Is freelancing profitable? The short answer is YES and NO…
I know this doesn’t answer your question. But bear with me for a second here.
Whether you’re just starting on your freelance career or you’re still a complete newbie, this is worth a read.
I’m answering this question because I’m seeing more and more people get into freelancing nowadays.
Either because of the pandemic or because it’s more lucrative, it doesn’t matter.
What matters is that you should know whether it’s profitable or not. And to answer this question, let’s recap my experiences and learnings as a freelancer for two years.
It’s Profitable
Yes. Freelancing is profitable. It’s better than the average work that you can get here in the Philippines.
But don’t just take my word for it. The daily minimum wage rates in the Philippines, as dictated by the Department of Labor and Employment, are P500 – P537 for NCR.
The minimum rate for freelancers on UpWork is $3/hour. This means that if you work for at least 8 hours a day as a freelancer, you’ll get $24, which is around P1,152.
As you can see, the income you can earn on freelancing is more than double the daily minimum wage.
In just two years of freelance writing, I’m currently earning around P2,300/day. If you compute this, I usually get around P70,000 – P80,000 or more per month.
In the Philippines, this salary range is usually given to managers of banks, executives, and other medium to high-ranking positions in the Government.
But I’ve met plenty of freelancers earning more than this. So, to answer the question “is freelancing profitable” – it is!
It’s not profitable (at least at the start)
But let’s not get ahead of ourselves here. Freelancing is not for everyone, just like being a doctor is not for everyone and every other profession or business.
You need to understand that you’ll sacrifice a lot of time, effort, and even money when you’re just starting on your freelancing journey.
So, in a sense, it will not become profitable at the start.
I’ve spent some money on UpWork connects to apply to job posts and some online courses.
I’ve persevered with P200/article gig son 199jobs before charging higher rates today. But once you get over the trial period, you’re going to get better rates.
There are a lot of free online courses and resources out there that you can use too! Check this out – Top 5 Sites to Get Free Online Courses Forever
The point is, you should treat freelancing as a business as it is.
It will be just like a job, unless
Since this is a business, you should not think of it as another job.
If you want to get out of the corporate cycle, you should also think of long-term profitability.
Freelancing isn’t stable compared to traditional jobs.
Sometimes you’re going to have clients, and other times you won’t.
I’ve realized this early on in my freelancing career.
When I was writing articles for my clients, I’ve thought about putting up a business on my own.
I started creating my blog because I know the workflow and how my clients turn blogs into profitable businesses.
Thus, Peso Hacks was born in 2019, just a year after I started freelancing.
Today, I’m grateful that I’ve started this blog because it provided me with many opportunities other than passive income.
Here are some of them:
- I’ve been able to practice my writing skills more with my blog
- Clients would take my word more than other applicants because I’ve established a blog
- I also learned how to do SEO and WordPress management
- I get a lot of sponsored posts and other writing gigs because of my blog
- Best of all, I learned a lot from this side hustle.
But since this is a business, I’ve put my time, effort, and money into it regularly before it became profitable.
So, I highly suggest that you start a side hustle now while you’re earning to sustain yourself when you don’t have clients.
Here are the best passive income ideas I’ve gathered to help you – 38 Unique Passive Income Ideas in the Philippines
Who knows, you might even quit freelancing when your side hustle becomes big enough!
I’ve seen many freelancers do that. Case in point, many freelancers, started an online course business, and they’re earning millions now.
Is Freelancing Profitable?
Yes and no. It’s highly profitable when you’ve become an established freelancer with skills and experience.
But when you’re just starting, be prepared to sacrifice your time, effort, and some money. In the end, it’s all worth it if you can persevere.
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