Freelancing is time effective, independent, flexible and has more potential for progress than being employed full-time. But when a user told us, “employees work eight hours a day, self-employed people work for all 24,” we understood the real deal.
How much do freelance workers earn?
Most entry-level freelancers manage to make $65,000 to $72,000 on an average, every year. But rising standards and competition have been affecting income opportunities negatively.
Experienced freelancers earn over $100,000 a month and in some cases even establish firms or agencies to train freelancers and curate projects.
5 things to avoid if you want to earn over the six figure threshold
Being self-employed means that you manage your own labour as a business owner. Budgeting your business expenses is as important as your personal budget.
It helps you to determine what your real income is and how much you can raise in profits by planning and managing your expenses. This is proven to boost your monthly income by at least $500!
Not registering for an Australian Business Number (ABN)
If you are starting out as a freelancer, it’s best to first apply for an ABN. This will ensure that you can bag projects from all ranges of your industry especially the most competitive ones which often require an ABN for legal reasons.
Having an ABN will also help you apply for tax deductions after filing for annual income tax. You can then add the tax return directly to your annual income and maximise it!
Check out all that you need to know about Working legally as a freelancer in Australia!
Working 24x7 can be extremely exhausting and it’s difficult for freelancers to find time for socialising. In fact, you can be busy at your desk night after night for one single project.
But effective socialising and networking is important for your professional growth. It will help you to:
- Find better resources and tools to maximise productivity
- Find like minded people you can collaborate with
- Ask other freelancers to refer you to their customers for your niche work
- Collect feedback, tips and experiences to apply into your own plans
Who would like to be stuck in the same set up, with the same skills that you first started working with? Upskilling is the most important factor behind experienced freelancers who keep boosting their income annually.
Upskilling is the development of the skills that you specialise in with the use of available resources like workshops, master classes and technology to help record and put your progress to best use.
Upskill from the convenience of your home office!
Forgetting to track your time
Get an app, set up a desk clock, use a stopwatch but please never avoid tracking the time you put in for each project. When it comes to self-employment and independent businesses, time really is money.
- Tracking your time will boost your focus
- It will enable you to identify which projects take more time to finish and which take less time
- You can even identify what work makes you more money even if it takes less time to perfect
- Try doing jobs that take comparatively less time to finish but earn you more money and maximise your income in no time!
Feels like a lot to manage?
Building professional relationships and being consistent with managing customer relationships every day can be very tiring alongside keeping track of your finances, your time and most importantly making the best choices for your career.
We have been working with several freelancers, gig workers and self-employed individuals to come up with an innovative tool kit that allows you to organise, manage, track and execute the services you offer, all in one go!
Don’t miss out on the launch of the ultimate tool to make the most of your freelance work. Sign up to our newsletter now!