Here are 5 ways to use the “Rule of 5”* to make more money as a freelancer.

Reach Out to 5 Prospects

Do you have a list of companies or people you’d like to work for? If not, make that list now.

Here’s how: look at clients you’ve worked for in the last six months. Pick your favorite ones. Think about similar clients in that niche.

For example, if you’ve worked for an organic food company, find another 5 similar companies and put them on your list. How? Use LinkedIn. Here’s a step-by-step guide how to find freelance work on LinkedIn.

Already have a list of prospects? Reach out to them now.

What do you say? Tell them you’d love to work with them, that you have relevant experience (include a link to your portfolio), and that you have available time two weeks from now. (Don’t be desperate. You’re busy, but you have some time in two weeks, right?)

Don’t put it off. Reach out to 5 prospects now. Things happen when you take action.

Connect With 5 Old Clients to See About More Work

Look at the jobs you’ve done over the last year. Which clients would you like to do more work for? Contact 5 of them.

Make the messages personal. Refer back to the work you did together.

Suggest ways you could help them. Tell them how much you enjoyed working with them.

Let them know you have available time two weeks from now.

Sometimes, it takes just a little push to get clients to give you a project.

Raise Your Quotes By 5% Every Month

How much should you charge for your work? That’s the most common question from freelancers.

The common answer? You should charge more.

Here’s one way to do that. Just charge 5% more every month for a few months. This is easiest if you charge by the project (charging by the project is the best pricing model for most freelancers)

So, if you did a project for $500, charge $525 the next time you get a similar project. Most clients won’t notice or care. Next month, charge $600 for the same project.

For new clients, start at your top rate. No one knows what jobs should cost. You decide what you want to charge.

Connect With 5 Other Freelancers to Work Together

Let’s say you’re a writer. Do you have favorite designers, programmers, or photographers to work with? Who was the last creative you worked with on a project?

Having other freelancers to form a team when needed is a superpower.

Clients love it. So much easier for them.

It’s like having a virtual agency without forming a company.

Here’s how you find freelancers to work with and form a virtual agency.

Here are 5 reasons to form a virtual agency:

Be able to take on more and bigger projects
Offer more services to handle all aspects of projects
Create more sources of revenue—now, everyone in your group is bringing each other work
You’re not working alone—you have like-minded people to brainstorm with on jobs
You make it easier for clients. For the client, a virtual agency means one point of contact, one estimate, and one invoice for a full suite of services. So much more convenient.

So, connect with 5 other freelancers. Let them know what you’re looking for and what you have to offer.

Work On Your Business One Day Out of 5

Take the time to work on your own business. Try to set aside dedicated time for this.

Here are 5 examples:

Update your website
Interact meaningfully with potential clients on social media
Reach out to prospects, old clients, other freelancers
Get your bookkeeping in order
Create templates out of your most common documents, e.g., estimates and invoices

Make it a habit. One day a week, work on your own business.

New Book For Freelancers

I’ve just published How to Become a Successful Creative Freelancer. It’s the essential business guide for freelance writers, designers, developers, filmmakers, and photographers.

Whether you’re just starting as a freelancer or have years of experience, you’ll learn a lot from this book.

It’s broken down into easy-to-understand chapters with strategies and tips you can use today. Not just “what to do”, but also “how to do it”.

It’s now available in Kindle ebook and paperback format on Amazon.

Want to Grow An Agency? The Agency Book is For You

If you’re looking for tips on how to build and grow your agency, you’ll want to read How to Start a Successful Creative Agency.

Available at Amazon (Paper & Kindle), Kobo (ebook), Apple Books (ebook), and Gumroad (PDF).

The book is packed with useful information to help creatives start and grow their business.

Testimonial: A Business Bible

“This book is so chock full I have to read it slowly. I got it for my birthday and I really enjoy it. I read it piece by piece and then integrate the different lessons.”

Julie Ann, 5 Stars, Amazon

Want a Free Taste First?

Sure! Sign up in the footer below for a free PDF of Chapter 14 of the Agency book, Working With Clients.

This chapter covers essential areas such as Clients vs. Projects, Corporate Clients vs. Small Business Clients, How to Create an Opportunity Document, Benefits of Finding a Niche… and much more.

Questions? On Twitter and Threads, I’m @StroteBook. D.M.s on Twitter are always open. On LinkedIn, I’m Andy Strote. Ask away.

*BTW, the Rule of 5? I made it up.

Doing 5 of anything is enough to get momentum going. When you’ve done anything 5 times, you’ve learned something. You can build on that.

But a quick search did bring up a “rule of 5”. Here’s what Wikipedia says:

Lipinski’s Rule of Five

Lipinski’s rule of five, also known as Pfizer’s rule of five or simply the rule of five, is a rule of thumb to evaluate druglikeness or determine if a chemical compound with a certain pharmacological or biological activity has chemical properties and physical properties that would likely make it an orally active drug in humans.

My “Rule of 5” has nothing to do with that ;-).

Make More Money as a Freelancer—The Rule of 5