The recent surge in popularity of freelance jobs has made people of all ages rethink their approach to work. A lot of office-based workers and entrepreneurs are doing freelance tasks on the side, while others have fully embraced the work at home setup that freelancing jobs provide.
One common question (and worry) for startups is with regards to salary. A lot of people are worried that they will make significantly less money if they choose to work as freelancers. We will take a closer look at freelancing jobs online and how much you can possibly earn depending on certain parameters.
The type of industry you will work on is a major determining factor on how much you can make from a freelancing job. Different tasks have different rates. For example, it would be unfair to compare the rate of a photographer from the rate of a writer, as they are 2 completely different skills with distinctively different markets.
To get a better idea of how much you can earn from a particular freelance job, you need to understand the market for such services and the usual going rates for availing such services.
The amount of work you put in is directly proportional to how much you can potentially earn. This is the rule when it comes to freelancing jobs online. Basically, the amount you can earn depends on the amount of work you need to put in. Jobs that require more work hours to complete, deeper in scope, and harder to execute will naturally be priced higher than others.
This is one advantage of working freelance that sometimes becomes a disadvantage. Your earnings are partly dictated by the amount and quality of the workload you are taking on.
Experience is another major factor that determines how much you get paid from a particular freelance job. Those who are more experienced, more talented, more established in the industry, and have specialized skills are the ones who get larger offers and bigger money. This is why employees with higher experience can command larger salaries in the open market.
In contrast, a rookie who hasn’t established his/her name yet will most likely get paid less amount for performing a particular service. There’s no way around it. If you want to earn more, you got to be better to get better-paid.
Negotiation is a must-have skill for freelancers. As an independent worker, you partly have a say on how much you earn for a particular project. The way you negotiate with your client will impact how much you can earn for a specific job. As an applicant, you can specify how much you think your services are worth.
Your potential client follows a particular budget and is only willing or able to pay a specific amount for your services. Your bargaining skills will be tested in freelancing. Understanding the steps of the negotiating process and knowing how much your skills are realistically worth will improve your chances of getting the best freelancing jobs online.