If you want to succeed to the point where you make freelancing and/or small business ownership a successful career -- not just a way to scratch out a living -- here are three things you can do to increase your income year after year.
1. At the end of every year, examine your fee structure. While it is notoriously difficult to raise fees yearly -- you can change how you charge so that you maximize your time to bring in more dollars.
For example, instead of charging by the hour, charge by the project. Clients tend to like this because of the set fee structure; eg, they know what they are going to be paying going in.
If you're a fast worker, you could increase your income on a project by 10, 15, 25 percent or more by simply implementing this method of charging. This works particularly well for projects you are comfortable with (eg, an annual report you've written for the same client for the last three years).
NOTE: I only recommend this fee structure for freelancers who have a bit of experience. Why? Because you know your abilities better. If you are a newbie, I don't care if you are extremely good at what you do, there is no way to know how the nuances of working with clients will impact how much time it will take you to complete a project. This can only be developed with time.
For example, how will you handle rewrites, do-overs, extra research not mentioned up front, etc.? Even with years of experience, it can be difficult to work within this structure. However, if you've been freelancing for a while (at least a year full-time), then you've more than likely run across a few scenarios that you have learned learn from.
2. At the end of every year, examine your client list. Determine who is "worth it" to keep. Some clients cost you -- in time, effort and sheer frustration. Ask yourself if the dollars you bring in from a pesky client is worth it in the time it takes away from other clients.
Even if other clients pay less, but are relatively easy to deal with, it may be worth it to cut loose a time-consuming client and spend the hours you free up to market for more low-maintenance, high-paying clients.
How do you end a relationship with a less than desirable client? You can raise prices on them, thereby making it worth your time to keep them on. Or, you can tell them you no longer offer so-and-so service. Or, you can tell them that you are contracting their work out to a trusted source because you just got a rather large project that's going to take up the next quarter. Or, you can tell them you're cutting back and are not taking on traditional work.
Notice I have not said to tell them that they're a pain in the carcass and you cannot and will not deal with them any longer. While the honest thing to do, I don't think it's the professional thing to do.
However, if you want to get this point across, saying something to the effect of, "I don't think our working styles are compatible any longer; I'm sure you've felt it too over the last couple of projects. However, I appreciate the relationship we've developed over the years and here are three freelancers/companies I highly recommend who will serve your needs professionally. If there's anything I can do to help make this a smooth transition, please don't hesitate to contact me."
Whatever you do, end the relationship professionally. People spread bad news twice as fast and to ten times as many people as good news. So, square that jaw, clench that tongue and act professionally!
3. At the end of every year, examine your skill set. Sometimes, updating your skills can position you to take on more lucrative projects.
For example, medical and technical editing and writing generally pays more than general editing and writing. So, taking a class on the dynamics of medical and/or technical editing can add a skill set to your professional profile.
NOTE: It takes a while to move into a new discipline and start acquiring clients. Initially you will probably have to take on lower-paying projects to get some experience under your belt. But, if you're freelancing for the long haul, it will pay off over time.
Remember: In order to get something (more money), you often have to sacrifice something (dry spells, returning to the classroom, letting go of old clients, etc.). Good luck!
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