Can you actually make money freelancing? A detailed guide

If you’re intrigued by the idea of working for yourself, you may want to know if it’s possible to make money freelancing. The short answer is: yes! But becoming a successful freelancer requires strategy, perseverance, and hard work. 

In this comprehensive guide, we’ll show you how to make money freelancing so that you can set yourself up for financial success.

How to make money by freelancing

Freelancing comes with many perks. You set your own rates, which means you can give yourself a raise at any time. You can also set your own hours, and often complete your freelance work remotely from anywhere.

But this career path can also have its financial downsides. Being freelance often means you won’t receive a steady paycheck or the additional benefits that usually come with full-time employment, such as health insurance and paid time off.

If you’re strategic, you can overcome these challenges and make a good living as a freelancer, thriving in specializations such as graphic design, programming, virtual assistance, or social media management. 

Follow these tips to maximize your potential to make money freelancing:

Identify your skills

Start by thinking about the freelancing skills that you can offer. Reflect on your strengths, knowledge, and expertise. What can you do well that will be valuable to potential clients?

Consider not only skills that you’ve gained in past jobs, but ones that you’ve developed throughout your life. For example, if you’re an amateur photographer who enjoys taking photos for your friends and family, you can use those skills to freelance professionally.

Research the market

Once you’ve identified some valuable skills, research the market demand for those services. Are businesses hiring freelancers with those skills? Is the market highly competitive? Search on freelancing platforms to learn about the types of freelance jobs available and the average rates clients will pay for those services. Find the industries where there’s a high demand (and price point) for your identified services.

Read more in our article on the best freelance jobs for 2025 that are in-demand and high-paying.

Define your niche

You can maximize your ability to make money freelancing if you offer in-demand services and differentiate yourself from others. One way to do this is by defining your niche, or your area of specialization. 

If you’re a freelance writer, for instance, your niche might be writing blog posts for technology companies. By positioning yourself as an expert in your niche, you can charge higher fees for your services.

Find your ideal clients

At this point, you should have a good idea of what freelancing services you plan to offer. Now you need to find clients who are willing to pay you for this work. Make a list of companies or organizations that fit your ideal client profile. For example, if you specialize in social media marketing, you might target small businesses or startups that often need to outsource this work.

Once you have compiled a list, connect with those potential clients. Use online platforms or social media to pitch your services. Don’t forget about in-person marketing. You can often make valuable connections at networking events, industry conferences, or workshops in your area.

Set your rates

Hopefully, your pitching efforts will land you some potential clients. Once you have generated some leads, you need to know how much to charge for your services. Research industry standards and consider your level of expertise. 

If you’re brand new to the field, for example, you may need to take some lower-paying gigs in the beginning to gain experience. At the same time, don’t undersell yourself and the quality of your work. Be transparent about your rates and clearly communicate the value you can deliver to your clients.

Build a portfolio

A portfolio is a collection of work that clients can use to gauge your capabilities. As you complete work for clients, add your best projects, samples, or case studies to your portfolio. Include positive testimonials from past clients who can vouch for your work.

An impressive portfolio not only attracts more clients, but also allows you to begin commanding higher rates. Many companies are willing to pay more money for experienced freelancers who can deliver the outcomes they want. Make sure that you emphasize the results you’ve achieved for your past clients in your portfolio and resume. Position yourself as someone who can solve problems and add value—not just complete tasks.

Promote your services

After you get your first freelance clients, keep promoting your services. Post about your work on LinkedIn and share links to your portfolio. You can also create profiles on freelancing platforms, such as Upwork and Fiverr.

While it can be challenging to find high-paying gigs on these platforms, they are good places to build your client base and add projects to your portfolio. As you get more positive reviews for your work, you can find better opportunities with higher pay.

Treat freelancing like a business

Beyond delivering quality work, you will need to manage other essential tasks to make money freelancing, such as marketing, accounting, and project management. Think of yourself as a small business owner. Find processes and workflows that can help you stay organized. By treating freelancing as a business, you can build a solid foundation for growth and financial success.

Diversify your revenue streams

Once your freelancing business takes off, look for ways to add additional revenue streams. For example, you could offer different services, expand your client base, or create more passive income streams. Just make sure you schedule time to handle those additional projects, so that you don’t get burned out.

How much money can you make from freelancing?

The amount you can make as a freelancer depends on several factors, including your experience, niche, and market demand. It also makes a difference whether you freelance part time or full time. If you’re freelancing as a side hustle, you will probably earn less money than someone who does this work full time.While freelancing salaries can vary widely, it’s helpful to know the typical pay if you’re considering this type of work and want to make sure that you’ll be able to make money freelancing. 

According to Upwork, here are the average hourly rates for popular freelancing professions:

• Writer: $15 to $40

• Editor: $15 to $40

• Programmer: $21 to $55

• Software developer: $10 to $100

• Mobile developer: $18 to $39

• Web developer: $15 to $30

• Graphic designer: $15 to $35

• Transcriber: $12 to $22

• Bookkeeper: $11 to $25

• Online marketer: $15 to $45

• Photographer: $25 to $45

• Customer relations manager: $30 to $60

• Data analyst: $20 to $50

• Project manager: $19 to $45

• Social media manager: $14 to $35

• Content marketing manager: $24 to $60

Is freelancing a stable career?

These days, there’s no shortage of freelancing opportunities. Many gig workers complete their work remotely, so you can even make money online with freelancing. Keep in mind, however, that the stability of a freelancing career can vary based on fluctuating market demands, client flow, and economic conditions.

The key to maintaining a stable freelancing career is being proactive, adaptable, and strategic in managing your lead generation, workload, and finances. Freelancing requires hard work, but the rewards—and your earning potential—can be limitless.

Are you unsure of your next career move? Plan your future freelancing success with our Career Pathways service!

Key takeaways

1. Freelancing can offer significant earning potential if you’re strategic about the services and value you offer.

2. Consider the skills you have and research the demand for those services to find a high-paying niche or industry.

3. Connect with ideal clients, promote your services, and set the rates you deserve to make a good living as a freelancer.

4. Carefully budgeting your finances and time will help you manage your workload, expand your offerings, and navigate how to make money freelancing for long-term success.