It’s time for independents everywhere to earn more.
For freelancers, there are a number of barriers getting in the way of generating a sustainable income including uncertainty around pricing and the unpaid time spent on building the business.
Money and pricing have historically been ambiguous topics in the freelancing industry. Some freelancers are barely hitting their margins, while others are struggling to maintain a consistent stream of income. The idea of making a six-figure salary feels out of reach for most.
In fact, only 5% of freelancers make over $100,000 a year.
There are several reasons why the majority of freelancers don’t make six figures, including:
- Undervaluing their offerings
- No transparency around industry pricing
- Lack of repeatable processes
- Significant amount of time spent on low-paying (or unpaid) work
The hidden costs of time
Spending countless hours on administrative tasks and tedious processes eats away at the time freelancers have to focus on the work they love, market themselves to prospective clients, or simply enjoy life outside of work.
Our 2020 Freelance Founder Report found that freelancers spend more than 19 hours a month on financial management and staffing-related tasks.
Administrative tasks can take up too much time for freelancers in a number of ways, including:
- Toggling between multiple tools to create proposals, contracts, and invoices
- Lack of a system or process for prospecting or onboarding clients
- Mental energy spent tailoring a proposal for each potential client
But with Wethos, the path to making six-figures is no longer out of reach. With Wethos, freelancers and independents are empowered to take back their time, earn more money, and scale through streamlined scoping and value-based pricing.
Here’s how one independent business owner used Wethos to implement seamless systems that gave them more time to focus on what they do best.
More Time to Focus on Creative Work: Daniel Calderon, Founder of #WFH Studio
Daniel Calderon is the founder of #WFHStudio and the president of Entrepreneurs of Tomorrow (EOT).
Calderon works with a team of subcontractors to provide business management and coaching for creatives and artists as well as social and brand strategy and video production. To manage the business, Calderon previously used Mailchimp, Design Studios, Design Moto, Canva, and Google Docs for the scoping process.
Calderon’s systems for securing business created a barrier to getting the work done. His invoicing process was too complex and the scope of work process was manual. Figuring out administrative routines that worked best took away time to be creative and focus on the work he loves — and the work he ultimately gets paid for.
As the business grew, Calderon knew he needed more systems in place so the team could produce their best work. “I [knew] I would lose business if I didn’t have a set of tools to be better organized,” explains Calderon. In his search for a tool to streamline his business, Calderon discovered Wethos.
Wethos has alleviated the tedious manual processes Calderon previously had in place. With a faster and improved scoping process, Calderon can now focus his time and energy on bigger opportunities and more creative work.
“Wethos allows my team to work more effectively,” says Calderon. “I’ve been sleeping more and focusing on training and development.”