Many people assume that freelancers could not pull in a six-figure salary. However, that isn’t the case. By freelancing, it’s possible to earn $ 100,000 per year or more by using the right strategy. If you’re wondering what approach is best, here’s what you need to know.
Find Reliable, Recurring Gigs
Freelancing gives you a lot of flexibility when it comes to choosing clients. However, that doesn’t mean you should seek out long-term arrangements. By partnering with a few clients that can provide you with steady work, you’re adding a level of financial stability. Plus, it gives you a chance to build a rapport, which can matter.
If your goal is to make $ 100,000 per year as a freelancer, seek out two or three long-term gigs that can pay in the neighborhood of $ 3,000 to $ 5,000 per month. That’ll give you a solid foundation or, in some cases, could push you over the six-figure mark without having to worry about other clients.
While some clients may be able to offer that immediately – depending on your niche – others may take time to get to that level. If you end up with a long-term client that is reliable but isn’t offering enough work to reach that point, reach out and let them know that you have more capacity. Additionally, discuss any capabilities that they’re not tapping into, allowing you to carve out other avenues for work.
Supplement with Other Clients
Freelancing is a bit precarious by nature. Typically, there’s no guarantee that a client will continue to work with you, even if there’s a long-term relationship. Additionally, you don’t get many of the protections that come with traditional employment, such as access to unemployment payments, if something changes unexpectedly.
As a result, it’s wise to supplement your core, long-term clients with others. That way, you can fill in any financial gaps if you’re not yet earning $ 100,000 annually, as well as create a buffer against unexpected downward shifts with your long-term clients.
Plus, you may find that one of your supplemental clients is a solid fit for a longer-term arrangement. If that’s the case, while you don’t want to overextend, you can make sure you keep that relationship strong, expanding that workload as the need arises.
Essentially, supplementing provides you with a degree of protection. That way, if another client’s needs decline, you can overcome the loss of income with greater ease.
Do you have any other tips that can help freelancers make 100K? Are you a freelancer that’s either earning or on their way to a six-figure salary and want to tell others how you pulled it off? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients meet their short-term and long-term financial goals.