There are millions of people dreaming of becoming 6-figure freelancers. Reality is - many will never reach the magical number of $100,000 or go beyond that. And no, not because they are bad at what they do.
My mom always says: “People and dolphins learn as long as they live.”
Giving up is why most freelancers never reach the level they desire. And there’s something called silent giving up. Don’t google it. I just made it up.
Silent giving up is when a freelancer settles and stops trying to advance in their career.
And this guide will reveal the 5 key factors to becoming a 6-figure freelancer.
Even if you’re already happy with your revenue, the tips to make more money as a freelancer (from a fellow freelancer) could help you, well… make more money.
Skills - The Foundation
Many freelancers stay on the plateau because they lack the skills to reach the next level.
Luckily, the lack of skills is the simplest problem to overcome. You can always learn something new. All the best freelancers never stop learning even though they’re already on the top.
However, sometimes it’s not simple to see the path in front of you. Sometimes freelancers who want to reach 6-figures can’t detect which skills need polishing. In such cases, mentors, masterminds, or honest friends do wonders.
They are also helpful with the next factor that prevents freelancers from making more money.
Mindset - Vital To Become a 6-Figure Freelancer
Mindset has been getting more attention lately because skills aren't enough today, especially for solopreneurs. It’s easier when you’re part of a well-oiled team. You know what to do, when, and how. There’s always someone to help you. It’s easier to keep your mind still in such an environment.
But if you’re a one-person-army, keeping the right mindset can become difficult.
- “I’m not good enough to be a 6-figure freelancer.”
- “I lack X and Y. Everyone who earns 6 figures has X and Y.”
- “Maybe I’m doing something wrong?”
- “Maybe I should give up.”
- “.... 5 figures aren’t THAT bad…”
Those and similar anchoring thoughts keep solopreneurs and freelancers from flying to new revenue levels. If only I could tell you magic words you must pronounce in front of a mirror at midnight to fix your mindset forever… But there’s no magic (believe me, I’ve tried 🧙).
Keeping a healthy mindset is a skill.
Some people are more talented at it than others, but everyone can learn how to avoid self-criticism. When the voices that make you doubt yourself finally go silent, the path toward making more money as a freelancer will become clear.
And if you want to get even more on that topic, read “How to Build Your Self-Confidence” by Lauren Florko Ph.D.
Networking - The Way to Find High-Paying Freelance Clients
Skills and mindset are vital for becoming a successful freelancer. But climbing from successful to 6-figures, networking needs to get in the mix.
My mom always says: “It’s not what you know but who you know…”
Before I became a freelancer, I thought that was just another quote Boomers learned in school. But then I jumped in the business ocean alone…
Don’t do the same.
Even if you keep learning and working every day, it’s unlikely that you’ll take care of yourself for life if you don’t network.
Let’s check out another saying…
“If a tree falls in the forest and there’s no one to hear that, does it make a sound?”
or in our case…
“If a freelancer offers a service, but no one knows that, does it still count?”
Trees always make sounds when they fall (it can be pretty scary), but freelancers who don’t network don’t make good money and rarely reach 6-figures.
And no, we don’t suggest you log in to your LinkedIn account and message everyone in your network. But getting in touch with people from your industry can’t hurt.
You never know if someone needs a freelancer with your skillset.
Yet, some people make rookie mistakes while trying to network on LinkedIn. They think that they’re helping their careers, but in reality, they waste time and energy. To ensure you get the highest ROI read how to get the most out of LinkedIn as a freelancer.
Also, don’t neglect live events. They are still the best way to meet people who can help you reach those mythical 6-figures. But I know that in some places there aren’t enough (if any) live events related to many industries full of freelancers.
In such cases, online events or masterminds are the best alternatives. Even if there are no potential clients, more experienced solopreneurs might reveal their secrets on how to find high-paying freelance clients.
Raise Prices - The Way to Earn More in Less Time
Pricing is almost a taboo topic in freelancing.
Gurus are spitting unrealistic numbers to lure new clients. Freelancers are bragging with numbers more pumped up than the jam from “Pump Up the Jam” by Technotronic. And then some clients try to lowball you.
That’s not just dangerous from the financial POV. It can also cause mental problems and erode confidence.
And I know how scary it can be to raise your prices, but that’s necessary for reaching 6-figures as a freelancer. You can’t have the same prices in your first year when you’re still green and after 5 years when you have dozens of projects under your belt.
However, to successfully raise your prices and work with high-paying freelance clients, you must be able to issue them legal invoices. As a new freelancer, you can get $100 on your account without an invoice. But when that amount grows, without an invoice, everyone is risking.
Serious companies don’t take such risks. If a freelancer can’t issue an invoice, they find someone who can.
So this invoicing guide for freelancers might be the piece you miss to complete your 6-figure freelancing strategy.
But even with the best strategy, without the last factor on this list, you’ll struggle to scale your freelancing business to 6-figures.
Why?
Because time is limited.
Focus - Use Your Time Efficiently, Focus on YOUR Strengths
Did you know that solopreneurs waste 2 working days per month dealing with invoices, chasing payments, and creating reports? In a year, that’s 24 days.
That’s almost an entire month of a freelancer’s life! Every year.
When you’re a beginner, it feels like you have all the time in the world. But as you become busier, you’ll notice you’re wasting a lot of time on actions that aren’t your job.
As a freelance writer, I get money to write and think. More importantly, that’s what I like and want to do. I don’t want to waste time or lose focus because of invoices.
And in the past, I had to pass up some great opportunities because I couldn’t issue an invoice. But today, any freelancer can issue legal invoices with Xolo Go, even without opening a company.
Not only that, but all the features included in Xolo Go help freelancers stay focused on their work, not their finances. And that’s the path to earning over 100K in a year as a freelancer.
Conclusion - Ready, Set, (Xolo) Go!
I hope the tips will help you scale your freelancing career to 6 figures (and beyond). I understand how difficult it can seem. I know, it sometimes feels like you might never have a 6-figure year as a freelancer.
But it’s possible.
Many freelancers who use Xolo to issue invoices enjoy the fruits of their 6-figure careers. And all of them have some things in common. They’re all great at what they do, don't give up and focus on their mission.
