The freedom to work from home and flexible working hours are the two most prominent reasons freelancers are happy with their lifestyle. However, the most common challenge freelance workers face is getting enough work and sustaining their income stream. When how much money you make per month is determined by how many new projects you get and how productive you are to deliver them, it can become a major challenge to deal with.
When deciding which freelance profession to choose, most people go for the most popular fields. But, the most popular fields are not always the ones that pay the most. For example, the most popular field of work for freelance jobs is Web and graphic design, but the earning potential is relatively low.
While many freelancers are looking to cash in on the demand for technical skills, pay in some of these fields may be depressed due to overcrowding and a high supply of freelancers. To earn higher rates, you might want to explore less crowded fields where demand is high, and competition is less intense.
In this video, we are going to count down to the highest paying freelance work out there based on hourly rates. Before we get to it, I’d like to invite you to subscribe to After School TV and hit the notification bell to get notified when we publish new insightful videos.
10. Customer Support and Content Writing
Freelance customer support – also known as virtual assistance – has a low supply in the market – with just 2% of freelancers in this field. But due to the basic skill level required to enter the customer service market, the hourly rate is relatively low at an industry average of $15. Better trained and qualified customer support personnel would command higher pay; however, most clients would prefer the more affordable option.
This also applies to freelance content writing. There is a relatively high supply of freelance writers, which beats down the average rate writers can charge for their work. However, writers who demonstrate high engaging writing skills and can promote themselves effectively command far above the average rate.
9. Web & Graphic Design
This is the field with the highest supply of freelancers; with 30 percent of the workforce. In other words, about 1 in every 3 freelancers in the market is a web designer or graphic designer. Averagely, the hourly rate of web and graphic design freelancers is at $19. We can safely assume that the reason freelancers in this field earn higher than writers, despite having a higher supply of freelancers is because of the technical knowledge required.
Almost anyone who can read and write can position as a freelance writer. But you need to develop competent web and graphic design skills through training to function as one.
At $20 average hourly rate, freelance translators are the eighth highest-paid workers in the freelance market. Since the skill required in this field is not easily accessible, the entry barrier is low compared to the previously mentioned skills. You have to be proficient in at least two languages to be able to effectively translate from one to the other.
Keep watching because the top 3 highest paying freelance job will shock you.
7. Information Technology
Freelancers offering information technology services are in high demand and command high pay. Yet they are not among the top 5 high paying fields. The freelancing opportunities in this field include; infotech consulting, information systems maintenance and management, cloud computing specialists, data analysts, and so on. Information technology freelancers command an average hourly rate of $23. You will need relevant training and experience to work in this field.
This is the least popular field of freelance work out there and it comes as the sixth highest paying freelance work. Finance freelancers do different types of jobs like writing finance articles, financial reports, proposals, accounting, financial analysis, financial planning, and advising. With the right training, experience, and qualification in finance, you can earn an hourly rate of up to $23.
For the top 5 highest paying freelance jobs…
Marketing freelancers are consistently in high demand for many reasons; businesses and brands always want to reach new and existing customers cost-effectively. Professionals in this field who can deliver marketing results to businesses command an average hourly rate of $23. Some of the work available for freelance marketers include social media planning, management, and marketing; search engine optimization; sales funnel creation, among others. The interesting thing is that you don’t need a formal education to work as a freelance marketer. No one cares about what qualification you have as long as they perceive that you can deliver results. You can develop digital marketing skills from courses and training and real-life experiences.
Programming is the second most popular field of work for freelancers, after web and graphic design. But due to the technical skill requirement and value creation, the field still commands some of the highest pay in the market at an average hourly rate of $25.
Freelance programmers can offer services ranging from technical support, fixing technical issues to building web and mobile applications for clients. To succeed as a freelance programmer, you will need to learn to code in programming languages that have high market demand. Well established freelance programmers make a solid income from their work.
When a company has done their marketing right, they need someone or a system in place to close the sale. That is where sales freelancers come in. Freelance sales professionals are among the highest-paid in the market at an average hourly rate of $25. Their job may include writing sales copy, creating an effective sales funnel, improving conversion rates, or directly closing leads. To succeed in sales, you need to understand human psychology and persuasion techniques.
2. Multimedia Production
Typically, multimedia production is about video and audio editing and production. This requires relevant multimedia software, communication, and creativity skills. And freelancers in this field earn the second-highest average hourly rate in the market.
The increasing demand for video content for entertainment, education, and marketing purposes continues to create an unending opportunity for professionals in this field. Interesting, multimedia production accommodate about 8 percent of the freelance workforce.
And the number one highest paying freelance field goes to….
1. Project Management
Project management is among the least popular freelance work, but it comes as the highest paying work out there with an average hourly rate of $28. A freelance project manager may be responsible for creating project plans, management documents, and templates; provide project consultation and management services. They can also work as contractors who lead projects on behalf of client organizations.
There are different types of freelance project managers; from construction to IT project management. Due to rapid advancements in technology, changes in company structure, and new management approaches, you will have to stay up-to-date. To excel in this field, you will need adequate training and experience. Some project management freelancers work completely independently, while others find work through employment agencies or other third parties.
Freelancing comes with a lot of challenges that aren’t there when you are working at a full-time job. You have to keep a steady flow of new projects to maintain livable income. You will be responsible for your marketing, sales, customer service, delivery, accounting and a dozen other responsibilities. And since you are not accountable to anyone but yourself, you will need a high level of discipline to stretch your limit. To succeed in any of these fields, you have to keep your skill sharp and updated, put yourself out there, and build your portfolio. You also need to continuously develop yourself to rise up to the challenges. Overall, freelancing can become rewarding if you get it right.
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