How to Make Money Working From Home
Did you know that freelancers can earn a very respectable income every month? For example, it is possible to sell your services as a writer, digital marketer or social media manager.
What skills do you have?
Freelancers are people who work for a fee based on the time spent or the work accomplished. It goes without saying that to succeed in this line of work, you will need the skills that your potential clients require. In freelancing, talent is more important than experience. In fact, you only need to be creative when presenting your capabilities.
If you already have a job, the transition from employee to freelancer will be much easier. This is because you already have a skill set that will be of interest to your clients. For example, if you have had a career in marketing, you could consider offering services that relate to this profession, such as PR campaigning, managing social media accounts and copywriting.
What is a virtual assistant?
If you are unsure about the skills you could market, why not consider starting your freelancing career as a virtual assistant? The tasks can be varied, for example:
● Managing emails or travel bookings
● Scheduling appointments
● Writing or proofreading
● Web/graphic design
This entry-level work could also lead to higher-level online positions such as:
● Business manager
● Web programmer
● Marketing consultant
What tools do you need for the job?
1. An internet connection
Naturally, one of the primary requirements to work as an effective freelancer is a good internet connection. Your online connection at home is almost certainly reliable but remember you will also need options in case you have to work remotely. Therefore, you should ensure that you will have a stable connection wherever you work.
2. A computer (preferably a laptop)
If you are working from home, a desktop PC will be perfectly acceptable. However, a laptop would give you more versatility. Whichever you choose, a computer is an absolute necessity for the following tasks:
● Writing and sending emails
● Editing and uploading pictures and images
● Transcribing audio files
● Using Google Docs
3. Website
Creating your own website is a must as this will be your ‘online store or advertising billboard’. You can also use it to showcase your portfolio and prove your legitimacy. Producing a website is not too expensive and doesn’t require any programming skills.
Accounting service
As a freelancer, you will probably prefer to do your own accounts. However, there are certain advantages in allowing a professional to take responsibility for this necessary chore. For example, they may be able to recommend accounting software from this blog that is suitable for your style or line of work.
How to make money as an online freelancer
1. Tell people what you are selling or providing
As mentioned earlier, it is extremely important that you sell your skills. Accordingly, you should carefully evaluate your abilities and present them as a service that people would be willing to pay for.
2. Define your ideal client
If you want to work with people you like, consider the following options:
● What characteristics must your clients possess? (e.g. homeowner)
● What are their general attributes? (location, hobbies etc.)
● What makes these clients ideal? Do they have a unique problem that needs resolving?
● What are their identifiable behaviours? Do they belong to an association or subscribe to specific publications?
Begin by exploring smaller markets that can value your service and then scale your business from there.
3. Set a price and package your service
Establishing a rate for your services is crucial as this will determine your income. It is vital that you don’t underprice your expertise because doing so could put a strain on your finances. In addition, experts have recommended that freelancers should keep at least 25% of their income for tax purposes. If your earnings are higher than the average freelancer, increase that amount to 30%; it’s better to save too much than too little. In other words, you need to ensure that your expenses (both business and personal) don’t exceed 70% of your total monthly income.
4. Create a website
Freelancers such as writers need to showcase their work. If you create an eye-catching website, it will provide you with an effective online platform for displaying your portfolio. There’s no need to worry about the cost as many online companies offer a free hosting service.
5. Search for clients
The next step is to find prospective clients, obtain their contact details and establish a database. You can search for customers online through job boards and social media platforms. In addition, you could also ask the following people:
● Relatives and friends
● Previous employers
● Professional networks or fellow freelancers

6. Negotiate
After offering your services to prospective clients, you will probably want to receive some feedback. If they don’t call you back, consider contacting them and conduct an initial consultation. In this way, you can determine whether the potential client is a good fit for you.
Of course, it is quite understandable if you feel anxious when talking to new clients, especially if you are a novice. Fortunately, you will soon get better with practice and feel more at ease.
Once a client is interested in your services, it’s time to negotiate. Consider the following scenarios and your potential reactions.
● The client wants to decrease the price. It is not wise to reduce your rate except in exceptional circumstances. If they insist on lowering your fee, you could propose reducing the scope of your work.
● The client wants to increase or reduce the scope. This demand is reasonable as you will be able to adjust your fees accordingly.
● The client wants to shorten the timeline. If this demand is acceptable, ensure that you charge an additional fee for a rush job. However, if it is completely untenable, you have the right to refuse.
● The client is uncertain about whether they want to work with you. This could be a problem since this type of client always changes the scope and insists on endless revisions. Nevertheless, they could still prove to be excellent long-term customers. Therefore, you need to convince them. You could offer a free or paid trial to reassure them that you are the right freelancer for them.
● The client wants extra services. If you agree to their request, don’t forget to charge additional fees. However, stand your ground if you don’t want to provide extra services.
When negotiating, you should always expect surprises so be open to offers and have fun dealing with your clients.
7. Secure a signed contract
Before you begin working with a client, you must ensure you have a signed contract. Remember, the goal of this document is to have a reference if you need to address any disputes.
8. Proceed to onboard your client
This is the process that takes place once the agreement has been signed. You can now place the client in your work system. For example, if you are promoting your client on social media, you will need their password to access their management accounts.
Conclusion
As long as you have marketable skills that prospective clients require, you will thrive as a freelancer. In order to succeed, you will need to showcase your skills, search for ideal clients and arrange for your contracts to be signed. With regard to income, monthly recurring revenue is better than one-off payments as this will enable you to avoid having days, weeks or months when you have no income. Therefore, it pays to source clients and work that will provide you with a stable and continuous revenue stream.
Author’s bio
David Murphy has worked with Grenfell James Associates since 2006. They provide core accounting services, tax planning and advice, management accounting, and wealth protection. Their services extend to various businesses, including start-ups, growing, established and those ending operations. They simplify the complexities of accountancy for businesses and clients also enjoy unlimited access to their expert advice.