How To Earn An 8-Figure Income As a Freelancer

Gaurav Upreti 29 September, 2024

In contrast to the rigidity of conventional 9 to 5 office work, freelancing offers the flexibility of time and location. For this singular reason, it has continued to become more attractive with time.

It is also changing the work landscape and lifestyles of people. A freelancer has control of whom to work with and most importantly, the scale of income.

Despite the allure of freelancing, it may be challenging to start the business, grow it, and maintain clients. A strategic road map is required to achieve desired goals.

This article provides valuable information on what is how to earn an 8-figure income as a freelancer.

What is 8 Figure Income As a Freelancer?

Counting the number of digits in a number gives us its figure. So, what is 8 figure income? Is 8-figure a million or is it a billion?

An 8-figure number will consist of eight digits. In dollars, this would mean any number equal to or greater than $10,000,000. In most currencies, you only need a six-digit dollar number to get eight-figure incomes.

The value of such an amount of money is staggering and seems impossible to earn in freelancing. However, there are cases of people who have earned an 8-figure income from freelancing.

These people have tapped into the vast industry of freelancing which according to Upwork, contributed a massive 1.35 trillion dollars to the US economy alone.

Scott Luscombe has made over $500k on Upwork as a freelance graphics designer. He has completed over 300 jobs and is currently charging about $100 dollars per hour. This is way above minimum wage in many developing countries.

Kathy Edens, a freelancer on Upwork has made over $300k as a copywriter and marketing consultant. She has been on the platform for over 10 years. She writes on several genres of books including non-fiction, sales, content, brochures and reports.

Another inspiring freelancer is Paul Hunkin from New Zealand. He is a software developer on Upwork and his rate starts from $120 per hour. He has surpassed an income of $400k.

Paul has impressive work experience to back up his freelancer career having worked with companies such as NASA and Google.

These examples are just a few among many. There is absolutely no limit in the world of freelancing. What is required is the right strategy, skills, and dedication to learn how to earn an 8-figure income as a freelancer

Strategies on How to Make an 8-Figure Income As a Freelancer

Identify a Niche

A freelancer must have a skill to sell or a service to provide. Premium skills and services will earn you premium income like an 8-figure salary. This is all about identifying the work that you are good at and love doing.

To find your niche, you should master a high-demand skill of interest. When a skill is in high demand, there is a ready market for it and clients are always available.

The first thing to do is to perform a personal assessment and see whether you possess the requisite skills or knowledge that can make you compete and succeed. Be mindful that there are many freelance competitors and you must stand out from the crowd.

This stage is crucial, time must be taken to prepare and no room must be given to mediocrity. You may need to upgrade certain skills through adequate training which are now available physically and online.

Some high-demand freelance skills of today are data analysis, graphics design, software development, transcribing, content writing, programming, and online tutoring.

Build a Portfolio

An 8-figure income goal needs serious clients who are ready to pay good money for the value you provide. To convince potential clients about your expertise in your niche, you require a portfolio as evidence.

Portfolios can be created while undertaking skills training. You can use some of the projects or tasks that you completed to build an initial portfolio. Another alternative is to use projects that were executed during your work experience before transitioning from a 9 to 5 work life to freelancing.

Choose The Freelance Platform That Best Suits You

Online freelancing platforms are growing in number by the day. There are many freelancing platforms and what they offer varies according to their objectives. Choose the platform that best suits your goals and aspirations based on the location, your niche, popularity, pricing, subscription model and reviews.

Take note that the more clients that are available on a platform, the more your chances of success. Also, understand the rules of the selected platform so as not to get kicked out of the system early. Common freelancing sites are Upwork, Fiverr, Freelancer, Guru, People per hour, etc.

Answer these questions to get some tips on choosing an adequate freelancing platforms are:

Is it genuine? Are there many scammers on the platform?
Does the company have a global reach or localized to certain countries?
What percentage of revenue do they charge?
Is the platform popular?
Are some freelancers earning 8-figures in money on the platform?
What is the reputation of the company?
Are they customer friendly? How good is their care centre?
Do they have multiple payment gateways?
Can they pay into my local bank account?
Will my account be secured?
How do they assist freelancers to grow?
Is there an existing community where issues are discussed and resolved?

If most of the answers to the above questions are true, compare the platform to others and choose the best for you.

Be Visible

A freelancer quickly learns that starting out is just the beginning and getting the first client is not easy. One way or the other, you must have an appealing reputation, especially when you are aiming for an 8-figure income.

In modern times, you can easily build a reputation by showcasing your skills to the world. Clients want to offer jobs to freelancers that they can trust. The power of social media, online forums and streaming services like X, stackoverflow and YouTube must not be taken for granted. It can be leveraged.

To achieve quick success, you should post samples of your work on these platforms and include your freelancing portal link. When people realize that you can solve their problems, they will contact you.

Followers on these platforms will also recommend their favorite ones to other potential clients.

Here are some tips for building a reputation and an online presence when your goal is to build an 8-figure income as a freelancer:

Have a Brand Name

Open social media accounts on GitHub, YouTube, X, stackoverflow, quota, etc. with your brand name.
Post solutions to people’s problems related to your freelance gig on these social media platforms.

Make sure to post your link and redirect readers and viewers to your freelancing profile.

Gain Followers on These Platforms

Pay for adverts to enhance your visibility. According to Retainr, advertisements help freelancers to attain a wide reach, target age, gender, location or specific audience, interact with potential clients and are also cost effective. The returns outweigh the investments.

Always Deliver The Best Every Time

Gaining a client is one thing, but keeping them is another. The best way of retaining clients is to impress them by delivering your best every single time. Happy clients will be glad to reward you.

Clients always provide reviews after a contract has been executed. When you give the best to your project, you stand a chance of both a good review and another contract from the same client. Your profile will be enhanced and you will be able to earn 8-figure income as a freelancer.

Hold Webinars And Workshops

A genius way of getting clients is through demonstrating skills in workshops and webinars. Adverts can be placed on social media for live webinars and workshops where people get to meet you.

You have to prepare to deliver your best in such webinars. Prepare, prepare, and prepare. The success of such webinars can easily propel you to greater heights in a short period. A disappointing outing is better than not imagined.

Webinars create an opportunity for freelancers to sell their skills to potential clients and interact with them on a one-to-one basis. The freelancer can provide more details about his services that will usually not be obvious on his portfolio or profile.

Optimize Your Pricing

Fixing a price for your services can be tricky. If the job can be done quickly and fast, choose a rate that will bring you better turnover. If it is a time-consuming job, break the work into milestones and charge a premium.

Some clients will be happy to take advantage of freelancers that charge low rates while others are willing to pay high for value helping you earn an 8-figure income as a freelancer.

Keep Upgrading Your Skills

Skills get outdated, software and tools also get obsolete. A freelancer has to keep up with current trends and technology to be ahead of the game.

Investing in new skills will yield short and long-term interests. Transitioning from one niche to another becomes easy and flexible.

Clients are also happy when they see the depth of creativity and experience employed to execute their projects. With cutting-edge skills, you can charge fee that is within the top 5-10% of competing freelancers.

Your Profile is The Holy Grail

Safeguard your profile jealously. Update it regularly. Use a clear picture that shows your face and shoulders. Exhibit your work experience, education, projects, and watch out for potentially difficult clients.

Because no matter how friendly and hardworking you are, some clients are out to frustrate you. When a work looks too complex, it’s better to avoid it than to get a bad review. That is why you should only bid for jobs that you can deliver.

Depending on outsourcing the work to another freelancer is risky. You will likely be disappointed and it will cause issues that will kill your chances of getting more jobs from the client and others.

You should also invest in platform tools that will boost your profile like proposal boosting, profile boosting and enhancing features. They make your profile look professional and stand out.

The bottom line is that you must be loyal to your contracts to earn a reputation and good reviews that can propel you to earn 8-figure income as a freelancer.

Communication is Vital

No matter how your clients communicate, a freelancer must be polite to clients and professional about his business. Learn how to write compelling proposals. Greet the client briefly. Don’t overdo it as it makes you look professional.

Sell yourself by discussing your experience and your problem-solving background that will make your work, a success. Describe the work and what you will deliver concisely. Going straight to the point shows you mean business. Also, include a sample of your always.

Notify clients about delays and hiccups that may be encountered. Even though a freelancer must strive for perfection, work is rarely perfect. Personal issues may result in challenges to work. Assuring a client is vital.

When a client gets agitated, respond in a polite, friendly and assuring manner. Let them know that everything is fine and work will be delivered with good quality no matter the delays.

If there is a dispute that seems irredeemable, it’s best to explain the cause to the client and make refunds. Overall, one must avoid disputes as much as possible and it should only come in as a last resort.

Conclusion

The strategies of starting and growing a freelance business from zero to an 8-figure money spinner have been laid bare in this article. The question of what is an 8-figure income and how to attain this goal has been answered for every prospective or current freelancer willing to up their game.

An 8-figure income from freelancing should no longer be considered a mirage as the market size runs into trillions of dollars. In addition, several freelancers have been able to become rich by using their expertise and choosing their freelance platforms wisely.

The strategies that were discussed in this article have been time tested and it’s left for you to put this into practice and become the next one to earn an 8-figure income as a freelancer.

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