Every beginner in freelancing would wish to know the amount of money one can earn through writing. But how much do freelancers make in their writing job? The question is simple but with a complicated answer. Freelancers have a varied rate of payment. Some get their pay hourly, monthly, by project, or even per word. Therefore, it is difficult to exactly tell the amount of money one can earn through freelancing. Note that that freelancing jobs are different, and freelancers choose to work at different rates and times. Their earnings are not like any other traditional employment where you can gage monthly pay. The best way of approximating the freelancer earnings is by accumulating the total income per year.
To get a clear answer to how much a freelancer makes in a year, we have a collection of information to approximate their earnings.
Pay For Top Niches
Some niches have better pay than others. Among the best places is technical, medical, and financial writing. It doesn’t mean that you cannot earn more from other areas. The rating is according to the current situation and data. Financial writers can have a mean salary of about $86140 per year. Within the most paying technical writing, a freelancer specializing in power transmission and distribution has more pay than others, which can averagely sum up to $92010 per year.
A full-time writer in a medical niche can take average home earnings of about $ 12800 to 145500 yearly. On the other side, part-time medical writers can make an average of about $ 60- $70 per hour. Within a year, a part-time medical freelancer can generate an average salary of about $ 62400 to $75 800.
Earning By Freelancers Based On Their Location
In some cases, the earnings of a freelancer depends on the geographical region they are working in. For instance, freelancers in California earn slightly higher than those in Alaska.
The concept of different earning by location can be a surprise to many. Freelancers can work from any place provided they have a good internet connection. The flexible working schedule does not tie you to a specific geographical location.
Part-Time And Full-Time Freelance Payment
Most of the available data on the freelancer earning categorizes their salary based on their part-time or full time. Most people think full-time freelancers have higher pay than part-time. The reality is that part-time can even earn more than full-time freelancers depending on their skills and efforts. The more you invest time and effort in your business, the more they pay.
The freelancer’s experience level, expertise, and education background is another factor that influences their pay. Depending on the freelancer’s expertise and specialization, their earning can vary from the rest.
The Cost Of Business Operation
Most of the data postings about how much the freelancer earns does not consider the cost of running the business. There are costs associated with the running of your business. Even self-employed individuals must settle their medical cover, social security contribution, and personal tax contributions. Those types of deductions are never part of the final earning figure of the freelancer’s annual income. Another significant amount of the annual income is set aside for various administrative costs. With the wide variation in such charges, it is not easy to quantify what different freelancers make in a year exactly.
After getting the above information, what is the realistic expectation of a freelancer earning? It isn’t easy to come up with a blanket figure for all the freelancer earnings. Their earnings depend on the effort, specialization, geographical location, cost of running their businesses, and the nature of the assignment they do. Above all, your effort and dedication will determine what you will earn.