How Much Can Freelancers Make in 2024?
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.
