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Freelancing

5 New Ways to Make Money in the Freelance Economy

Freelancing has become so common that freelancers are themselves a large market.
5 New Ways to Make Money in the Freelance Economy
Image credit: TimeStopper | Getty Images
VIP Contributor
Entrepreneur, business advisor and online-marketing professional
5 min read
Opinions expressed by Entrepreneur contributors are their own.

In today’s society, freelancing is becoming increasingly popular as a full-time profession. The ability to hop from project to project and work any time from anywhere, all while being your own boss, draws in more and more people each year.

As of the latest report on freelancing statistics in the United States (conducted by Edelman Intelligence in 2017), it was reported that 57.3 million people were freelancers in the U.S. alone. For context, that number represents around 36 percent percent of the country’s population. Edelman Intelligence estimates that according to their calculations, by 2027 over 50 percent of the workers in the U.S. will be freelancers.

Due to this trend taking the American workforce by storm, it is now easier than ever to make money online- especially if you align your services with the freelancing industry. If you’re at a loss when it comes to how exactly to cash in, here is a list of five ways to profit from the growing freelancing movement:

1. Help freelancers to find work.

Similarly to how writers and actors need agents to help them sell themselves within their industry, freelancers also need help setting up jobs. Sometimes a freelancer is so swamped in various tasks that they don’t have the time to extend their services to future projects or sometimes, especially if they’re new to the field, they just don’t know how to go about securing a job.

Do your research on how to match freelancers to employers and then you’re set to open your business. Take on freelancers in need of employment as clients and then use your vast variety of online resources to make sure that your clients keep booking gigs, all while making a percentage of their earnings for your part.

If you’re organized, adept at marketing, and have great people skills then managing freelance talent is definitely an online job worth looking into.

Related: The Surprising Reality Is Freelancers Are Happy and Prospering

2. Manage freelancers.

Being an “agent” for freelancers is basically like one small part of the job of a “manager.” However, if you’ve become a pro at setting freelancers up with work and have a steady list of clients, then you may want to take on a little more responsibility.

If you were managing an artist, you would be booking gigs for them, helping with their finances and networking for them, among other things. Now think of freelancers as “the talent.” As a manager, your freelance clients would rely on you to do everything from securing work for them to managing them financially. This is more work on your end, however, it does mean that you can charge a higher percentage of income for your services.

Related: Here are the Advantages of Working as a Freelancer

3. Help freelancers to recraft their resumes and cover letters.

If you have excellent writing skills and a solid grasp on how to build an effective resume, you can offer your services to help freelancers craft (or re-craft) their resumes and/or cover letters.

Freelancers rely heavily on having well-written application materials, since they must present their resumes and cover letters to every potential employer- which happens a multitude of times each year (or even month) due to their status as a freelancer. This, of course, means that if a freelancer has a poor resume/cover letter then they may be losing out on jobs.

As a “resume doctor” of sorts, you can charge a flat rate to draw up the perfect application materials for your clients. If you do a great job, word may even spread, resulting in even more clients and therefore, more money.

Related: 25 Things I Learnt From Freelancing In A Year

4. Help freelancers develop their skills.

There are freelancers that specialize in graphic design, software engineering, writing- you name it, there are freelancers in that field. That being said, if you’re a professional in a field, say graphic designing, then you could charge people who freelance in graphic design to help them develop their skills, craft their portfolio, or offer advice that they may need. This is a great way to make money online by simply sharing knowledge that you have picked up over years of schooling and work.

5. Offer career advice to freelancers.

Freelancers, or aspiring freelancers, are going to Google “advice for freelancers” more than once in their career. You want to cash in on it when they do. Research the field of freelance, talk to seasoned freelancers, even freelance yourself and then start making YouTube videos, writing blog posts- whatever you can do to share advice and wisdom that you’ve learned with the freelancing community.

YouTubers and bloggers make insane amounts of money from a combination of ad revenue and sponsorships. However, be forewarned, it may take some time before you have a steady stream of cash coming in from this particular endeavor, but once the checks start arriving in your mailbox, you’ll be in a great financial position.

You don’t have to be a freelancer yourself to make money off of freelancing. As the freelance community continues to expand, now is the optimal chance to get on your computer and start getting paid.

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