Where the Freelance Money Is

You’ve written a business plan—now what?  Kim is the midwife who helps you take your business from the drawing board to reality in  “Business Plans:  Next Steps”.  Bring your completed business plan and join Kim and other hopeful entrepreneurs in round robin discussions where you’ll get a critique of your business model;  smart marketing/PR/social media  advice;  insights into sales distribution channels that make sense for you and your customers;  and suggestions on how to finance your business in today’s economy.  Wednesdays March 13,  20  & 27  5:30 PM – 7:30 PM at Boston Center for Adult Education 122 Arlington Street Boston.  Register at  http://bit.ly/Zd9dqR   or call 617.267.4430 class ID 9074.

Some Freelancers are more likely to earn the coveted but elusive six-figure annual revenue than others.   Maybe you’re there or could be,  with some good luck and timing,  opening doors with the right skills.  Here are six potentially lucrative occupations that attract Freelancers:

Writing

Magazines do not often pay $2.00/word anymore and there are only so many 5000 word articles bring commissioned in this era of short attention spans,   but allegedly there a number of Freelancers still able to pull in big money through writing assignments of various kinds.  This category includes not only magazine and newspaper article generation,  but also technical writing.  I am acquainted with two or three Freelancers who’ve made a nice piece of change in the latter category.  It’s very boom and bust,  but the money is sometimes there.   Also,  Freelancers pay Freelancer colleagues to produce content for websites,  blogs,  newsletters and marketing collateral.   Writers need no special equipment,  other that a computer and writing software like Apache OpenOffice or Scrivener.  

Translating

I have a friend who regularly gets assignments translating Arabic and German to English and vice versa  (hello George!),  although he has other revenue streams in addition.   According to the American Translators Association,  their certified translators average $72,000/year and those without that certification average $53,000.   As you’d expect,  much depends upon the language you translate.   No surprise that there is a big demand for Spanish translation,  with Arabic,  Chinese (Cantonese and Mandarin),  French,  German,  Japanese and Korean also showing strong demand.

Photography

Photography has long had the potential to produce a healthy Freelance income.   Wedding photographers have traditionally commanded large sums and they continue to do so,  in spite of robust competition from videographers.   Portrait photographers also command high prices—business owners and corpoate execs need a professional headshot for websites,  annual reports and other promotional uses.   E-commerce fattens the wallets of product photographers,  who make items sold on-line look appealing.  Food photography and fashion photography are lucrative sub-specialties.   Those lucky enough to have an  “in”  with colleges and/or big corporations can make a nice living,   as do those who have relationships with busy special event planners.  The downside is that good cameras and Adobe Photo Shop editing software are expensive.

SEO Search Engine Optimization

Freelancers who hope to drive traffic to their website pay confreres Freelancers for this potentially revenue-generating service.   Those new to the field can expect to bill $50.00/hour and allegedly the best known can command up to $500.00/hour from big corporate clients.  It is furthermore essential to be well-versed in the various metrics that prove your worth to clients,  so that satisfied customers can be recruited to give testimonials that help you obtain more clients.

Mobile App Development

Writing software applications for mobile devices like cell phones and tablets lured one million Freelancers to the field in 2010 and no doubt that number has grown significantly.  App development is like a modern day gold rush.   I recently read an article in the New York Times  (11/17/12)  about those who aren’t making money in the app development business and that is the usual scenario.  As author David Streitfeld details in his comprehensive article,  don”t quit your day job and developing for Apple is akin to sharecropping.   Still,  you may be the one who can retire on the residuals of the next  “Angry Birds”.  Another downside is that you must spend a hefty sum on the technology needed to test your apps in development.

Social Media Strategy

Millions of Freelance consultants and owners of businesses large and small feel that social media cannot be ignored and that in order to maximize its potential and not leave money on the table,  a specialist must be hired.  If you can convince decision-makers that you know how to choose social media that is appropriate for their business,   plan and execute a social media campaign and know how to  demonstrate measurable results,  you can be off to the races.  Newbies to the field can expect to bill $25.00 /hour and top-drawer known experts can allegedly bill $250.00 /hour to big corporate clients.

Thanks for reading,

Kim

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