THE 6-FIGURE FREELANCER IS NOT A UNICORN

It is no secret that the ranks of freelancers are growing. According to the Freelancers Union, 54 million Americans currently work as freelancers. In India, an estimated 15 million workers are independent professionals, and in Europe the number of freelancers is said to be around 8.9 million.

Perhaps even more astounding than the sheer number of freelancers, however, is the number of freelancers who manage to earn 6-figure salaries. The MBO Partners research reports that a surprising 2.9 million of the American freelancers working full-time last year earned more than $100,000 each. High earning independents reported mean revenues of $192,000.

The Demographics of High Earning Freelancers

As is the case in more traditional workplace environments, experience plays a role in whether a freelancer is a high earner or an average one. Only 1 in 10 freelancers working for least than two years as independents earned a 6-figure salary. However, among those with 25 years of experience or more, that ratio rose to 1 in 4. The lesson? Experience pays.

Statistically speaking, most freelancers classified as high earners have been working independently for at least 7 years. Interestingly, however, MBO Partners points out that, in each year the study has been conducted, there has been consistent growth in the number of new six-figure freelancers who have been independent for 2 years or less. This consistent growth pattern leads MBO Partners to estimate that, by 2020, the number of freelancers in America earning $100,000 or more will rise to 3.8 million.

High-Earning Freelancers by Profession

What kind of freelance jobs can net you the big bucks? As it turns out, there is consistent growth across multiple industries for freelancers. High-growth industries for freelancers include technology, biosciences, and finance.

In the technology sector, freelance coders, programmers, and software engineers are finding that in some cases, it is possible to earn almost twice as much as they might by working for one company alone. As corporations wage a large “war for talent”, freelancers often come out as victors. The flexibility of working when, where, and for whom they wish enables freelancers to cherry-pick jobs that were once unavailable to non-employees.

You do not have to be a techie to earn top dollar, however. Freelancers who self-identify as creatives are making significant strides in earnings as well. For example, Jennifer Gregory, a freelance content marketing writer, wrote a blog article at the first of this year explaining the steps she took to cross the 2015 finish line with over $100,000 in earnings.

Gregory is by no means an anomaly. As opportunities for freelancing continue to grow, it seems likely that more and more freelancers will be able to build their freelance careers into high-earning ones. Entrepreneur notes: “As the number of online marketplaces grows, their broad appeal – – reaching across multiple demographic categories – – suggests that as long as there are freelance opportunities available via these platforms, there will be no shortage of people willing to compete for them. This new generation of worker isn’t going away and it presents significant opportunities for those already in business.”

Making the Right Moves for Your Freelance Career

Of course, as is the case with every type of career, you must make the right decisions if you want to succeed as a freelancer. High earners, for instance, often cultivate anchor clients as foundational relationships and a core part of their earning potential each year.

Additionally, successful freelancers network consistently, adding small or large projects as needed to reach their financial goals. Investing in networking opportunities and in personal and professional development is a great way to up your income level as a freelancer.

What about getting paid for all that hard work you do? Payoneer offers a global payment processing solution that ensures your income from clients rolls seamlessly into your account, taking the hassle out of receiving and making payments worldwide. Check out our payment solutions for freelancers here.