There are plenty of ways that you can approach increasing your income when you do freelance work. The internet is awash with side-gigs that can supplement your main income stream.
If your area of work is professional marketing translation, for example, it should be fairly easy for you to expand your services to include copy writing for websites, brochures and other marketing documents.
However, taking on additional work is just one way to increase your income. Another is to look at how you can maximize the income for the work you already do.
For example, when was the last time you increased your rates? The cost of living increases every year, so make sure your rates rise in proportion to that. Otherwise you’re doing the same work for what is effectively less money each year!
Increase the fees to your clients as your ‘annual rate increase’ and you’ve set the stage for next year’s increase as well.
Of course, while having confidence in the value of your services is important, it’s also a good idea to know the right time to increase your rates. If a client is going through a tough time economically, think whether increasing your rate is the right move, or whether it might be better to hold off for a while.
On the other hand, remember that you can increase your rates at different times for different clients. So increasing your rates for one client at a later date doesn’t mean you can’t tell others that your fees are going up. Just be sure to give your clients a sufficient change of notice – warning a month or so in advance of the change is likely to go down better than an increase that takes place immediately.
Another way to increase your efficiency and maximize your profits is to cram more hours into your work week. Doing so doesn’t have to mean giving up your evenings and weekends.
For example: You can start work 15 minutes earlier, finish 15 minutes later and cut your lunch break short by 15 minutes. This way you’ll gain an extra 3.75 billable hours per week.
That means an extra half a day’s pay every week for just a few minutes’ work here and there. If you can up those times to 30 minutes, you’ll be able to charge for an extra 7.5 hours of work each week.
Another strategy would be closing your social media accounts during work hours. This would essentially lead to more time available to work and thus increased income. If you need to use social media in order to work (such as a freelance translator using professional translation groups on Twitter to find work), keep it open only for the time that you need. And be firm with yourself about closing it down the moment you start looking at pictures of cats or amusing celebrity memes.
You could be using that valuable time to make more money instead!
Of course, one of the benefits of freelancing is that you have the freedom to use Facebook during work hours if you so choose – but remember that choosing to do so can cost you money!
Finally, if you want to increase your freelance income, remember that sometimes you have to spend money to make money. From buying in-house cleaning services, to ordering your groceries online, there are ways that you can free up your time in order to make more money.
Provided you can earn more per hour then you can well afford to pay for cleaning or shopping delivery services. Making such changes will help you to add more to your bank account.
Consequently, hiring a professional accountant also falls into this category. Although, accountants aren’t cheap, they can often find (perfectly legal) ways to reduce your tax liability and thus allow you to keep more of your income. In our view, that’s money well spent!
If you are looking for translator jobs from home, you can find a list of sites on this post.
Louise Taylor is the content writer of the Tomedes Blog.