Money

Tips for Becoming a Six-Figure Freelancer

As a freelancer, you’ve already taken the first step in creating your dream career. You’ve developed your personal brand and built your client base, which is no easy feat. Take a second to pat yourself on the back for doing what you love AND getting paid for it. Now, get back to it because it’s time to start bringing in the big bucks. Use these tips to separate yourself from the pack, prove your worth, and establish yourself as a six-figure freelancer.

Position or Be Positioned

In business, there are two things that matter: results and perception. As a freelancer, you have the ability to control both of these benchmarks and position yourself for success.

Successful positioning is not about age, or how many years you have been in the industry. It’s all about how you frame your past experiences and deliver value through your work.

Are you a results-oriented performer? Maybe you deliver stellar results, but are you perceived as uncollaborative or a novice among your peers? Conversely, you might be perceived as a bridge-builder with terrific leadership skills, but deliver subpar work.

Results and perception are always intertwined.

Six-Figure Freelancers position themselves as leaders who deliver exceptional work. Then, they translate the value of their work into their fees.

Value Your Work

Holding firm on your value can be a tough lesson in freelancing.

When you first start out, it can be daunting to get work. There will be times when you are so desperate for work that you will make compromises; discount your rates, over deliver and go well outside of the scope of your work trying to prove yourself.

Then, accidentally, you price trained your client to want more for less.

To avoid this, know the value of the work you do. Realize that it’s not (always) about how much time it will take you to complete a strategy, or deliver copy for a client’s new website, but the value your client receives from the work you deliver.

Six-Figure Freelancers hold on to their value and realize that every hour does not (always) bill the same. They understand that there will be both dry spells and times when the clients come so fast they can’t take on all the work.

Control Quality AND Quantity

As a freelancer, you must determine how much work you can take on while maintaining the quality of your work.

Sacrificing the quality of your service due to an increase in work, from that client or elsewhere, jeopardizes how your client perceives you.

Start with the end in mind. Basing the total amount of work you can take on without compromising quality, you can back into how much you must charge per client to meet your income goals.

Six-Figure Freelancers know their workload limit and deliver consistent quality regardless of quantity.

Understand Opportunity Costs

Every day, freelancers deal with choices around opportunity costs, whether they realize it or not. RSVPing to networking events, taking time to hone in on a new skill or meeting with a client already has one foot out the door – these are all decisions with an opportunity cost.

No one knows better than a freelancer that time is literally money.

The time you spend attracting and landing a client should be beneficially proportional to the payoff you receive from that relationship. Further, the less time that you can spend debating whether to take on or pass up a client, the more time you will have to actually do the work you love and get paid for it.

Six-Figure Freelancers know that it is all about how your commit your time. They also know how to quickly access opportunity costs so that they can stay focused on revenue generation activities.

Torchlite takes care of the business development side of freelancing so that Torchliters can focus on their passions and help their clients turn marketing plans into action.

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