How to Make USD 5000 a Month as a Freelancer
When I talk to most aspiring freelancers, making $ 50 thousand a year from their freelance business is their goal. So if you make $ 5,000 a month, you will exceed that annual target of $ 10 thousand
Once you know what your income goals are, it’s just a numbers game.
To make $ 5,000 a month as a freelancer, you can:
• Have 5 clients with a $ 1K fee per month
• Have 2 clients with a $ 2.5K fee per month
• Order every month with 4 disposable service slots of $ 1,250. One-time services tend to be things like PR campaigns, website redesign, digital marketing strategy consulting, etc. This is a big project that you do once and then provide the final strategy or product to the client.
I always say the key to achieving your income goals is to know what it is and work BACKWARD. Pack your services in such a way that you can achieve your income goals AND provide tremendous value to your clients.
How I do it
Here is an example of some clients that I have at one point:
• Retainer of $ 1,000 / month – Perform social media for startup.
• $ 1,000 / month retainer – Marketing and writing at $ 50 / hour for 20 hours a month for business. I DO NOT like to be paid by the hour, but this is one of my first clients and I made that mistake.
• Retainer of $ 2,500 / month – Perform digital marketing for startups.
• Clients every hour pay me a $ 40 / hour maximum budget of $ 1,600 / month – Again, I don’t like to be paid by the hour, but this is a client who is quite consistent almost reaching a maximum every month.
Why Consistency Is Key: Followers Vs. One-time Project
When you have a fixed income goal, like $ 5 thousand per month, being a freelancer can be a STRUGGLE because of its “party or hunger” nature. If you only do a one-time project, then your income will be unstable. For example, let’s say you are a developer who makes dropship e-commerce sites for small businesses. After you build the site – you’re done! You now need to find another client to replace the one you just completed. BUT if you can turn your skills into MONTHLY RECURRING SERVICES, then golden you are! So maybe you are giving monthly Shopify technical support
