How Much Can You Earn If You’re Self-Employed?

Here’s why you can earn as much as you’d like if you’re self-employed

Self-employment gives you the opportunity to work as much or as little as you’d like. If you are self-employed, you can also set your own rates. Perhaps best of all, you can earn big bucks if you’re good at your job.

On average, a self-employed professional earns an annual salary of nearly $58,000, according to PayScale. Yet self-employables dictate their success — if you do the work, you can earn as much as you’d like.

I feel like there is no formula to determine how much you should charge clients for work or how much you should try to earn as a self-employable. However, I will offer the following tips to help you maximize your self-employment earnings:

1. Learn About Your Industry

Evaluate jobs in your field, the average annual salaries associated with them and related data. The U.S. Bureau of Labor Statistics (BLS) provides a great resource for wage data for occupations nationwide. You can also use PayScale, Indeed and similar websites to assess salary data for jobs in your industry.

2. Build Your Expertise

Once you know the average salaries for various roles in your industry, get better at what you do. Join classes on Skillshare and other online learning platforms so you can bolster your skill set. In addition, explore educational and networking opportunities in your community.

3. Track Your Earnings

Set a goal for how much you’d like to earn in a week, then monitor your progress as the week progresses. When the week reaches its conclusion, evaluate your performance and search for ways to improve. If necessary, revamp your weekly goals and develop monthly and annual earnings goals as well.

One last suggestion: work hard and take care of yourself. Regardless of how much you earn as a self-employable, you’re a success if you do your best every day. So, perform to the best of your ability, and you’ll thrive in self-employment. 🙂

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