A Guide to Building a Profitable Freelancing Practice


If you are looking to start a career as a freelancer, then it pays to know that you are not the only one who has made that decision. Whether you design websites or write e-books, you are competing against other professionals who are just as good as you.

Nonetheless, freelancing is still an effective way to earn a full-time income so long as you make the right decisions and apply the right strategies.

This brief guide will help you learn the basics of improving the profitability of your freelancing practice:

Tap your network

With the number of people entering the gig economy right now, it can be difficult to land high-value clients. You have to wait a long time and send hundreds of proposals and emails before you can find a valuable lead.

Thankfully, there’s a shortcut to this, and you can find it in your current network. If you have friends and family members, ask them if they have anyone who needs your services. Using your existing network will prove to be an inexpensive and faster way to find potential clients.

Use freelancing platforms

Websites like Upwork and Freelancer offer a faster way to find projects that align with your skill sets. With just a simple search, you can generate an instant list of job offers you can accept. Having a presence on these platforms is also beneficial for your personal brand.

Previous clients can leave testimonials for new ones to read so they will know if you are the right fit. You can also include a digital portfolio and showcase your professional credentials. Doing so will make it faster for you to get accepted for a job.

Keep track of your financials

Many (but at least not all) freelancers tend to overlook the need to check their finances. Accounting is critical to your practice since you need to track how much you earn, calculate the taxes you owe, manage client invoices, and identify the tax deductions you are entitled to as an independent contractor.

Software such as QuickBooks can help you with many of these, but when it comes to issuing receipts, consider looking for invoice templates. It may seem like a lot of work, but tracking your finances can help you maximize your income, lower your tax liabilities, and maintain your practice.

Invest in upskilling

Individuals and organizations are more likely to hire freelancers who are experienced across different verticals or fields. These professionals are also compensated more than freelancers who specialize in one field. Making yourself stand out requires upskilling.

This matters a lot if your goal is to be a jobber for a global brand. Through upskilling, you get to acquire new skills that are more or less related to your specialty. If you are a web developer, you can take up online courses on graphic design and digital marketing. That way, your practice can now include web design, allowing you to find clients who will pay good money for your skills.

Are you ready to take on the world of freelancing? Keep this guide in mind so you can earn more in the gig economy than in an office!