One of the greatest challenges of the modern era is increasing unemployment. It is difficult to find a job, and surviving a job is even more difficult due to intense competition. Despite the challenges, there is a way to make a reliable living, and it is ‘freelancing.’ You will start making good money once you learn how to become a successful freelancer. Here are some of my favorite freelance business ideas.
What is Freelancing?
Freelancing is working directly with a client or many clients. Unlike a job, you do not work long-term for an employer in freelancing. A person that works directly with clients is called a freelancer.
Freelance business ideas are great business models because they allow you to get started with no overheads. You need some time and passion to get started. I believe that you can monetize anything in today’s age.
Freelancing is a mechanism that allows you to do so by providing a service or a skill in exchange for payment.
In other words, a freelancer is an individual that markets his services, and freelancing is his business.
I use Personal Capital to monitor all of my cash flow from my various income streams, which include:
- Making money online
- Gig economy jobs
It is hard to keep all of these income streams organized and Personal Capital does this for me completely free.
How to Build a Freelance Business
Starting a freelance business is not so difficult. You need to choose one of the freelance business ideas and look for clients. However, the challenging part is how to build a freelance business, and how to make money online from it.
You should regularly publish new examples of your work on your portfolio website. Depending on the type of your freelance business, you can publish videos, images or anything relevant.
The aim of publishing new content should be impressing your target clients. It will take time for you to understand what your clients like.
Once you understand it, you should create examples of it and publish it on your website. Many potential clients will visit your website, and they will hire you if your work matches their requirements.
Important Considerations with Freelancing
One of the important freelance business strategies is to choose the right client. You should not work for every client that approaches you. Some of them will try to pay you too less. Others will leave you bad reviews despite your best efforts.
Therefore, you should choose the client that will not just pay you well but working for him should also make your portfolio better.
Whenever you add new content to your portfolio website, you should mention your potential clients. It will encourage your potential clients to hire your services when they notice that your work is highly relevant to their requirements.
It is why you should carefully plan your content before you create and publish it on your website. It does not matter how many days you take to create it. What really matters is that it impresses your potential clients.
Therefore, conduct thorough research for your content and make a perfect subject line that is appealing to your recipient.
The content you create should not be too long. People do not have time to read long content. They prefer short but interesting content.
Your content must sell your strengths. It should tell your potential clients what you are good at, and how it will benefit them if they hire your services.
Your content must include call-to-action buttons because they encourage the reader or viewer to make the final decision about hiring you. Research shows that a call-to-action button increases your chances of getting hired.
How to become a freelancer online depends on how you pitch yourself.
You might possess excellent skills, but you must learn how to communicate your strengths with others. It is how you convert your conversations into financial gains from your clients.
- How to start a freelance business is how to find clients.
- How to build a freelance business is how to convince your clients to hire your services.
- How to make money online is how to convert your new clients.
Your freelance business strategies will play a key role in helping you make money online. Therefore, your proposal should answer the questions of your client. It should also contain samples of relevant work.
Use your past projects to demonstrate your strengths, so your clients have no reason not to hire you.
The layout of your proposal should be visually appealing because it gives the impression that you are very passionate about your work.
How to Make Money Online
The success of your freelance business is that you make money online on a regular basis. The key to success in freelancing is the discipline in your life. Many freelancers fail even when they choose the best freelance business ideas and use effective freelance business strategies.
What they lack is the discipline in their lives. You will succeed if you dedicate yourself to deliver excellent results for your customers.
No matter what the circumstances in your personal life are, you should be able to meet deadlines and provide the required results for your clients.
You have limited time for every task in your life; therefore, do not let procrastination kill your time. Clients do not like to work with freelancers that come up with excuses and fail to deliver the project on time.
Learn how you can prioritize your tasks and have short-term goals because they are realistic and easy to achieve.
Communication is very important. If you have strong communication with your clients, you are more likely to deliver a project on time or your client will understand why there is a delay.
The more you are disciplined, the more you will succeed as a freelancer.
How to Start Freelancing
Once you have made your mind, then you need to know how to start freelancing. The first thing you should do is to define your goals.
Do you want to be a fulltime freelancer or just want an extra income? The next step is to find a profitable niche that matches your skills.
You will not get anywhere if you try to explore every niche; therefore, choose wisely.
You need to identify your target clients in order to get started. When you have no track record as a freelancer, you will need to approach the right people who will hire your services.
You can assume what type of businesses will need your services.
After some experience, you can explore similar clients for more work. Setting the right prices is equally important to make money online.
You can search the hourly rate of freelancer that are providing similar services. Your prices should meet your expense levels and income goals.
If you are serious about how to make money online, then you should build a quality portfolio website about your freelancing services.
It will be your online presence, and it will market your services. It will serve as your first impression on your clients, and they can see your work, your style and your previous clients.
It will help you sell your services to the right type of clients.
Platforms to start freelancing in the gig economy:
Use our freelance rate calculator to determine how much you need to charge hourly to meet your annual income goals.
Pros and Cons of Starting a Freelance Business
There are some pros and cons of freelancing that you’ll likely want to know before getting started.
PROS OF FREELANCING
Here are the various pros of freelancing to make extra money:
- Highly scalable
- Can work from anywhere
- Great way to earn money right away without investing a lot of money upfront
- You can earn your money instantly (blog or revenue accounts have slight delays in cash payment)
- Opportunity to build relationships around the world
CONS OF FREELANCING
Here are the various cons of freelancing to make extra money:
- Initially trade your time for money
- You can be limited in your face to face interaction with others, which can get isolating
- Not fully digital requires some discussion offline
Let’s get into some of the hottest freelance business ideas out there at the moment.
Best Freelance Business Ideas
There are so many freelance business ideas that can work well for anyone. If you are passionate about social media, then you can start a freelance business about social media marketing or social media management. Blogging is another great idea.
Many businesses need people to write about them. You can make a good freelance income if you become a resident blogger for companies.
You can also start your own blog where you will attract traffic with your blog posts.
Many people are unaware that they can make money online with their writing skills. The options include advertising copywriting, ghostwriting, magazine articles writing and grant writing.
Each type of writing is very different from the other, and you can make a nice income from either of them.
Editing is closely related to writing because every type of writing content need to properly edited before getting published.
Here are some ways to write and get paid instantly.
Teaching and Tutoring
There are many people out there who need someone to teach them a certain subject or skill. With the advancement of video chat technology, you can teach anything to anyone around the world.
Sometimes, you will need to know two languages, and you must have good writing skills. Normally, freelance teachers charge an hourly rate for their services.
Tutoring is different from teaching. You need to be an expert on something to become a freelance tutor. Many high school and college students need help from tutors for certain subjects like mathematics, English, physics, chemistry, etc.
There are many online platforms where you can find tutoring jobs for your freelance business.
Tutoring is one of the best weekend jobs out there as you’ll likely provide assistance to students preparing for tests or homework during the week.
If you are one of those people who are fond of taking pictures, then you start a freelance business with a nice camera. There are stock photo websites where you can place your photos.
Each time someone downloads or purchases your photo, you will get a share from it. At times, you get to sell your pictures straight away after uploading them.
See Related: Best Gig Economy Jobs to Consider
Translation and Interpretation
The economic activities around the world have grown significantly over the past two decades. Many people or companies do business in their national or regional language.
When such businesses have deals with another business in a different part of the world, then they need translation services for translating business documents and other content.
You can earn up to $50 per hour if you know another major language such as French, Chinese, Arabic, Spanish, etc.
Interpretation is different from translation. Interpretation is a real-time translation that is done during a business meeting.
Earlier, interpreters must be physically present in the meeting.
However, now interpreters can do their job remotely with the help of online group-calls. On average, freelance interpreters make money online up to $35 per hour.
See Related: Best Jobs for Introverts
The hard work of programmers is the reason for the existence and continuous evolvement of the internet. There are thousands of companies and individuals that look for programmers for tasks like software development or coding.
You will get the opportunity to create different types of websites and apps. As a freelance programmer, you can make up to $50,000 per year.
See Related: Best Rental Business Ideas to Make Money
There is a huge demand for graphic designers on the internet. People need graphic designers to make memes, infographic, logos, cover photos and much more.
Graphic designing is a very creative work which is full of innovation and fun. Many freelance graphic designers work full time and earn more than $40,000 per year.
Here are a few tips for thriving in the gig economy.
Photo Editing and Video Editing
People who possess good photoshop skills can offer their services as online photo editors. Many clients need a photo editor for touchups and different types of changes.
People do not have time to learn a photo editing software, and it is also expensive.
Therefore, it saves both time and money for clients to hire a freelance photo editor.
Videos are the most popular type of content on the internet. Many people need someone to edit their raw footage the way they want, and it requires skills and expertise of video editing software.
In fact, the demand for video editors is increasing, and you can earn up to $80,000 per year.
A virtual assistant is a person who carries out administrative tasks of a business from a remote location. The tasks include many things such as customer service, balancing of books, monitoring emails, attending phone calls and issuing invoices.
Depending on your time and ability, you can either work for one business or several companies as a virtual assistant.
See Related: 20 Best Side Hustles to Make Money
There is a lot of work for voice actors on the internet. Businesses need voice actors for an audio narration of a book. Voice actors also work in cartoons.
Many businesses want a person to narrate their reports. There are many freelance websites where you can find work as a freelance voice actor.
If you have a clear and appealing voice, then you can charge up to $70 per hour.
See Related: Best Part-Time Jobs to Earn Extra Income
There is a huge demand for SEO services because it helps businesses to achieve high ranking in Google search. If you learn how to use one of the best keyword research tools, then you can work as a freelance SEO expert.
You can charge a fee for different SEO tasks such as technical SEO services, on-page optimization and webmasters keyword research.
On average, freelance SEO experts make $50 per hour; however, the ones with good track record charge up to $100 per hour.
See Related: How to Get 100,000 Pageviews Per Month in 6 Months
Social media is needed for any business around the world. It’s a time-consuming task that can pay huge dividends over time.
Social media is the world’s second generation of the internet. You can build audiences completely outside of your website.
Here are some guides on how to make money with various social media platforms:
As a freelancer, you can make significant money for managing other people’s social media accounts.
Conclusion on Freelance Business Ideas
Freelancing is a great opportunity to make some money off of something that you already know. You likely can do it with no required upfront investment and can start making more money instantly.
This is a great way to accelerate your investing or debt repayment.
Here are a few tips to get started with freelancing:
- Treat your freelance business as a business, register an LLC and set up a business bank account
- Offer affordable rates to clients initially to build credibility
- Treat your clients with respect and always deliver a high quality work product
- How to Make Money: A Guide to Making Money for Financial Freedom
- How to Make $200 Per Day
- Best Gig Economy Jobs to Make Money
Beta financial perspectives entail being more of a follower with making money. You can conduct these tips on making money by learning from what others have done successfully. Use Personal Capital to monitor your cash flow and net worth.