Upselling is a staple marketing technique and one that freelance writers can adopt to generate a more stable income and stronger client relationships.

From understanding your client’s needs to offering bundle packages, learn how you can upsell your freelance writing services.

What Is Upselling?

Upselling is the process of encouraging a client to purchase an upgraded or additional service on top of the one they have already committed to.

Upselling can look like:

• Being offered a first-class seat on public transport for a slightly higher price
• Having the option to add extra toppings to your pizza at a restaurant
• Being recommended an item of clothing in a higher-quality fabric at a store

The purpose of upselling is to increase the income you earn from an individual client while also increasing the value that client receives.

Some definitions of upselling define it as a separate process to that of cross-selling (selling a different product or service to the same customer, rather than an upgraded version of the same product), but for the purposes of this post, we will treat upselling and cross-selling as the same technique.

What Are the Benefits of Upselling for Freelancers?

As far as freelancing goes, the most obvious advantage of upselling is that you can earn more from your current clients, meaning you don’t have to spend valuable time looking for new ones.

But it’s not just about the immediate financial benefit. Upselling can also allow you to demonstrate the breadth of your expertise, plus help you develop better relationships with your clients, which can lead to further work and networking opportunities.

How to Upsell Your Services

Upselling can seem like a difficult process, but as long as you understand your clients, your services, and how to pitch them, you’ll be able to reap the benefits of upselling and increase your freelance income.

Take a look at our tips below to help you get started.

Recognize Your Client’s Needs

There’s no point trying to upsell a service that your client doesn’t need. At best, they’ll politely turn you down. At worst, they might consider you too pushy and even decide not to work with you again!

The services you offer as an upgrade should depend on what you know about your client. So take some time to ask them about:

• The scope of their current project
• Any concerns they have about that project
• Future work they might have in mind

Once you’ve identified your client’s needs, you can offer to solve any potential problems they might encounter by upselling your relevant services.

Make sure to pitch your upsell properly by explaining how your services can help your client and what value they’ll get out of purchasing a more expensive option.

Remember, you’re not just letting your client know about a service you offer; you’re selling it to them specifically according to the needs of their project.

Use Different Upselling Techniques

As we’ve already explored, the way you upsell as a freelancer will rely largely on your client’s needs and the context of their project.

That said, there are several types of upsells commonly employed by freelance writers that you can adapt for your clients. We’ve outlined some of these techniques below.

1. Offer a Faster Turnaround

As the adage goes, time is money.

If your clients have a tight deadline and want work to be completed as soon as possible, you can offer an express option on your services for a small fee.

Just make sure that your workload and schedule leave room for you to complete the work on time!

2. Include Extra Revisions

When you complete a piece of writing, your client might want you to make revisions to your first draft.

It’s not unusual to include one or two rounds of editing in your base fee as a freelance writer, but if your client expects to request more, you can upsell further revisions as necessary.

3. Create Bundle Packages

If you’re working with clients who require multiple documents, consider offering discounts for bulk work.

A client who has already committed to paying for three blog posts could be convinced to upgrade to a five-post package if they’re getting a good deal out of it.

4. Provide Social Media and SEO Add-ons

For a lot of digital content writing, the work doesn’t end with just the content itself. Social media tie-in posts, search engine optimization, and metadata management are all additional services that you could be providing to your clients.

So, as long as you have the relevant skills, don’t be afraid to upsell digital marketing upgrades such as these.

5. Suggest a Retainer Agreement

Freelance retainer agreements are a great way to guarantee work for a longer period of time.

Upsell the benefits of a retainer agreement to your clients, and you could end up with a more secure income and a stronger working relationship.

Becoming a Freelance Writer

Need a career with more flexibility and the power to set your own rates? Freelance writing could be for you.

Get started with our Becoming A Freelance Writer course and discover how expert training and on-the-job experience will equip you with an in-demand skillset.

The post How To Upsell Your Services As A Freelance Writer appeared first on Knowadays.

But is the right answer always a firm “no”? For freelancers, the question of working for free is a little more complex than that.

Should Freelancers Ever Work for Free?

Unfortunately, there’s no definite answer to this question.

Whether you choose to work for free or not depends on a number of different factors, including:

• Your goals as a freelancer
• The stage you’re at in your career
• Whether you’re producing free work for a client, or some other context
• The nature of the work itself

See below for some broad ideas of when you should say “yes” or “no” to working for free.

When to Say “No” to Working for Free

In most cases, working for free as a freelance writer may not be the best idea.

As well as the obvious financial drain, working for free can often devalue your work in the eyes of other potential clients. As you’ve provided work for free before, you may be seen as unprofessional and your work worth less than projects clients have paid for.

Because the risks of working for free can often outweigh the benefits, you should say “no” if:

• Your client is a large company or obviously has the financial means to pay you your full rate
• The work you have been asked to do is especially long, complex, or requires specific technical skills
• Doing work for free will noticeably reduce the time you can spend taking on paid work

Of course, you’re well within your rights to say “no” to any request for unpaid work. But sometimes, working for free can be beneficial.

When to Consider Working for Free

Saying “no” to unpaid work is not always the right course of action. But if you do choose to work for free, it’s important that you do so in a way that respects your skills and the value of your work.

Whether you choose to offer your skills for free will depend on your own goals, motivations, and career progress, but generally speaking, there are a few scenarios where working for free could be in your best interests.

Working for Free As a New Freelancer

If you’re new to freelance writing, finding those initial clients who are willing to pay for your services can be a challenge.

This is especially true if you don’t have any previous experience or writing samples to demonstrate your skills.

So, to make it easier to find paying clients as you progress in your career, consider offering some free work to those initial few clients. Pro bono work as a new freelance writer provides you with:

• The opportunity to hone your skills as a writer and freelancer
• A better understanding of the subjects or formats you prefer
• Material to use in your portfolio
• Feedback, testimonials, and referrals from real-life clients

You should still take care not to say “yes” to every request for free work, though! Take the time to decide if working on a project for free is relevant to your career goals or will help you progress as a freelancer.

If it doesn’t have any clear benefits, it’s probably best to turn the work down.

Working for Free As an Experienced Writer

Experienced freelance writers are much less likely to work for free, as the payoff rarely makes it worth it.

However, even if you are a freelancer with a little more experience under your belt, you might still consider volunteering your services if:

• It’s for a cause, non-profit organization, or small business that you want to support
• It will help you market your freelance business (e.g., guest blogging)
• It’s a requirement for securing a paid job or project (e.g., speculative work)

As above, you should only agree to do any work for free if it’s clear that you or a cause you support will benefit from it.

Alternatives to Working for Free

Sometimes, you might encounter clients who request free work for a variety of genuine reasons. They may be inexperienced in working with freelancers or want to be reassured that you’ll complete the work to the standard they require.

But of course, you can’t always agree to free work.

In cases where working for free isn’t an option, but your regular rates don’t fit the bill either, there are several alternatives you could consider, such as:

• Providing free samples
• Offering discounts
• Setting up bundle packages

As with offering work for free, though, be careful not to undervalue your work by providing too many hefty discounts and deals. As we explain in our post on the subject, it’s all about striking the right balance.

Becoming A Freelance Writer

Proper training can minimize the need to take on free work as a new freelancer.

Enroll in our Becoming A Freelance Writer course for expert training in freelance content writing and attracting your first clients. Pass the course successfully, and we’ll set you up with immediate work and professional writing samples to display in your portfolio.

Want to try before you buy? No problem – you can sign up for a 7-day free trial.

The post Should Freelance Writers Ever Work for Free? appeared first on Knowadays.

While there’s no single perfect way to set freelance editing rates, we have a few helpful tips to share with you. Keep reading to learn more about setting your freelance editing rates.

How to Set Your Freelance Editing Rates

There are a number of important steps to take when setting your freelance editing rates. You should:

1. Decide whether to charge by the hour, word, or page
2. Research average rates for your services and experience level
3. Establish a baseline rate for each service you provide
4. Adapt your baseline rates to fit each job
   

1. Decide How You’ll Charge

The most common ways to charge for freelance editing services are by the hour, by the word (or number of words, such as per 1,000 words), or by the page. Each of these methods has its own merits.

• Charging by the hour means you’re guaranteed to be paid for your time. However, it’s also easy to misjudge how long a job will take, especially when you’re just starting out. You might therefore either quote too much or too little for the whole project and end up underpaying yourself or overcharging your client.
• Charging by the word or page, meanwhile, makes it easy to quote a price for a project. But different projects may require different amounts of work, even for documents of a similar length. And if you don’t take that into account, you may find yourself charging the same for a well-written document that only requires minor tweaks as for one that needs significant work.

Ultimately, whether you advertise your services with rates set by the hour, word, or page will be a matter of preference, with the final decision depending on what you think will appeal to your target clients (e.g., if you mostly work on longer documents, a per-page rate may be the most attractive to potential clients). But flexibility is also helpful here – for example, if you list your rates by the hour, you could add a note saying that you’re willing to quote by the word or page if preferred.

2. Research Average Editing Rates

Once you know how you plan to charge, you’ll need to decide how much to charge. It’s a good idea to research the standard editing rates in your region. Here are a couple of examples:

• The EFA (US) recommends charging $36–$50 per hour for copyediting, and between $46–$70 per hour for developmental editing (depending on the type of document).
• The CIEP (UK) recommends a minimum hourly rate of £33.30 for copyediting and £38.30 for substantial editing, rewriting, and developmental editing.

The average rate can change over time, though, so always check how up-to-date (or otherwise) the information is and keep an eye on any changes. As a freelancer, it’s important to know when to raise your rates.

And don’t forget, research can be as simple as asking a friend in the same field how much they charge for their services. If you don’t know any freelance editors, you can always find other editors’ websites via search engines or connect with them via social media. Do your best to find people at a similar experience level, though, as well as those who are providing the same service(s) as you.

3. Work Out Baseline Rate(s)

Once you’ve done your research, you can decide on baseline rates for all of the services you provide. Your baseline rates will act as a guide to help you quote prices for each job.

Note the plural here: you should price separate services differently. Think about the services you’re able to offer and their respective levels of difficulty. Typically, this should reflect the amount of work involved.

For example, it’s important to understand the difference between proofreading and editing. You’ll need to set separate rates for these services.

4. Adapt Your Rates to Reflect the Work

Baseline rates are just that: a baseline. You won’t want to deviate from them too much when quoting prices – after all, potential clients aren’t likely to stick around if you ask them to pay a rate way above the one you advertise! But as long as you clearly label them as a baseline, there’s room to adjust your rates to fit the situation at hand.

There are a range of factors to consider when quoting a price for a job; here are the key ones:

• The service type and level of editing requested. For example, while you might have a base rate for developmental editing, different editing jobs can vary significantly. You may want to ask to see a writing sample, or offer a sample edit, to get a stronger sense of what will be involved.
• Whether the job requires any specialized knowledge.
• The volume of work involved. One client might ask you to review a manuscript and offer advice on how to improve it, after which they will redraft themselves, while another might ask you to redraft the document. Other things to consider are whether the client is seeking a single pass on a document or ongoing support, whether it’s one document or several, and how long the document is.
• The complexity, topic, and genre of the document.
• How quickly your client needs the work finished.
• The relationship you have with your client. Many editors offer a discount for clients who provide regular work.

You can then use this information to decide whether you need to adjust your baseline rates when quoting a price for a job. Likewise, if required, you can change the way your charge (e.g., charging by the page when your usual rates are by the hour). It’s about finding an arrangement that works for both you and the client before you start working on a document.

Remember that your rates are not set in stone! It’s a good idea to examine what you’re charging at least every six months. Here are some valid reasons for raising your rates:

• Your skills have improved or you’ve undertaken additional training.
• None of your clients are questioning (or complaining) about your rates.
• There’s a rise in industry rates.
• You’re having trouble covering your business costs.
  

Becoming A Proofreader

Having a proofreading or editing qualification may mean you can charge more for your services. It shows that your skills are up to date and that you’re motivated to grow and develop as a professional.

Our proofreading and editing courses are CPD accredited and will teach you everything you need to know to begin or develop a career in the field. Give a free trial a go today to find out more!

The post How to Set Freelance Editing Rates appeared first on Knowadays.

In this post, we’ll discuss everything you need to know about freelance writing invoices, including:

1. What an invoice is
2. What to include in a freelance writing invoice
3. An example of a freelance writing invoice
4. Online invoicing tools to help streamline the payment process

Keep reading to learn more about all things invoicing.

What Is an Invoice?

A freelance writing invoice is a document you send to your clients that outlines the services provided and requests payment for completed work. It includes the details of the completed project, the agreed-upon rates, the total amount due, and the payment terms. Invoices are essential for maintaining a professional working relationship with clients, as they ensure you’re not leaving anything up to chance. They also eliminate the guesswork regarding payment and fees for both parties.

What to Include in a Freelance Writing Invoice

A well-structured, professional freelance writing invoice should provide all the necessary information for your client to understand the services you’ve provided, the amount they owe, and the payment process. Generally, you should include:

• A header: your name and contact information
• An invoice number: a unique number for tracking purposes
• The date
• Client information: the client’s name and contact information
• The type of service (e.g., article writing, blog post)
• The quantity (e.g., word count, number of articles)
• Your rate (e.g., hourly rate, per-word rate, flat fee)
• The total amount for each item
• The subtotal and total amount due
• Any additional fees
• Your signature

Be sure to also include your preferred payment method (such as Venmo or PayPal), payment details, and your late payment policy, if applicable.

Example Freelance Writing Invoice

Below is an example of a freelance writing invoice that you can customize to your specific clients and projects:

Since this is a professional document, carefully proofread it to ensure you’ve included all the necessary information and everything is up to date. Once the client has paid their invoice, save a copy for your personal records. When tax season rolls around, having easy access to all your financial paperwork will make filing easier.

Online Invoicing Tools

If you’d like to save time and effort, you can use online tools to help with your invoicing, such as these downloadable templates. You can also take advantage of comprehensive finance tools aimed at small businesses, such as Paymo and FreshBooks. For more online invoicing options, check out this list of apps that help freelancers manage the financial side of their business.

Of course, you should always check to ensure these templates include all the relevant and correct information for your specific client before finalizing and sending off the invoice.

Becoming A Freelance Writer

Do you want to learn more about what it takes to start your own freelance writing business? Claim your free trial of our Becoming A Freelance Writer course and take the first step toward a rewarding new career.

The post How To Create a Freelance Writing Invoice appeared first on Knowadays.

So how much can a freelance proofreader earn?

We know that lots of people worry about whether they’ll make enough money. As a new proofreader, it’s important to understand how to set your freelance proofreading rates and make sure you aren’t undercharging (or overcharging!) for your services.

In this post, we’ll explain: 

• How to set your freelance proofreading rates
• The rates recommended by proofreading organizations
• How Knowadays can set you up to earn as a freelancer with our partner company Proofed

How Do You Set Freelance Proofreading Rates?

There are three important steps you should take when setting your freelance proofreading rates:

1. Decide whether to charge per hour, per word, or per page.
2. Research the recommended rates in your country.
3. Adapt your rates according to the nature of the project and your level of experience.
   

Charging Per Hour, Per Word, or Per Page

Let’s have a look at the three main ways to charge for freelance proofreading services:

• Per hour – Charging per hour is a simple way of working out your rates. However, it does mean you need to give clients an accurate estimate of how long each job will take. If you misjudge this, you will need to either renegotiate part way through a job (which your client may not appreciate) or undercharge for the extra hours you work.
• Per word – Charging per word means you can give a reliable estimate of how much you’ll charge a client for a job. Most freelancers either quote per word or per 1,000 words. The downside of this is that the word count is only one factor in how long a job may take, therefore you may need to adjust your rate depending on the complexity of the job.
• Per page – Although this may seem a simple method, charging per page can be difficult; the pages of a document can vary widely depending on font size and type, spacing, and margin size. To avoid confusion, many proofreaders steer clear of charging per page.

Average Freelance Proofreading Rates

In this post, we’re going to focus on hourly rates, as there is more information available on those. However, if you prefer to charge per word or per page, we’d recommend looking at what other proofreaders are charging for similar work, then setting a rate that reflects your own level of experience.

Here are the hourly rates recommended by various proofreading organizations:

Estimates for annual proofreading salary vary depending on where you look. No one website has all the data. Here are some current proofreading salary estimates for the United States:

Factors that Affect Proofreading Rates

The rates you charge can vary significantly based on factors such as:

• How experienced you are as a proofreader
• How complex the job is (e.g., you may charge more for EAL work)
• Whether you are working in a specialist subject area (e.g., technical writing)
• The type of client (e.g., corporate clients may pay more than individuals)
• The client’s desired turnaround time (some freelancers will charge a rush fee for work with a short deadline)

As a new proofreader, you may initially charge lower rates than those listed above.

Over time, as you gain experience, you’ll be able to provide a higher quality service to your clients – and can raise your rates to reflect that.

How to Explain Your Rates

Once you’ve set your rates, stick to them! It can be hard to stand firm in the face of opposition, but you deserve to be paid fairly for your work. If a potential client questions your rates, don’t be tempted to apologize or over explain. Briefly summarize the factors you took into consideration when setting your rates and highlight the value you will add to their project for that amount.

Once you’ve secured a client, always make sure to agree on a contract. This will set out the scope of the work you’re agreeing to deliver, how much you will be paid, when you will be paid, and how. This can help to avoid any disputes further down the line.

How Much Can You Earn with Proofed?

If you pass both our Becoming A Proofreader and Becoming An Editor courses with distinction scores (80% or higher), you’ll qualify for a trial period with our partner company, Proofed.

To start with, you’ll be paid to proofread up to 10 documents, with a maximum of 1,000–2,000 words apiece. If you successfully complete the trial, you’ll be invited to work for Proofed as a full-fledged freelance proofreader. You’ll get to work on all sorts of different documents of varying lengths and on a fantastic variety of subjects! As you continue to gain experience – and positive feedback – you’ll be able to tackle an increasing volume of work and more challenging assignments.

But how much will you earn?

• Proofed pays $9 per 1,000 words, so it’s tricky to establish an hourly rate. This will vary depending on the ease or difficulty of the document, as well as the editor’s level of experience.
• On average, freelancers earn around $12–16 per hour with Proofed once they have proofread enough documents to be able to work with confidence.
• This can rise to as much as $18–24 per hour as they gain more experience, take on add-on services, and work on a wider range of documents and projects.

As you can see, by working with Proofed, you can take on your first documents as a professional proofreader and start paying off the cost of training with Knowadays not long after you complete your courses. This offers a great way to start your new career as a freelance proofreader!

A freelance career with Proofed has many other advantages, too, such as:

• Being able to take on as much or as little work as you want
• Being able to work where you want and when you want
• Not having to worry about finding clients or doing your own admin
• Having the flexibility to pursue other interests alongside your paid work
• Developing skills that you can use with other clients

While freelance proofreading may not make you a fortune in the short term, it can offer a brilliant balance between a reliable income and personal freedom. And there’s no better way to take your first steps in this career than with Knowadays!

Updated on 25/08/2023

The post How Much Can a Freelance Proofreader Earn? appeared first on Knowadays.

However, a freelancer’s salary can also vary considerably, depending on how much they work and how many clients they have at any given time. This situation can make determining your monthly or yearly income difficult, especially when you’re starting out. In this post, we’ll take a look at:

• The average freelance writer salary
• The factors that can impact how much you earn

Keep reading to learn more.

How Much Do Freelance Writers Make?

Charging Per Hour, Per Word, or Per Project

Freelance writers typically charge per hour, per word, or per project for their work. Each method has advantages and disadvantages.

If you decide to charge hourly for your services, you could earn more money because planning and research time are easier to incorporate into your overall fee. However, you should note that some clients may request an estimate of how many hours you’ll need so they can budget for your fee.

When you charge per word or per project, you know up front exactly how much you’ll earn, making planning for expenses easier. However, charging this way is not ideal for projects that require a significant amount of extra non-writing work, such as conducting interviews or online research.

Average Freelance Writing Rates

The average base salary for freelancers varies slightly depending on which source you’re consulting. As of July 2023:

• According to PayScale, the average hourly rate for freelance writers in the United States is $25.14. Indeed.com reports that in the UK, the average hourly rate is £19.35. 
• According to Glassdoor, the average base salary for freelance writers in the United States is $49,538. Salary.com reports that the average yearly freelance writing salary in the United States ranges from $46,753 to $64,912.
• According to Talent.com, the average freelance writing salary in the UK is £58,500, based on a reported range of £32,156 to £87,750 per year.

While these figures aren’t exact, they do provide a good benchmark for what you might expect after launching your business, creating a portfolio, and building a client base.

What Determines How Much a Freelance Writer Earns?

Several factors determine how much a freelance writer earns, meaning that average rates can vary significantly from one writer to the next.

When you’re deciding what to charge, keep in mind that freelancing can come with a lot of expenses, including taxes, so you should factor these into your calculations. Below, we discuss five considerations that affect overall earning potential:

1. Specialization
2. Experience
3. The type of client
4. The deadline
5. The job’s complexity

1. Specialization

Having a specialization (or niche) can impact your rates. For example, if you demonstrate that you can write about specific in-demand or technical topics, you’ll be better able to attract clients in those fields, and with less competition, you may be able to charge more for your services.

Some examples of sectors that generally require detailed background knowledge are healthcare, finance, and the tech industry.

2. Experience

Your writing experience will also impact your average freelance writing salary. When you’re just starting out as a freelancer and building your portfolio, your rates may be on the lower end of the average range.

As your experience level increases and you collect word-of-mouth recommendations from existing clients, you can raise your prices accordingly.

3. The Type of Client

Another factor to consider when determining potential earnings is the type of client you have. Typically, corporate clients have bigger budgets than individuals or small businesses (e.g., a big financial company can afford to pay you more than a local bakery could).

However, this is where good negotiating skills could come in handy and can help you boost your total pay. And if a job pays a bit less than what you were looking for but would provide good experience and is something you’d enjoy, it may be worth taking, especially at the start of your career.

4. The Deadline

Some freelancers charge an extra fee for a tighter deadline because they may need to put other projects on the back burner to prioritize completing rush jobs.

Whether you decide to do that and how much you charge for doing it are up to you, but it’s something to keep in mind when meeting with clients who want fast, high-quality work.

5. The Job’s Complexity

You may choose to adjust your prices based on the complexity of the work. For example, you may charge less for a short article on a topic you’re familiar with than you would for a long, technical piece. You should always factor in research time when calculating your prices to ensure you receive fair compensation.

Becoming A Freelance Writer

Are you interested in a freelance writing career? Consider signing up for our Becoming A Freelance Writer course. It’ll teach you everything you need to know about launching your freelance business, including how much you could earn. Start your free trial today and see for yourself!

The post What’s the Average Freelance Writer Salary? appeared first on Knowadays.

When you work for someone else, your employer will usually make deductions from your pay to account for taxes, retirement, and sometimes even benefits, such as health insurance. When you’re working for yourself, you have to take care of all of that on your own. Doing so can easily become overwhelming, so it helps to have a clear plan of action when it comes to keeping track of your finances. 

In this blog post, we’ll be talking about five types of savings that can help you achieve financial peace of mind:

1. Personal
2. Business
3. Taxes
4. Buffer or Emergency Fund
5. Retirement

Read on to learn more about each type of saving and why it’s important. 

1. Personal 

Everyone’s life is filled with unavoidable expenses. You should use your personal savings for things such as:

• Housing/rent costs
• Groceries
• Transportation costs (e.g., gas, bicycle maintenance, public transit)
• All other regular bills 

The first thing you should do is figure out how much you actually have to spend each month. The best way to do that is to create a budget. A good budget will remind you how much of your income is required to cover your basic costs of living. Then you will know how much you have left over to save and spend.

2. Business

As a freelancer, you need to cover all your own business expenses. You will need to keep track of everything you buy that is related to your business. Your business account is where you put money that will go back into sustaining and growing your business. After you have calculated your business expenses, a good rule of thumb is to have three months’ worth of that saved.

3. Taxes

Paying taxes is unavoidable for everyone, even freelancers. Unfortunately, because they have no employer, freelancers have to keep track of their taxes. A few steps you should take as soon as you start working for yourself are:

• Registering as self-employed
• Finding out about the self-employment tax laws in your area
• Keeping records of all business-related transactions (incoming and outgoing)
• Knowing what you can claim as business expenses
• Keeping track of when your tax return is due and how to file it
• Putting aside money for taxes each month

This last point is very important. Most guidelines suggest putting aside 20% to 35% of your earnings each month for taxes. Include that in your monthly budget and put the money into separate savings for the end of the year. If you don’t feel comfortable doing this on your own, plenty of options for accounting software are available to help you.

4. Buffer or Emergency Fund

While being a freelancer is a wonderful career option, sometimes it comes with a little uncertainty. Your hours, and therefore your income, will not always be consistent from month to month. Having a buffer or emergency fund can help you when unexpected costs arise or when you have less work. 

Creating your buffer isn’t hard. Your budget will show your monthly expenses. Just multiply that by the number of months you want as your buffer. Decide on a reasonable amount of time to save that amount, and then deduct money every month as you would for any other bill and put the funds into your buffer savings.

While some people may believe one month’s or two months’ salary is enough, it is better to have three to six months’ worth put away as your buffer.

Remember, if you start earning more money, don’t just spend the surplus – recalculate your buffer and increase the total you have saved.

5. Retirement

Finally, even freelancers don’t want to work forever. So you need to learn how to set aside some savings for when you are ready to kick back and retire. After you have worked out your monthly budget, figure out a suitable percentage and put that into retirement savings every month. Then you have the option to put that money into something that will grow it.

Have a Plan 

Working for yourself as a freelancer has many benefits. But without an employer, some people can find it difficult to know what to do with their money. Making a budget and then organizing your money into the five types of savings mentioned above can provide you with security and peace of mind for whatever lies ahead. 

Becoming a Freelancer

Are you interested in becoming a freelancer but don’t know where to start? Our courses can provide you with all the knowledge and skills you need to become a freelance proofreader or editor.

If you want to see whether this career is for you, check out our free trial today!  

The post 5 Types of Savings Every Freelancer Should Have appeared first on Knowadays.

In addition to setting regular rates, freelancers also face the question of whether to offer deals and discounts on their services. There’s no right or wrong answer, and the decision to reduce your prices often depends on the specific client or job. Keep reading for more advice on offering deals and discounts to your clients.

The Pros of Discounting Your Work

There can be good reasons to say yes to lower rates, especially if you’re just getting started in your freelance business. For example, offering discounts can help you create a portfolio. Portfolios are necessary for freelancers to build successful businesses, and not everyone has one at the start. Offering short-term price reductions while you create an impressive portfolio can help you gain experience and establish a diverse client base.

Along with giving your portfolio a boost, offering temporary discounts at the start of your business can help you attract clients quickly. And if everything goes well, those new clients could lead to long-term, repeat business and additional clients through word-of-mouth recommendations.

The Cons of Discounting Your Work

It can be tempting to deeply discount your work at the start of your business to gain experience. While there are some benefits to this approach, there are also some drawbacks. For instance, if you offer a discount to a new client, they may push back on paying the full rate for future projects. In addition, if you offer a reduced rate, you may find yourself working too many hours for too little pay – which could leave you feeling burned out and resentful.

How to Offer a Deal

If you do decide to offer discounts and deals, here are some tips on how to implement them effectively:

• Offer seasonal discounts: Seasonal deals (like those offered during times that are typically slow for business) can help you drum up new clients. If you tie your deal to an event such as a holiday, then potential clients know that it’s temporary and won’t expect to pay that rate down the line.

• Offer limited-time deals: Limited-time deals let clients know that your discounted services are available only for a short time. A time limit drives demand by encouraging clients to take advantage of the deal while they have the chance. Just be sure you clearly state the dates of the promotion to prevent any misunderstandings.

• Discount bulk work: Slightly discounting high volumes of work from the same client can be beneficial for your business. It gives the client an incentive to use your services and could lead to long-term, regular work. Just be sure that you’re not offering too big of a discount – you want the project to still be worth your time.

While discounts and deals can help you build your business, they aren’t the only ways to attract clients. You can also offer new clients non-monetary incentives such as email or video-call support to encourage them to work with you.

Knowadays Courses

Are you interested in a freelance career as an editor or proofreader? Consider our comprehensive courses. They’ll provide you with the skills you need to launch your freelance business and start finding clients. And if you pass Becoming A Proofreader and Becoming An Editor with a distinction score of at least 80%, you’re guaranteed work with our partner company, Proofed. Claim your free trial today!

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1. Choosing a niche to specialize in
2. Increasing the rates you charge for your services
3. Making sure your resume is up to date
4. Contacting previous clients for referrals
5. Finding ways to market yourself
6. Reviewing how you use your time
7. Improving your knowledge and skills with training

Read on to find out how you can make more money as a freelancer.

1. Specialize in a Niche

As a proofreader or editor, specializing in a niche means choosing to focus on and offer specific types of work. Your niche could be the services you offer, like developmental editing. Or it could be the type of writing you choose to edit, such as young adult fiction, memoirs, or scientific essays.

This can potentially narrow your choice of clients, but it provides many benefits, such as:

• Making it easier for clients to find you
• Developing specific skills that make you more suitable for higher-paying work
• Establishing your reputation as an expert in your chosen field, meaning clients will be more likely to pay higher rates

All of these will enable you to make more money from your freelance work.

2. Consider Raising Your Rates

This might seem like an obvious point, but raising your rates will mean you can earn more for your work without being forced to take on more projects and risk burnout.

Conduct some research into what your fellow freelance editors are charging for the same services. You can also take a look at rates editing societies suggest and see how yours compare.

If you’re charging significantly less for your services than others, you could be undervaluing your skills and what you offer to clients. This could lead to clients undervaluing your level of expertise.

Increasing your rates as a freelancer can seem intimidating, but as long as you communicate the change properly with your clients, you’ll be closer to reaching your financial goals.

3. Update Your Resume

A good quality, up-to-date proofreading or editing resume can help you land better paying work by properly demonstrating what you can offer as a freelancer. Make sure your resume includes:

• All your most recent work and experience
• Any training you’ve undertaken
• Any areas you specialize in
• Your correct contact information

If you’ve only recently made the switch to freelancing or don’t have much relevant experience yet, you can still create an editing resume that shows off your skills.

4. Ask for Referrals

Referrals are when previous clients and colleagues recommend you to others who might need your services. They’re a great way to find more clients and increase your income, as referred clients are more likely to trust your expertise. 

To get referrals, though, you need to ask for them. So, when contacting past clients about this, make sure to:

• Ask professionally: As with all client communication, you should be clear and polite when requesting a referral.
• Ask the right person: The person providing the referral should be the person you worked with most closely on the project. This might not always be the author of the document itself, especially if you’ve worked with a publishing company.
• Ask at the right time: It’s best to ask for a referral immediately after you’ve completed a project when your work is still fresh in your client’s mind. 

Consider including a referral request when asking for general feedback at the end of a job.

5. Learn How to Market Yourself

Working as a freelancer means you’re responsible for finding your own clients. This means that marketing yourself is a critical skill, especially if you want to earn more money. Some tactics for promoting your services include:

• Using social media: Create professional social media profiles across sites like Facebook, Twitter, and LinkedIn to connect with a range of potential clients and fellow freelancers. 
• Cold emailing: Take the initiative and contact potential clients who you’d be interested in working with. Just make sure to follow our five tips!
• Setting up a website: Having your own professional website makes it easier for clients to find you, demonstrates the quality of your work, and helps you stand out from the crowd.
• Networking in person: Networking events, conventions, and seminars are all great ways to meet clients and gain tips from experienced freelancers.

If you’ve decided to specialize in a niche, you can tailor your marketing to the sorts of clients that you want to work with. If you specialize in crime fiction, for example, you could join groups for crime authors and make use of related keywords on your website.

6. Manage Your Time

As the old adage goes, time is money. This is especially true for freelancers, so juggling your time efficiently is crucial if you want to make more money. Fortunately, there are several ways you can manage your time and improve how you spend it:

• Use time management apps and software, such as Toggl, to keep track of how long you spend on different tasks.

• Make use of software to handle repetitive admin tasks, such as invoicing.
• Improve your workflow by introducing a second monitor or upgrading your broadband speed.

Once you know how you’re using your time, you can work out how to put it to better use and earn more for it.

7. Improve Your Skills

As a freelancer, your biggest assets are the skills you can offer to your clients. While you don’t need a specific degree to work as a proofreader or editor, undertaking training in the basics and upskilling with more in-demand skills will enable you to find higher-paid jobs and increase your rates.

Some ways to improve your skills as a freelancer include:

• Taking on proofreading and editing tasks as part of your other job (if you have one)
• Shadowing or being mentored by another editor
• Watching webinars and other interactive training videos
• Enrolling in an online course

Online courses can offer a flexible, affordable way of learning. Our Becoming A Proofreader and Becoming An Editor courses are no exception.

With content provided by industry experts and guaranteed work, training with us can help you boost your knowledge and skills, gain more experience, and earn more money as you expand your freelance career. Save 15% by buying our two-course bundle, or try our courses out for free first.

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In addition, some freelancers can secure retainer agreements. A freelance retainer agreement means that a client agrees to give a freelancer a certain amount of work over a set period. Let’s look at the advantages and disadvantages of this type of arrangement.

What Is a Freelance Retainer Agreement?

A freelance retainer agreement is basically a contract between a freelancer and a client that guarantees a certain amount of work (such as a preset number of hours or projects) over a given period for a set rate. It’s used in place of project-based fee agreements, which are common in the freelance world. 

Retainer agreements tend to last at least several months, and they typically mean a more reliable workload and income. This can be beneficial for both the freelancer and the client – the freelancer has a more consistent schedule, and the client receives consistent, high quality work.

Freelance retainer agreements are typically used for work that must be done on a regular basis, such as weekly email campaigns, marketing, website maintenance, and long-term projects that involve a substantial time commitment.

As with any contract, it should include the scope of the work, the total payment, how long it will last – and it should be in writing.

The Benefits of Retainer Agreements

There are many benefits to freelance retainer agreements. For a start, it tackles the one big drawback of freelancing: the constant pressure to pitch for new projects and negotiate rates. 

With a retainer agreement, freelancers know where their next job is coming from, eliminating the stress of finding new clients. And it’s possible for a freelancer to have retainer agreements with multiple clients, which allows them to plan for a much steadier flow of monthly income.

In addition, having a contractual agreement with a client helps ensure a strong, long-lasting working relationship. And if you build trust with your client, they could recommend your services to other companies, leading to even more steady work.

The Drawbacks of Retainer Agreements

Although there are many benefits to freelance retainer agreements, there are also some drawbacks. Some freelancers feel they need to give discounts to clients in return for long-term agreements. 

While there’s nothing wrong with charging lower rates to clients who provide you with a reliable stream of work (especially in the beginning), you should never undervalue your services.

Another disadvantage of retainer agreements is feeling like you’re always on call. Because clients have a relationship with you, they may ask you to complete tasks with a tight deadline or request work outside of the terms of your agreement. If you find that this is happening on a regular basis, consider renegotiating your contract or increasing your rates.

Knowadays Courses

Are you interested in a freelance career but don’t want the added stress of sourcing clients? Consider taking our proofreading and editing courses. They’ll provide you with the skills you need to start your own proofreading and editing business, and if you pass both Becoming A Proofreader and Becoming An Editor with a distinction score, you’re guaranteed work with our partner company, Proofed – saving you the trouble of finding work and invoicing clients. Claim your free trial today!

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