Freelancers today are starting to wise up to the realization that making big bucks isn’t exactly as simple or as straightforward as firing up their laptop and falling out of bed.
No, with a freelancer marketplace as competitive as it is today (and only getting more competitive as time goes on) you’re going to need to be very smart, very savvy, and very strategic about how you maximize your earning potential.
There are an almost endless amount of ways that you can boost your profits across the board, but we are going to outline three of the most intelligent (and honestly, some of the most effortless) ways below.
This is how a freelancer just struggling to get by can double or even triple their income in no time at all.
Shall we dive in?
Let’s get to it.
Build more proof into your pitch
One of the smartest things you can do to dramatically boost the amount of money that you make as a freelancer is to increase your conversion rate on pages that you’re making to prospects.
It follows that if you are prospecting to say 100 potential clients a month and 10 of them decide to become a client, if you could get 15 of them – or even better, 20 of them – to become a client in the same amount of time you’d be able to start cashing some pretty big checks.
A lot of us freelancers make major mistakes when we pitch which is why we have such low conversion rates in the first place, but the biggest mistake we make is not including as much proof to back up our promises as humanly possible.
Pull out all stops to create as much proof as you need to really hammer them over the head with the fact that you know what you’re doing – and that you’ve done it before. People aren’t buying anything other than confidence in you when they said yes to your pitch.
Don’t give them a way to say no.
ALWAYS work on a retainer plus performance style sales agreement
Another great little approach you can take to dramatically change your income is to stop working on “one shot fee” style projects and instead start to ask for smaller retainers up front – maybe half of your regular “ask” but with performance style bonuses on the backend.
There is a world of difference between making $5000 one time to write an advertisement and making $2500 one time but $500 every time you hit certain conversion numbers on that later FOREVER.
Retainer plus performance style sales agreements are how people skyrocket their income past six figures in a hurry. This should be your default sales agreement template going forward.
Create “do it once, paid forever” kind of work
Lastly, it makes picture perfect sense to stop doing work that you stop getting paid for when you no longer put in the hours.
You’ll want to try and convert your expertise and experience into something that you can do once and then sell over and over again (create info products, write books or courses, teach, consult, etc.) to leverage your effort and make money without having to link it to time.
All of us only have 24 hours in a day. You need to make the very most of your time by leveraging your resources as best as possible. By breaking away from the “dollars for hours” paradigm, you’ll be on the fast track to real wealth.
Even better than that, you’ll finally be creating real assets that you can sell or license to create windfall income potential almost out of thin air.