Freelancing offers skilled professionals the opportunity to earn significant income while enjoying the flexibility to balance work and life as they see fit.
In 2024, freelancing continues to grow as a popular choice for those seeking to supplement their existing income or transition to a full-time career with more control over their projects and rates.
As demand for talented freelancers rises, many can set competitive prices and choose projects that align with their interests and expertise.
Freelancer earning statistics
- Freelancers in the U.S. earn an average salary of over $99,000 per year. The salary range spans from $31,000 to $275,000 per year.
- In 2023, American freelancers contributed approximately $1.27 trillion in annual earnings to the U.S. economy.
- Some of the highest paying freelance jobs include a public relations manager (earning between $50 and $100 per hour), a business consultant (earning between $28 and $98 per hour), and a media buyer (earning between $50 to $200 per hour).
Whether you’re a new or experienced freelancer, 2024 holds a lot of potential for talented professionals in the freelance economy. Millions of people worldwide are putting skills like yours to work and are making money as freelancers. As more companies work with freelancers to solve their problems, freelancers will have more options for work, flexibility in choosing their clients, and control over how much they charge.
Five freelance pricing factors to keep in mind
With that said, the rates that freelancers charge fluctuate based on many variables. Below are five of the most common factors that impact freelancers’ rates.
- Years of experience. Experience is a valuable resource in any field. The amount that a freelancer makes typically increases with the years of experience they have in their service area.
- Specific skill set. A freelancer’s skill set also plays a vital role in their pricing. Freelancers can charge a higher price if a job requires a strong underlying technical skill set such as software development or programming, mobile app development, or legal writing.
- Education and training. Education and certified training can significantly boost freelance income. Although this will vary from profession to profession, certified training and formal education (such as a Bachelor’s degree or a Master’s degree) usually allow a freelancer more leverage in pricing negotiations.
- Reviews and proven deliverables. Past project reviews provide an easy way for a company to verify a freelancer’s performance. A large number of positive reviews proves a freelancer’s credibility, which allows them to set higher rates.
- Location. While a freelancer can work anywhere in the world, the client’s location can dramatically impact the pay for a project. For example, a customer in Venezuela will typically not pay the same rate as a client in the United States.
How much do the most popular freelancing professions make?
When it comes to freelancing, there are many different types of work. Generally, the more technical a profession is, the more freelancers in that field can earn.
The average freelancer hourly rate for the most popular opportunities are listed below.
- Writers. On average, a freelance writer has a rate between $15 to $40 per hour.
- Editors. On average, freelance editors earn between $15 to $40 per hour.
- Programmers. Across multiple programming languages, the average freelance programmer makes between $21 and $55 per hour.
- Software developers. A developer looks to earn anywhere between $10 and $100 per hour.
- Mobile developers. On average, mobile app developers make an hourly freelancer rate of $18 to $39 per hour.
- Web developers. Freelance web developers design and create websites at an hourly rate of $15 to $30.
- Graphic designers. A freelance visual or graphic designer’s hourly rate is about $15 to $35.
- Transcribers. Freelance transcriptionists typically earn between $12 and $22 per hour.
- Bookkeepers. A freelance bookkeeper makes between $11 and $25 per hour on average.
- Online marketers. Freelance digital marketers earn between $15 and $45 an hour on average.
- Photographers. A freelance photographer has an hourly rate between $25 and $45.
- CRM managers. A customer relations manager (CRM) or customer success manager (CSM) looks to earn $30 to $60 per hour.
- Data analysts. A freelance data analyst averages $20 to $50 an hour.
- Project managers. On average, freelance project managers make between $19 and $45 per hour.
- Social media managers. Freelance social media managers typically earn between $14 and $35 per hour.
- Content marketing managers. Content marketing managers on average typically earn $24 to $60 per hour.
Signs that freelancers will have more access to earning opportunities in 2024
A recent study found that a staggering 64 million Americans freelanced in the past year, which is up 4 million from the previous year. This number will likely continue to increase based on the following indicators of growth in the freelancing economy.
- There is an increased demand for skilled freelancers. Companies are increasingly turning to freelancers to fill short-term and specialized roles, particularly in high-demand fields like IT, AI, and digital marketing. The growing need for niche skills allows freelancers to command higher rates and access more projects. Freelancers specializing in areas such as AI, programming, and data analysis are particularly well-positioned to benefit from this trend.
- There’s been continued growth in freelance platforms. The market size for freelance platforms is projected to grow significantly, with estimates suggesting it could reach $9.57 million by 2030. This growth reflects the increasing reliance on platforms like Fiverr and Freelancer to connect freelancers with clients globally, providing more opportunities and higher potential earnings.
- Technological advancements are creating new opportunities. Staying updated with technological advancements is crucial for freelancers. The rapid evolution of technology, including AI and machine learning, opens new fields and niches for freelancers to explore and excel in, further increasing their earning potential.
- Society’s shift toward promoting work-life balance benefits freelance careers. Freelancers enjoy the flexibility to craft their schedules, often working fewer days while maintaining or increasing their income. This flexibility not only attracts more professionals to freelancing but also allows them to manage multiple projects efficiently, increasing overall earning potential.
Freelance payment schedules
It is essential to understand that with the increased earning potential and flexibility comes an inconsistent payment schedule for freelancers.
Freelancers get paid for the work they complete, and if they don’t work, there is no paycheck coming at the end of the week. Below are the three most common payment schedules for freelancers.
- Hourly. A freelancer is paid per hour for their work at an agreed-upon rate.
- Project-based. A freelancer is paid a set amount to complete a project with a defined scope and deadline.
- Monthly retainer. A monthly retainer is a recurring payment that a freelancer receives based on an estimated amount of work for a project’s duration or a predetermined amount of time.
2024 freelance outlook and freelancer earning potential
Although being a full-time freelancer comes with a unique set of challenges, the economic data shows a large influx of new freelancers over the last few years. In 2024, freelancers expect even more opportunities as businesses look to the freelance marketplace to help them meet their business needs. As the demand grows, skilled freelancers’ average hourly wages are also likely to increase.
Whether it is to earn extra income or replace a full-time job, more skilled professionals are turning to freelance work. Many of these freelancers also see freelance work as an opportunity to improve their work-life balance.
According to research, 60% of freelancers work remotely, compared to just 32% of non-freelance professionals. Additionally, freelancers have the flexibility to set their own work hours. While 77% of freelancers report working consistently, they do so according to schedules that align with their lifestyles, providing a level of work-life balance that traditional employment often lacks.
Key reasons people choose to freelance include:
- Flexibility in schedule. Freelancers can set their own work hours to fit their personal needs and lifestyles.
- Control over financial future. Freelancers have the power to decide which projects to take on and how much to charge, giving them greater control over their income.
- Freedom to work from any location. Unlike traditional jobs that often require being in a specific place, freelancing allows working from home, a coffee shop, or anywhere else.
Looking ahead, an impressive 85% of freelancers believe that the best days for freelancing are still to come.
Start your freelance business
Freelancing continues to be an attractive option for many skilled professionals, offering opportunities for significant income and a flexible lifestyle. In 2024, the freelance job market is expected to grow even more robust, providing ample opportunities for those seeking full-time self-employment or a profitable side hustle.
Freelancers, ranging from entry-level to experienced business owners, can capitalize on their expertise in fields such as copywriting, marketing, development, and more. The demand for these skills remains high, with both new and potential clients continuously seeking talented freelancers to meet their needs.
As more companies recognize the benefits of hiring freelancers, professionals in this sector will find themselves with more options for work, the ability to set competitive rates, and the freedom to choose projects that align with their interests. Whether you’re a beginner freelancer or a seasoned professional, the future of freelancing in 2024 holds promising prospects for career growth and financial success.
This article originally appeared on Upwork.com Resource Center (Upwork is a company that helps businesses find talent and people find work) and was syndicated by MediaFeed.org.
More from MediaFeed:
18 business ideas for freelancers
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money. The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Whether you’ve come to embrace WFH culture, need to supplement your income or have joined the Great Resignation and are now looking for more fulfilling work, starting a freelance business can be a great solution.
Freelancing often comes with a number of perks, like getting to be your own boss, setting your own hours, and working from wherever you like. Start-up costs are often low. And, if you need some capital to get your business going, you may qualify for a small business loan for self-employed people.
However, starting your own freelance business can take a lot of hard work and hustle, and it may be some time before you start making real money. If you’re up for the challenge, here are some home-based small business ideas to help you brainstorm the best way to tap into your talents and flex your entrepreneurial muscles.
Related: How to run a successful small business: 9 helpful tips
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If you have a great eye and a decent camera, you may be able to turn your creativity into cash. One option is to sell your photos to a stock imagery site like Getty Images or Shutterstock. If your home is particularly picturesque, you might offer to do headshots or portraits in your yard or set up a home studio. If you’re interested in event photography, you can market your services to people who need professional photography for weddings, graduations, engagements or other events.
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If you are both creative and technical, you might enjoy freelance web design. A web designer typically builds all the elements of a website, including the graphics, type fonts and layout. You’ll likely need to have some knowledge of basic programming languages, such as HTML, CSS and JavaScript, and also know your way around image editing software like Photoshop. You can learn these programs through research and practice or classes. When you’re ready, you can create your own website to showcase your skills and market yourself to potential clients.
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Virtually every business needs creative elements like logos, web designing, memes, blog posts, infographics, ad banners and more. That means there is often a lot of opportunity for a good graphic designer to get freelance work. To become a graphic designer, you typically need to have strong drawing skills, knowledge of graphic design theory, and mastery of design software (such as Photoshop and Illustrator). You can take a degree course in designing or learn it online. Once you have some solid skills, you can start marketing your design services to potential clients.
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If you have an eye for color and composition and love to create beautiful, inviting spaces, you may want to think about getting gig work as an interior designer. You don’t necessarily need to have a degree in design to become an interior design consultant. You can just create a portfolio of some of the successful redesigns you’ve done and ask your friends and family to start recommending you.
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If you have video editing skills and are looking to freelance, you may find yourself in demand. With the growing prevalence of video in social media and marketing, the need for video producers has grown in recent years. Even if you don’t have a lot of experience cutting and editing video, you can hone your video skills with online classes and tutorials. As a video producer, you can have the flexibility of working from home on a variety of projects while also utilizing your creativity.
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Does your skill set include online advertising, content writing and SEO? If so, you may want to consider starting a digital marketing services business. When companies roll out new products, they often need help handling external communication and messaging, including email campaigns, online advertising, and social media marketing. And since it’s digital marketing, you aren’t likely to be rooted in any one location.
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If you understand how engaging multimedia content can be used in marketing, then social media consulting may be a good fit for you. As a social media manager, you can help companies understand how to use Facebook, Twitter, Instagram and other platforms to reach their business goals. If you can stay on brand, share content appropriately, and reply to customers intelligently, you might make a great social media manager.
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Companies of all types and sizes are using data analytics to understand trends in customer behavior. Data analysts use a variety of analytical tools to assess things like sales numbers and performance, identify market trends, and then write reports that chart their analysis and recommend future strategies. This can be a great freelance option for people who have been working in data analytics. However, beginners can take online courses and enroll in certification programs to master the required skills.
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To stay competitive, email marketing is a must for many companies. And that can be great news if you are a strong and creative writer. Having a background in sales and marketing can also serve you well. Email marketing pros need to be able to craft creative and compelling copy about a company’s products, services and promotions, and convert readers into buyers. The job may also include monitoring email marketing campaigns, building email databases and tracking results.
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SEO service providers utilize search engine optimization to make sure a company’s site comes up high in online search results since a high-ranking placement generally translates into a lot of site traffic. If you’re an SEO pro who understands Google’s algorithms and the value of keyword frequency and meta descriptions — or you’re willing to learn — you may find your services in demand by a range of different organizations who need help with their SEO content strategy.
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Blogging can be a profitable freelance job. If you are able to build a large following, you may be able to sell advertising space, which can bring in a small revenue stream. You can earn even more through sponsorships and affiliate marketing, which is when brands you believe in pay you for advocating their goods and services. If you don’t want the limelight yourself, you may be able to blog behind the scenes for companies and individuals (like high-profile folks who need a blog but don’t have the time to feed the beast) who may pay you handsomely by the hour or post.
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Copywriters typically create material that encourages consumers to buy goods or services. Copy can be used for advertising, websites, billboards, email campaigns, newsletters and more. As a freelance copywriter, you may find yourself creating catchy taglines for online or print advertisements or composing a unique blog article optimized for the web. Freelance copywriters can work directly with clients or through intermediaries such as agencies or online work exchanges.
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If you’re an ace at organization and love throwing parties for your friends, event planning could be a good fit for your freelance business. An event planner ensures that events, such as parties, weddings, fund-raisers, meetings, and conventions, are planned, organized and executed correctly. The job typically includes scouting out locations, securing any services needed at the event (such as food, transportation, and entertainment), and being on-site the day of the event to make sure everything runs smoothly and everyone has a great time.
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Maybe math is second nature to you, or your grades on essays were always A+. Or perhaps you are a gifted piano player. Whatever your particular talent, there is a good chance that there are folks out there who need some assistance in that area. You can start advertising your tutoring or teaching services through friends, family and neighbors and build out from there.
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If you’re an animal lover, pet-sitting allows you to enjoy pets without the responsibility of ownership. All you typically need to get started is an understanding of how to properly care for dogs and cats (or any other pets that may need your services). For many, this freelance job can be a win-win: You get to build relationships with the animals and get paid for showing some TLC.
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Do you have a talent for crafting or creating handmade goods? It could be quilts, decorative pillows, hand-knit sweaters, jewelry, you name it. If so, you may be able to turn your hobby into a freelance business by advertising your goods on a craft-selling site like Etsy, Handmade at Amazon or ArtFire. In addition to selling online, you may also want to take advantage of opportunities to sell at street fairs, bazaars and festivals.
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If you’re a fast and accurate typist, you may want to consider becoming a freelance transcriber. This kind of work involves listening to an audio recording, such as a webinar, video conference, interview, or speech, and then typing every word that is spoken into a document. There are all kinds of companies that hire freelance transcribers, as well as transcription services that hire individuals to transcribe audio for various clients.
fizkes / istockphoto
Once you have your cosmetology license, you typically have a lot of flexibility in terms of when and where you work. Who says you have to be in a salon all day? Many hairstylists and makeup artists work for themselves and offer mobile services, in which they serve clients right in the client’s home. Or you might offer services in your own home. You can also start a hair or makeup blog or post tutorials on YouTube to generate an additional revenue stream.
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When it comes to starting a freelance business, having a good idea is only the beginning. A great next step is to develop a business plan. This involves deciding your company’s purpose, figuring out what service or products you will offer, and setting measurable targets and goals.
In addition, you may want to determine business financing options if you need initial capital to get started and then create a business budget.
It’s also a good idea to choose a business structure (such as a sole proprietorship or limited liability company), get any required licenses or permits, and purchase any equipment and supplies you may need, being sure to keep receipts since these expenses may qualify as self-employed tax deductions.
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There’s much appeal to the freelance life. You get to call the shots and work as much or as little as you like. And turning your marketable skills into your own home-based freelance business may be easier than you think.
One of the biggest challenges you may face is how to fund your business. You may have savings to get you going or have family and friends who will help you launch. If not, you can look into getting a small business loan.
Learn more:
This article originally appeared on LanternCredit.com and was syndicated by MediaFeed.org.
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