The world of freelancing full-time offers many perks to those who want to work for themselves: it’s flexible, fulfilling, and sometimes more profitable than if one had a traditional salary. For those dodging a traditional 9-to-5 job, it may seem like an ideal option. However, it also comes with the great responsibility of being fully in charge of one’s money. It includes keeping track of invoices, finding new clients, and making sure deadlines are hit. Most importantly, a full-time freelancer must be cognizant of their money flow and getting paid what they deserve.
Here are four money tips for freelancers to keep in mind.
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1. Don’t accept low-paying (or no paying) work
Seasoned freelancers who have a strong portfolio may not encounter this as much as those who are just getting started freelancing. Either way, it’s crucial to remember your worth—and even if you’re just getting your feet wet in the freelancing world, it doesn’t mean you have to accept low-paying (or no paying) work. Always accept jobs at your rate.
There are countless tools online to help freelancers see what rate is appropriate to set. Apps like Wave can help one price their work and make the money they deserve.
2. Look at competition
Which freelancers do you follow? More importantly, whom would you consider your competition in your freelancing field?
Take a closer look at your competitors and the rates they charge to gain a better sense of what you should (or could) be charging. Looking at your competition is also a great way to gain inspiration and stay on top of current trends in your field and will help you earn more money as a freelancer.
3. Negotiate your rate
Rates aren’t always set in stone. Once your editor tells you how much they offer for a piece, always try to negotiate for more. Remember: negotiating is part of freelancing. Here are some further tips for negotiating.
4. Stay organized
Organization is key for freelancers. Not only do you have to organize pitches and stay on top of deadlines, but you also need to make sure you’re submitting invoices and getting paid on time. A way to ensure this happens is by being as organized as you can—and thinking one step ahead when it comes to all of these moving components.
