How to Double Your Freelance Income in 2016
I quit my job in 2013 to focus on my freelance writing and coaching business full-time. Two years down the road and I’m proud to say that I’ve nearly doubled my freelance income for two consecutive years.
This was a testament to me that we truly are in a new economy for the digital age. According to the Freelancers Union’s 2015 report, 60% of freelancers who left traditional employment now earn more, 50% of freelancers expect to continue increasing their income and more than one-third of freelancers said the demand for their work has increased in the last year.
In other words, this is an opportunity to be had. Here is what you can do to double your freelance income in 2016.
Work on Your Money Mindset
A big part of being able to double your freelance income is money mindset. If you don’t actually believe you can make more money you won’t actually do it.
Earlier this year I was struggling with increasing my income. It wasn’t until I consciously decided that I was worthy of more money that I started taking the actions to get it. Interestingly enough, once I made the decision unknown opportunities I would have never imagined started to show up in my business.
For example, I never would have dreamed of getting paid to film financial videos for clients. But in 2015, shortly after I decided I was worthy of abundance, the opportunity showed up in the form of three different companies asking me to film financial videos.
Own Your Expertise
If you want to double your freelance income in 2016 you have to own your expertise. You not only have to see yourself as an expert, you also have to put in the work so that others perceive you as an expert as well. (The good news here is once you do the former the latter starts to happen naturally.)
Here’s an example of what I mean. I’ve spent the last two years positioning myself as an expert in business, finance and millennials. When I went to a conference earlier this year, an editor from financial media company I’d been reading for years found me and said, “My boss sent me specific instructions to find you. We want you to write for us. You’re hired!”
That is the kind of attraction power available to you if you begin to take the steps to let your expertise shine through your work.
Never Stop Pitching
This is one of the main things I teach my coaching clients who want a successful freelance business. Unfortunately, I’ve seen (and experienced) a pattern where freelancers make some money and then proceed to get comfortable. They stop looking for work because they feel like they don’t have to.
Well, guess what happens when a contract ends? These freelancers start to freak out because they need to find a new client immediately in order to pay their bills.
The only way to combat this is to never let your guard down and continue pitching new clients or even current clients for more work. Email them as soon as you have an idea for an article, video or design.
Build Multiple Streams of Income
Another way to double your freelance income as well as combat feast or famine cycle, is to build multiple streams of income. You’ll notice that I don’t just write for a living, I also teach and coach.
Once you start running a successful business don’t be surprised if people start coming to you asking for advice. This is the perfect time to start consulting for money.
There are multiple ways to build revenue sources online – from affiliate sales to teaching courses – so begin looking at ways to layer in other sources of income.
Doubling your income in the freelance economy really is as simple as deciding to make more money. Use these tips to help you increase your income, beat the feast or famine cycle and continue building your freelance business in 2015.