It is amazing how freelancers can set their own flexible work schedules, and everyone is quite envious of that fact. But did you know that as a freelancer, you can choose to set your own rates as well?
Yes! Setting your own rates is a lesser-known but altogether equally amazing trait to being a freelancer. As a general rule, the more specialized your skill set is, the higher you can charge for them.
Niche industries are particularly profitable in this regard. Some niches include the investing and stock market niche, pharmaceutical industry, and also automation and machinery sectors, which require highly specialized skill sets and knowledge to freelance in, but once you are in possession of that industry knowledge, you can charge more than what the average freelancer can because of how advanced the know-how is.
So, without further ado, let us take a look at the top 5 most profitable side hustles out there. These side hustle gigs are not arranged in any order, and always take note that your own personal income may vary due to industry demand, job responsibilities, task commitment and other factors.
1. Web designer
This freelance title is an umbrella term that encompasses many aspects of web design, but its main responsibility is to ensure that the company can successfully communicate its branding, tone of voice, aesthetic values, and company image to the customers through its website design.
Its main tasks are to plan out a customer-centric website layout, create website funnels that will attract the customer to interact with the website more, and create a cohesive and immersive website experience for the customer through the use of emotive copy, images, and video.
Ad hoc tasks might include routine web feature add ons and implementation as well as analyzing website traffic and using the information to optimize the web design.
2. Computer Programmer
If you have knowledge of either backend or frontend scripts and coding, this would be the perfect role for you. Computer programmers are in high demand with the shift from brick and mortar to digital. Their primary freelancing duties are to develop software applications and provide consultation and advice depending on their client’s needs.
Their average freelancing rates are around $49,000 a year. Programmers can be segregated into frontend and backend developers, and those who have mastery of both are called full-stack developers. Some companies offer hourly rates for freelancing developer roles, up to $150 an hour. But most freelancing hires choose to work on a project-by-project basis instead of being bound by time constraints.
3. Graphic Designer
Graphic designer freelancers also choose to work with their clients on a project-by-project basis, with clear KPIs and deliverables. Their average freelancing annual salary fluctuates between $30,000 to $50,000. Typically, clients will provide them with a general idea of the image or tone of voice they would like conveyed visually, and the graphic design freelancer will come back with a rough draft of their intended creative, and both freelancer and company will work together to fine-tune and implement the creative design.
Though exact figures could not be found, freelancing jobs like these that require multiple iterations and fine-tuning of the design will be priced higher than simple, once-off executive designing roles.
With education being one of the most important stepping stones to success, many parents are willing to go to any lengths to ensure their child has the best chances possible of success. Tutoring charges rely on the complexity of the subject and freelancing tutors typically charge by the hour instead of a per-contract basis like graphic designers or programmers.
One-on-one tutorial sessions are usually pricier than group sessions but are more customized to fit the student’s needs. College-based subjects are naturally pricier than teaching fundamental subjects as a freelancer. The average freelancing tutor salary is $54,500 thereabouts.
5. Social Media Manager
Social media managers’ primary focus is to drive user engagement on their social channels and create traffic that leads back to the company’s website and drives conversions. This freelancing role’s income may fluctuate depending on the below factors:
- Does it include graphic design?
- Does the social media channel require constant monitoring?
- Is the primary goal of the company to drive engagement or conversion with social media web traffic?
- Are social media managers required to dedicate their hours to digital engagement?
- Do the site metrics need to be set up?
That being said, the average wages for a freelancing social media specialist can go as high as $60,000 a year. Roles that focus on driving sales usually pay more than those that’s main focus is to generate engagement, as sales are the company’s main driving KPI.
Are you interested in trying out one of these roles? Or are you already working freelance as one of these roles already?
Regardless, always bear in mind the general rule that the more specialized the skill, the higher your potential freelancing returns. Ultimately, you are the one that knows best the worth of your skills, so don’t sell yourself short, and also try to find a niche where you specialize in and are passionate about.
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