Passive Income for Freelancers - Digital Nomads Blog

Are Freelancers Happy With Their Income?

Freelancing may not be suitable for everyone due to the potential for loneliness when handling tasks independently. Additionally, individuals must possess patience during periods without clients or projects and must be prepared to navigate the uncertainty of fluctuating income.

In addition to the disadvantages mentioned earlier, there are numerous advantages to freelancing as well. Throughout the years, we have consistently asked our freelancers a crucial question that every freelancer should regularly ask themselves: Do I feel content with my earnings?

Why become a freelancer?

Freelancing is a suitable option for individuals desiring more control over their time. Since you have the discretion to select the projects you want to work on, you possess complete authority over your schedule and workload.

When I began freelancing, the biggest driving force for me was having the ability to choose projects that piqued my interest and the flexibility to travel, spend time with my family, and occasionally indulge in an entire day of watching The Great British Bake Off.

I have discovered that I am not the only one. When questioned about their reasons for freelancing, 71% of freelancers stated that they appreciate the improved flexibility of their schedules, while 88% mentioned that one of their main motivations was having greater control over their work hours and methods.

Freelancing can be a means for numerous workers to earn a higher income compared to what they would typically make in a conventional full-time job.

Out of the freelancers, 30% made the decision to quit their job and begin freelancing, and within this group, 65% reported earning a higher income freelancing compared to their previous employment.

In addition, freelancers express a high level of happiness, as indicated by their satisfaction surveys where they rate their lifestyle with a four out of five.

Worldwide income satisfaction

The following are the results of a survey conducted in 2023, in which 3,504 freelancers kindly provided their opinions on their level of satisfaction with their income.

Approximately 66% of freelancers expressed satisfaction with their earnings.

This is great news because freelancing is not only about money; it also offers the opportunity to experiment and expand your business when you have a good income level, which provides security.

However, one-third of the participants in our survey expressed dissatisfaction with their freelancer income, believing it to be insufficient.

Has income satisfaction experienced any changes over the years?

Based on our conducted surveys, the percentage of freelancers who were content and pleased with their earnings was 68% in 2019, while 32% expressed dissatisfaction. Nevertheless, in 2020, there was a slight increase in this figure, with 71% of freelancers being satisfied with their income, and 29% not being satisfied.

There are two ways to view the outcome of this.

Freelancers have a tendency to constantly seek more and are never fully content with the amount they are earning.

There are people who are not satisfied with the payout and income they receive from their freelance work, which is clearly a problem.

How to become happier with what you earn

If you are dissatisfied with your freelancer income, there are several actions you should contemplate taking in order to address this issue.

Drop your lowest-paying clients: Low paying clients are slowing you down, concentrate on the “bigger fish”. Here’re some tips for terminating a freelance contract and saying goodbye to a client.
Increase your rates: As the months and years go by, you get better at what you do. You can leverage those skills for better pay and raise your freelance rate.
Try new things: If you feel like you’re not getting enough out of your current freelancing niche, acquiring new relevant skills can catapult you to a better position, even in a new niche.
Learn from other freelancers: Working closely with others is invaluable when you are trying to better yourself. Seeing how you do things wrong isn’t always easy when you’re just looking inwards.

How to make money freelancing online in 5 steps

Step 1: Map out your goals for freelancing

Beginning a freelancing business without a clear objective is akin to embarking on a voyage without a compass; it becomes challenging to reach your desired destination without having a defined endpoint in mind.

Setting goals for your freelance business can help you stay focused. Here are several types of goals you may want to consider:

When considering your financial goals, ask yourself if there is a specific monetary target you aim to achieve on a monthly or yearly basis. Additionally, determine whether you plan to engage in freelancing as a full-time occupation or as a part-time side gig.
What workload do you desire for yourself regarding time goals? How many hours per week do you prefer to dedicate to work?
Are you interested in working remotely? Are you looking forward to having more leisure trips with your family that are separate from work?
Are there any particular projects that you would find fulfilling and bring you joy?

Step 2: Decide what services to offer

If you already have an idea about what you will offer as a freelancer, that is great! Certain industries are well-suited for freelance work.

If you are new to the game and finding yourself unsure about what services you should offer, this section will provide guidance to help you gain clarity.

Begin by reflecting on your existing strengths. Although it may seem elementary, certain abilities that come naturally to you could be significant challenges for others.

You may be highly skilled in tasks such as organizing data, designing logos, or crafting captivating articles. Perhaps you are fluent in two languages or possess a talent for editing YouTube videos.

Consider the type of work that you enjoy carrying out and which ignites a spark within you.

1. Generating ideas for freelance work opportunities: 2. Brainstorming potential options for freelance job openings: 3. Exploring various possibilities for freelance employment: 4. Considering suggestions for freelance job prospects: 5. Pondering on potential freelance work ideas:

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Virtual assistant is a technology that provides assistance to users by performing tasks and answering queries using artificial intelligence.
To rephrase the text step by step while maintaining the same meaning without adding or removing any information: Manager of social media.
Individual responsible for creating and designing websites.
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Teacher or tutor who conducts lessons through the internet.
A designer of user experiences.
Sales consist of the process of selling products or services, and involve steps that need to be taken in a logical sequence.
The act of providing assistance or help to customers.
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Editor for videos or photos.

Step 3: Identify your ideal client

Afterwards, consider the type of client you would prefer collaborating with. You may have a preference for freelancing for individuals, small business owners, large companies, or even the trendy startup everyone is discussing.

By considering the needs, difficulties, desired areas of outsourcing, and online presence of this client, you can customize your marketing strategies to target the appropriate audience.

One advantage of freelancing is the ability to select your clients and projects, therefore, why not opt for something you’re passionate about?

Step 4: Create your packages and pricing

One of the advantages of being a freelancer is the ability to determine your own pricing. Many freelancers choose to structure their pricing in one of three ways.

Hourly rate gigs entail setting a price for each hour of work, with the client hiring you to perform a task and keeping track of the time it takes. Once the task is finished, you invoice the client for the duration of time spent.

If you’re not sure about the appropriate rate to charge, here’s an estimate for you: According to a 2020 Payoneer study involving more than 7,000 freelancers across 150 countries, the average hourly rate charged by freelancers is $21.

It could be useful to have a starting point, although you may need to adjust this number depending on factors such as your location, the services you offer, and your level of experience.

Step 5: Set up your website and freelancing portfolio

Once you have determined the nature of your freelance services and their corresponding prices, it is necessary to announce your availability to potential clients. Creating a website is the most effective method to achieve this.

All Podia users are able to utilize our free website builder to effortlessly create and customize an unlimited number of pages. Register today and construct a stunning website without any cost.

If you prefer to think in a step-by-step manner, you can consider using platforms such as WordPress and Squarespace to construct your freelancer website for a nominal monthly payment. These platforms provide visually appealing templates that are user-friendly, making it convenient for individuals without technical expertise.