The millionaire freelancer, you might think that you have a better chance of finding a unicorn than becoming one. But you’d be wrong. In fact, the easiest way to become a million-dollar freelancer is to inherit the money. Joking aside, it can be done and here are some tips on how you too can strike it rich.
A word of warning, if you expect that you can just quit your day job and hit it big as a freelancer, think again. In fact, becoming a million-dollar requires a tremendous amount of work, understanding who your audience is, and a bit of luck.
Also, don’t expect that you will take home six-figures in your first year as a freelancer. In all likelihood, you might not hit this milestone for a year or two. But, if you work hard and develop a good rapport with your audience, they will start to turn your side gig into your main source of income and finally, a means to reach financial independence for you and your family.
What’s the Secret?
No doubt about it, hard work and timing play a massive role in becoming a million-dollar freelancer. But the secret is perseverance as you will face several ups and downs along the way.
Think of it this way. While the internet has made it easier for freelancers to earn a living it is also a hypercompetitive space. As such, you will need to find a way to stand out from the crowd – if not, then you might never make it.
To stand out you need to be passionate about what you do. For example, if you love riding bikes, then starting a blog about cycling would be a good way to set off as a freelancer. Beyond this don’t go off on a tangent as your blog will be about joys of riding a bike. Over time your audience will love cycling as much as you do, and this will help you to stay focused on the visitors of your blog.
Value Every Opportunity
Million-dollar freelancers value every opportunity, no matter how large or small. Sure, they do tend to chase big-ticket assignments but if a small job comes along, they are likely to take it; who knows, the client could call them back for a bigger assignment in the future.
The key is to treat every client as if they are your only client while setting realistic expectations for what you do and, importantly, when you can do it by. Don’t fall into the trap of just saying yes to a client because it is a slow month. Instead, let the client know what while you appreciate the chance to work with them a certain opportunity might not be a good fit for you.
Do the Math
You’re trying to make a million dollars and that is a lot of zeros. As such, you need to do the math as there are only so many hours in the year you can work. In fact, this is where most freelancers go wrong as they don’t think about how many hours a week they can work and how much they need to charge per hour.
Sure, it would be great if you could charge $ 200 per hour and then work 40-hours a week for 52-weeks (that’s $ 416,000) but this is not a realistic plan. As such, you need to figure out how much the market will let you charge and how many hours a week you will need to bill to hit your financial goals.
You’ll never get where you want to go if you don’t have a plan and the same is true when it comes to freelancing. As such, you will need to set goals for your journey as a freelancer. Start with small goals like a minimum amount you earn each week and then ramp it up from there.
In addition to monetary goals also set time goals. For example, how much you want to earn by a certain date, how many active clients you want to have by a certain date, or even finding a project with a passive revenue stream.
Think Out of the Box
One of the attractions of being a freelancer is that you don’t have a boss. For many, this can be liberating as it will allow them to try new things. This could include how you promote yourself, taking on an assignment with a residual revenue stream or even hiring a team to work under you.
That’s right, once you start to define what it is that you do best as a freelance, then you will want to hire a team to help you get it done. Remember there are only so many hours in the year, so the more people you have billing under you, the closer you will be to becoming a million-dollar freelancer.