially when starting out. Even generally, over time, landing clients may be difficult. For some, this conditions them to want to maximize on clients they get. Thus they end up charging steep rates in order to compensate for the dry spells. Logically that may seem good but it is usually counterproductive. The best approach, especially when starting out, is to charge low (but reasonable rates). This may sound counterintuitive but it bears eternal fruits. Remember that when starting out you are up against well-established freelancers.
They will be having the advantage of social proofs e.g. testimonials, portfolios of past completed work, and so on. Unfortunately, when starting out you do not have that. This means your unique selling point will be your pricing. By charging low rates you will stand out and attract clients. The low rates approach is akin to penetration pricing. You just want to build a clientele and a reputation. You must still produce sterling work regardless. Later on, you can gradually increase your rates. By then you will have a proven track record to anchor on.
Specialization Is Important
When starting out it is understandable that you may go for whatever comes. So long you have the expertise. However, this is not ideal for the long haul. You need to specialize. In the freelancing world, clients tend to lean more towards experts in certain areas. If you are a jack of all trades, you seldom are or can be an expert in any. Specializing also primes you to perfect what you major in. It is just like working a particular muscle repeatedly. It ends up toned and efficient.
You will even notice that your turnaround times will become shorter. This will see you getting more work done and getting in more revenue. For instance, the more you work and specialize in business plan drafting the more it becomes effortless. This is because working on a particular thing many times helps you figure out ways to streamline the process. Every area of endeavour has infinite ways through which you can specialize. It is only via specialization that you can earn the important label of an expert.
Hourly Versus Fixed Rates (Hourly Could Be Better)
In freelancing, there is always this choice between charging hourly and charging fixed rates. Often time there is no hard rule to point to the one you should always use. It is mostly contextual and would require your discretion to settle for hourly or fixed. You probably might have never thought of this but fixed rates may not be ideal for you. The thing is clients tend to milk a lot out for you when fixed rates are at play. They capitalize on the absence of time boundaries. Thus you end up doing way more than you should when using fixed rates.
Plus you will end up spending lots of time on one gig. At the end of the day if you calculate the hourly rate from the fixed rate setup you may be shocked. You may discover that you were literally getting cents per hour. That is why it is wiser to charge hourly rates. If the clients press in more work you just have to bill more hours. That way you will not lose out on time and revenue. The hourly rate approach even disciplines the client to not make unrealistic demands. Most freelancers have seen hourly rates to be more rewarding.
Success May Take Time
When you hear something like this, “These are freelancers who to date have each earned an average of US$1 million via Upwork”. What comes to your mind? I know it is usually easy to lose sight of how long it took these freelancers to get there. For the top Upwork freelancers in question, it took an average ranging from 5 to 10 years to reach those revenue levels. You may not necessarily have to take that long. It is quite possible to even reach that level in lesser time. However, the cardinal thing to note is that success in freelancing may take time. This means you should not give up too soon. When you embark on a freelancing journey you need to be prepared for the long term. Consistency will also be highly required of you.
Freelancing is here to stay. The prospects are infinite. Especially for countries like Zimbabwe, we have barely scratched the surface. As time ensues more avenues are opening up for Zimbabwean freelancers to be active globally. Even the local Zimbabwean freelancing scene is steadily picking up pace. These tips we just discussed should inform your freelancing business strategy. They are tried and tested; they will work in any freelancing context. All the best!
