In this post, we'll cover two ways to earn more money: through potential increases in your full-time job salary, and through freelance work. We are going to embrace the mindset that anything is possible while also being realistic about how much time you may have to dedicate to work. So choose what route sounds best for you to earn more, and try something new!
Coach Brittany's Tip: Earning more is an important goal to have this year! It's time to think outside the box - what you do now to earn more might not be what you always do, so think of this is a fun experiment rather than anything you are locked into. Bolder members who are nervous about change often benefit from just "getting curious" about what's out there for them, and what's possible. If you need help earning more, use code EARNMORE when you sign up with me and get 20% off your membership!
Earn More in Your Full-Time Role
Time for a change? This could be the year! Follow these steps to assess your earnings, and explore if another opportunity could earn you more.
Benchmark Your Salary
Search for comparable salaries for your role on sites like Glassdoor.com, Salary.com, and Indeed.com. You’ll want to make sure the information presented is relevant to you, which may mean selecting experience or location (i.e. employees in LA will make much more than employees in Cleveland).
Ask your friends or connections. What are they earning in their roles (if they are similar to yours)? How does this compare to what you are earning, based on level of experience and company?
How does your current salary compare to what you found for others’ in a similar role? Does the data suggest you should be earning more? How much?
Identify Promotion Opportunities
Reflect on how your role has changed since you started. Are you taking on more work than before? What have you accomplished that could be a doorway to earning more?
It may be time to ask for a raise or promotion - and you'll want to come prepared! Set up a call with your manager to discuss your goals, and outline your achievements and what you'd like to accomplish in a new, higher-paying role. Make sure you schedule this conversation ahead of time instead of bombarding your manager, and think of it as a process rather than a one-time conversation. Getting a promotion or raise can take up to a year (or more) depending on company budget timing, available roles, and the metrics they need to see you hit before they feel comfortable awarding you a new title or salary.
Look for a New Job
Honestly, you should always be scoping out the job market - and no, this does not make you a ‘bad’ employee. You can be loyal as hell to the company you currently work for, and you can leave them if you find a job that better suits your needs and career plan. It’s all okay, and a necessary part of your career growth!
What other jobs are available for someone in your position? Go to Indeed.com, Monster.com, or Glassdoor.com to search around.
Who in your network could you reach out to about new job opportunities? When did you last get (even virtual) coffee with them?
Is your resume and LinkedIn profile up to date? What needs to be added or reformatted to get it in working order?
Coach Stephanie's Tip: Are you limiting yourself to one company, one job, as your money-earning potential, or are you opening yourself up and making room in your life for new opportunities? What needs to change? The world is your oyster! If you want help exploring your options with a coach, sign up with one of us and use code EARNMORE to save 20%!
Add an Income Stream as a Freelancer
Exhausted all of your options above, or working as a freelancer already? Let's boost your income, friend!
Coach Emily's Tip: I'm obsessed with helping freelancers manage inconsistent income to make the most of their money and feel confident about their finances. Use code EARNMORE when you sign up with me and you'll save 20%! I'll help you get organized, plan ahead for income and spending, and take control of your finances.
Identify Marketable (aka Money Makeable) Skills
Getting started as a freelancer begins with identifying your marketable skills! Think about what you're good at and what services you can confidently offer - this could be writing, graphic design, virtual assistance, marketing, photography, or any other skill that businesses need. Take an honest inventory of your abilities and choose a primary service to focus on at first. Remember, this doesn't have to be what you always do, this could be a temporary way to earn some fast money!
Get Out There!
Building a professional online presence is crucial. Create profiles on LinkedIn and relevant social media platforms. Develop a simple portfolio or website that showcases your best work - this doesn't need to be elaborate, but it should clearly demonstrate your capabilities. If you don't have client work yet, create sample projects or do some pro bono work for local organizations to build your portfolio.
Join a Freelance Platform
Start finding clients through multiple channels. Popular freelance platforms like Upwork, Fiverr, and Freelancer.com can be good starting points since they already have clients looking for services. Additionally, reach out to your existing network - let friends, former colleagues, and family know about your services. Many first clients come through personal connections. Join relevant professional groups on LinkedIn and Facebook where potential clients might be looking for services.
Here are 50+ sites to find freelance work from Harlow!
Check out Ashley Dennison's post on how to earn money fast as a freelancer.
Decide What You'll Charge
Setting your rates can be tricky at first. Research what others in your field charge, but consider starting slightly lower while you build experience and reviews. However, don't undervalue yourself too much - extremely low rates can actually make clients suspicious of quality. Create clear service packages or hourly rates, and always have written agreements with clients about scope, deliverables, and payment terms. If you need to earn money quickly, sometimes you'll need to charge less than what is ideal, but you'll make that up over time as you gain momentum and brand reputation!
Get Organized
One of the most crucial aspects of successful freelancing is maintaining professional business practices. Set up a system for tracking income and expenses, establish regular working hours, and create templates for proposals and contracts. Remember to set aside money for taxes and consider getting basic business insurance if your industry requires it.
Think Outside the Box
The bottom line is that you have options when it comes to earning more. You can use the tips above, or you could get even more creative with helping out neighbors with projects or working for a driver or delivery service like Uber or Instacart. More money does lead to more happiness, and it comes with the responsibility of being intentional about spending and goals.
Need help cutting back on spending? Check out our best tips for saving money.
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