$100K is a big milestone for many freelancers. After all, when you’ve reached six figures, you’re obviously doing something right in terms of running your business. Unfortunately, it’s easier said than done. You’ll need to attract a large number of clients and increase the value of your business—all without burning yourself out.
So, how to make 100k freelancing? In this article, we’ll discuss the steps you can take to build a thriving freelance business, but before everything else, we’ll discuss why you need to have an entrepreneurial mindset.
Freelancing is a convenient source of extra income. Still, those that want to take their business to the next level must adopt an entrepreneurial mindset. It’s crucial to set boundaries and be a killer negotiator to get paid what you’re worth. In most cases, knowing how to run your business on your own terms can make your client respect you more.
Now, how do you build a business owner mindset? Here’s a look at the business tips and tricks you can consider for your business.
Building a personal brand will make your freelance business more memorable for clients and potential leads. To get started, think about your unique selling point as a freelancer. What kind of services do you offer? Why should clients hire you? Your answers will dictate the foundation of your personal brand.
Let’s say you’re an experienced interaction and user experience designer looking to freelance for B2B companies. To get hired, create a portfolio or website filled with UX/UI design projects. If you have experience working with B2B companies, highlight the results you’ve gained for past clients. Done right, you’ll be able to attract your desired clients immediately.
Clients won’t be able to hire you if they don’t know you exist. As such, it’s important to network and expand your client list as a freelancer.
Attend networking events in your city or community. Research speakers and sponsors, then prepare personalized questions for better engagement. Find the professional background of the executives, thought leaders, or CEOs to introduce yourself and get a long-term client in the long run.
Another option is to hang out in co-working spaces to meet freelancers, remote workers, and small business owners in your community. Join lunch-and-learns and happy hour to expand your networking efforts and attract people interested in learning more about your business.
Don’t be satisfied with having the bare minimum skills to finish work-related tasks. Instead, invest your time in continuing to gain new skills and new technology and programs.
For example, Hubspot has a free Content Marketing course that includes building a content creation framework, repurposing content, guest blogging, and effectively promoting content. Meanwhile, SEMRush Academy has free online digital marketing courses and exams on SEO, keyword research, technical SEO, link building, among many others.
Completing courses from these top-tier companies and getting a certification will boost your resume and increase your chances of attracting your target clients.
Marketing is key to attracting more clients. Let’s take a look at some of the ways you can market your freelance business:
When working with clients, don’t just stick to a singular rate throughout your working relationship. Instead, make it a habit to increase your rates the longer you serve your clients.
Here’s a look at some tips you can consider to increase your rates:
The longer you’ve worked with a client, the more justification you have to raise the rates for your services. After all, the more projects you’ve accomplished, the more valuable you are as a professional. Every situation is different, but when you think it’s the ideal time to raise your rates, consider negotiating a better deal.
Here’s an example of a price increase letter that you can send to your clients:
Hello [client name],
It was a pleasure working with you as a freelance [insert position] in the past [insert duration] years or months. I was delighted to have an opportunity to help you reach [insert accomplished goals or objectives]. Your confidence and support in my freelance services mean a lot to me.
As you know, my skills have improved, and I've expanded my freelance business to accommodate more clients. Due to my limited bandwidth and expertise on the subject, I’ll be increasing my rates to reflect the value of my current services.
My current rate will remain in effect for my current projects. However, I’ll be increasing my rates to [insert rate details increase] effective from [insert date] onwards.
I have loved working with your business, and I hope we can continue a working relationship in the foreseeable future.
Please let me know your thoughts about my new rates. I look forward to hearing from you.
Other than emailing current clients about your rate increase, you can also justify higher rates to potential clients by marketing yourself as an expert in the field.
According to The Muse, employees should create a brag sheet that displays their awards, accomplishments, and testimonials to prove their worth. Freelancers can adopt the same strategy by marketing themselves as an expert. You can showcase testimonials, past work experience, and a stellar portfolio on your website.
Done right, you’ll be able to convince clients to pay higher rates because of your expertise and premium qualifications. Also, include testimonials from your previous clients to show that you’re a qualified expert in your field.
Another way to increase your freelancer income is to pitch additional services to your clients.
Let’s say you write blog post services for your clients. You can also upsell additional services, such as writing social media captions for the blog post or creating content strategy. Alternatively, you can also bundle all your related services together to create a premium package deal per month with all your available freelance services combined.
While not all clients may be interested in paying more for your services immediately, they may consider it when the need arises in the foreseeable future.
Now that you know the steps for building a profitable freelance business, it’s time to create your own.
Before anything else, build a personal brand that proves you’re an expert in the field. Tailor your website, portfolio, and resume to match your target clients’ needs. In addition, network to attract more clients and increase your sources of revenue for your freelance business.
As long as you perform these tips and tricks, you’ll be able to increase your freelance income in no time.