How can Indian Freelancers earn more in 2021: 10 factors to consider
Introduction:
Digital transformation has led to more people choosing to be their own bosses. May have started their business at large scale while others prefer to freelance. Why?
The only answer to this is technology and paradigm shift in work cultures.
Many believe when you get independence to work, your thoughts flow better. You are more productive and highly accountable.
Freelancing came in about more than a decade ago. In India, though the culture was adopted a bit later than the western part of the globe, freelancing trends are now rising fast. The attached benefits to freelancing are huge that includes variable earning and adjusting working hours. But the competition for freelancers is growing, especially after the Covid-19 outbreak when more people have chosen to freelance.
There are about 1.1 billion freelancers worldwide, out of which an estimated 15 million freelancers work in India. A growth of 22% is observed in freelancing jobs between January 2019 to 2021. Individuals are choosing to work with clients from abroad with secured international payment solutions.
Considering the rise in the trends of freelancing job profiles, Indian freelancers must concentrate on the factors to earn more in 2021.
Table of Content
- Why is freelancing booming?
- How can Indian freelancers earn more in 2021:10 factors to consider.
- Conclusion
Why is freelancing booming in 2021?
Freelancing has its own magnetic pull towards a majority of the population. They say those who manifest money through hard work start freelancing.
The perks of working from home have lured people in the recent past. Individuals working full-time jobs wish to ditch their work-life and be their own boss. However, in 2021, it is Covid that has led to a massive shift to the freelancing work culture. Another factor that has contributed to the boom in the freelancing industry is technology advancement and digitized tools.
Freelancing offers comfort to people who wish to work on their terms and conditions. As a result, a general mindset towards work life has changed.
If the freelancers are looking for growth, they must identify factors that can multiply their income margins to folds higher than the current incomes.
How can Indian Freelancers earn more in 2021:10 factors to consider.
Freelancing is not an unknown game to decode. Gen Z and women are taking up the career option more than ever. Their intent is to capture the market but definitely not work at loss.
For those who look at increasing the freelancing income in 2021,here are the top 10 factors to consider.
Focus on Customer Retention.
Customer retention is the golden rule to increase the income.
Studies have shown that if you retain a customer, they will fetch you 5 to 25 times more ROI of acquisition. As a result, it is a common technique which many freelancers have adopted.
Suppose you have 5 clients that pay you Rs.20,000/- per month for your freelancing service. This makes a monthly earning of Rs.1,00,00/- for you. You planned to continue working with this set of clients as you have understood the work style. However, instead of focusing on getting new clients, you addressed the need of one client who wanted website designing other than your content solution.
After the month ended, out of 5, one client dropped. One client, happy with your service, took a higher package from you. He agreed to pay you Rs.50,000/-. Three others continued with the same parcel of Rs.20,000/-. The total earning for a month summed up to Rs.1,10,000/-.
Acquire new customers.
You can increase your income levels by acquiring new customers. If your current work level has gone consistent, and you think you can absorb a new workload, try new customers.
Acquiring new customers will cost you, so make your right choice for the clients who agree to pay you well.
Choose a safe payment option.
Choose a safe payment option that costs you less in terms of transaction fees and currency exchange fees. Always understand the payment process and the rates at which your payment will be processed. If you are working with clients from abroad, pick international payment solutions that are safe, secure and keep your information confidential.
Renegotiate your rates.
This is the easiest way to concentrate on increasing your income. Try this first with your client, especially those with whom you have worked for long years now. You must renegotiate your rates with the existing clients. Justify the rate increase with your improved efforts, practice change, and up levelled services.
Pitch clients abroad.
Why not go global when you can dare to work independently?
Working with international clients is different, but they are more practical than your domestic clients at times. Their work ethics and pay are of higher standards than you can imagine. The only points you will have to keep in mind when working with the clients abroad include hours and international payment solution providers.
Work strategically.
Strategies never fail if implemented mindfully. An increase in income happens only after you improve your work style. Quality work will be the magnet that will attract money for you. Make a scheduler and go by the calendar to finish all the tasks on time. Prepare a strategy that yields on-time work deliveries. If you finish work on time, you can work more efficiently on new projects.
Consistently good quality of work.
Quality is an incident of high intentions and is never an accident-William A Foster.
Sincere efforts and skilful execution of work will praise and enhance the client’s trust in you. If this goes OK, chances are that the client will work with you in future as well. This tends to increase your income gradually.
Offer a wide range of solutions.
Offering a wide range of solutions will be the choice of wise. For example, suppose you are a freelance content writer who writes a lot on insurance. You have good clients settled in the market, but their content requirements can be fading. This restricts your income levels. In this place, if you diversify your portfolio and work on different content, your demand will be higher. Thus, it will satiate your rising monthly income levels.
Calculate hourly rate carefully.
Don’t just quote a random figure. Calculate your hourly rate after keeping in mind factors that account for your work. Obtain a rate carefully and communicate the same with the client. There is no point working at low remuneration where you are left struggling for more hours at a peanut amount. Keep in account infrastructure like equipment in use.
Upsell to your existing customers.
The best way to upsell your existing customers is to find out what your clients are looking for. Establish the gap between the goals and the knowledge of clients. You can capitalize on this aspect and offer them your proposition. Extend your services, new products, or get in contact with them for another span of months. Yes, you will have to work more but at an increased rate.
Conclusion:
As a freelancer, you are bound to face struggles to give a push to your career. One of the biggest challenges for a freelancer is to acquire new clients. Another dispute could be picking the safe payment solution provider, especially when working with international clients.
When you continually improve your income levels, you will gradually establish yourself better as a freelancer.