I recently completed a formal assignment where I earned freelance income for the first time. While I have generated plenty of earnings from eHow and other writing gigs, I have never actually had an official assignment. This work was contracted through a previous employer who was looking to have a quick turn around on an IT project. Since I had the skill-set they desired to complete the project, they contacted me about the job.
In the past, I was really only interested in building recurring revenue streams that would continue to pay over and over. However, since this was a previous employer that I wanted to help out and they offered to pay me a generous hourly rate, I decided to give it a try.
Freelance work that is paid by the job or by the hour is not even close to passive income, but can definitely help out your personal finances. Since I don’t really need to use this freelance income to pay any bills, I plan to put it to work for me earning even more income.
As I am already fully employed, I had to make some personal sacrifices in order to complete this project without impacting my full time job. Here are 8 tips that I learned from my first freelance income opportunity for those in the same situation.
- Negotiate a Fair Rate – Whether you get paid by the job or on an hourly rate, make sure the work is worth your time. I have decided that anything under $50 per hour just isn’t worth my time to make the freelance income. Not earning enough from your first gig might make it your last.
- Check with Current Employer – If you are already fully employed, be sure to check with your current employer before taking on any outside work. Some employers prohibit it, while others want to be informed if you have dual employment. There is no reason to risk your current job just to earn freelance income if it is not allowed by your employer.
- Establish Work Hours – Work hours are an important part of freelance work, especially if you are getting paid hourly. Establish how many hours you plan to work per day, week, or month upfront with the employer. Make sure that you can balance these extra hours with your other job and responsibilities.
- Ask About Working from Home? – Working from home is much more convenient for freelancers, especially those juggling more than one job. Check with the company if it is possible to do at least a portion of the work from home on your own time. This will allow you to set a manageable schedule for completing the assigned workload.
- Set Some Ground Rules – Make sure to set some ground rules before taking on any additional work, especially if you currently hold a full time job. You don’t want people calling and emailing you during your normal working hours. It is unprofessional and an easy way to become unemployed.
- Don’t Overdue It – Make sure you don’t overdue it and get burnt out. If you are trying to balance a full time job along with earning freelance income, you need to make sure you can handle the load. The money you can earn is important, but there are more important things to consider like your sanity.
- Provide Quality Work – It is important to always provide quality work in a timely fashion. Since you have negotiated a fair rate of pay for yourself, you need to do your part and provide quality work. An employer would rather pay someone a little more money for high quality work compared to someone who provides questionable work at a lower rate. Doing good work will help bring in more opportunities to earn freelance income.
- Discuss Work Materials Needed Upfront – Make sure you discuss any materials or equipment you may need to complete your work. For example, a programmer may need access to a computer or certain software packages. Make sure the company provides these materials for you or your pay may not be worth the work involved.
Final Thoughts
Earning freelance income is a great way to offset rising costs, pay off debt, or even make more money. For those who are already fully employed, it is important not to get in over your head. Following some of the tips above can help make your freelance income opportunity a positive experience and want you coming back for more.
What tips can you provide as a freelancer?
Related posts:
- How to Find Freelance Work
- Recession in America – Freelance Jobs
- Beat the Heat By Earning Extra Income Indoors
- The Truth About Earning Money on eHow
- 3 Personal Motivation Tips to Build Passive Income
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