How to Get Competitive Freelance Earnings

Tuesday, October 16, 2018

Have you decided to become a freelancer? One of the most popular questions I get these days has to with cold hard cash and, more importantly, how in the world I manage to get any as a full-time freelance writer. You’re in luck because I’ve put together the guide to competitive freelance earnings with some of my top tricks and tips! 

Setting Your Hourly Rate

Set a hourly rate that will reflect your personal needs and experience in the specified field.
Set a hourly rate that will reflect your personal needs and experience in the specified field.

First things first: you need to set your hourly rate! This figure is the basis for your entire freelance earnings and needs to be representative of your financial needs and experience. When calculating what your hourly rate as a freelancer should be, you should consider these factors:

  • Your experience – are you a seasoned pro in this field or a newbie? If you’re just starting out, you may need to “pay your dues” for a bit to build up your portfolio before transitioning into the wage you truly want.
  • Your education – did you study this field in college? Grad school? If so, your rate should reflect this!
  • Your bottom line – how much do you realistically need to be making to pay your bills and support yourself (and, if applicable, your family)? What is the bare minimum you need to get by? I personally refuse to work with clients that refuse to pay me a livable wage. Why? Because it is an indicator that they probably aren’t the most professional folks in the world and aren’t looking for a truly professional freelancer, which I consider myself to be!

Setting Your Project Rate

Make sure to set your project fee in case the client prefers the per diem payment model.
Make sure to set your project fee in case the client prefers the per diem payment model.

There might be times when a client prefers to pay you on a per diem basis rather than as an hourly contractor. Luckily for you, calculating this amount couldn’t be easier once you have your hourly freelance earnings squared away!

  • Estimate the number of hours you think it will take you to complete this project well. Notice that I emphasized the word “well” there. Example: don’t tell a client that you can draft up a crappy proposal in 5 hours when really, it would take you 10 to do the necessary research and proofread as well!
  • Multiply those hours by your hourly freelance earnings and, poof! You have a project rate!

*Note: sometimes it’s worth reducing your traditional hourly or project rates if there are other benefits to the assignment, such as increased exposure for your business or the ability to reach a wider community of new clients!

Finding Quality Clients

Find good and professional clients that want to get job done with a healthy dose of creativity and who are down-to-earth.
Find good and professional clients that want to get job done with a healthy dose of creativity and who are down-to-earth.

Once you’ve set your rate, you need to find professional, quality clients to begin a working relationship with. Here are some things to keep track of:

  • Beware of clients that are not fluent in your native language (or whatever language you conduct your business with). Trust me; it only leads to a giant headache and a heck of a lot of wasted time trying to translate back and forth for hours on end!
  • Do a quick Google search on the company and/or client you’re thinking of working with before signing a contract. Our entire lives are online these days, and there really is no excuse anymore for conducting a bit of due diligence. 
  • If something about the relationship feels off, even if you can’t pinpoint exactly what it is, it probably is. 
  • Don’t waste time haggling about your rate! You are a professional, and you have a set rate for a service, just like anyone else in this world. Quality clients recognize that and are more than willing to pay fair rates for top-rate freelancers!

However, make sure you and your potential client(s) are clear about the work, time, and expectations of a project before commencing a working relationship. Early on in my career, my mom suggested that I create an outline of my services (including my typical business hours, my rates, etc.) that I should send to all potential clients before opening a contract.

Read more: Some Freelance Business Ideas to Know About

It was some of the best professional advice I’ve ever received and something I still do to this day!

Always, Always Be a Professional

Establish a professional presence, and you'll be one step close on getting competitive freelance earnings.
Establish a professional presence, and you'll be one step close on getting competitive freelance earnings.

The essential thing you can do to get competitive freelance earnings is to act like a professional with absolutely everyone you encounter in this business.

Read more: Hints to Know That You're Ready for A Career Shift

Your reputation is the lifeline of your freelancing business and dictates nearly every new opportunity you will be introduced to both now and in the future. With that in mind, here are some of my top tips for being a true freelancing professional:

  • Stick to your deadlines no matter what!
  • Be responsive to client messages, texts, emails, etc. during your normal business hours, whatever those hours may be.
  • Be transparent and honest when things come up and if you need an extension (because hey, life happens!).
Elizabeth Murray freelance content writer at aSabbatical.com
Traveling is about expanding your mindset and challenging every custom, tradition, and way of life you thought you knew.