Entrepreneurs
How To Make $24,000 In 4 Weeks Freelancing Online
If you had to make an extra $100 this week, could you do it? Most people would probably say yes.
But what about an extra $1,000? Hmm…now that’s quite a bit harder. Most of us might have a difficult time getting that amount of money together at a moment’s notice.
How about an extra $5,000? If you had an emergency, could you pull together a spare $5k for an unplanned expense? For 99.9% of the population, the answer is a resounding “Hell No!”
But it doesn’t have to be that way.
In today’s article, I’m going to show you the step-by-step process I used to make almost $24,000 in a single month — that’s just about $6,000/week.
I didn’t borrow the money from a rich uncle or do weird, illegal things to get it. I simply used skills I already had to pitch myself and start a freelance business.
I’ll break down exactly how I did it below — and if this article helps you, read to the end, where I’ve created a free bonus full of advanced material + strategies.
“Sell yourself first, if you want to sell anything.” – Burt Lancaster
When people ask me what the best ways to make money are, sometimes I laugh. Not because the question is stupid, but because, well, there really is no “right” answer. The truth is that almost anything can make money. But first, you have to change your mindset.
You must start viewing your skills and experiences as bankable, valuable resources worth paying for. You (yes, you) can help someone with skills and knowledge that you already have. The easiest way to do this is by freelancing. (If you’re struggling to think of valuable skills, here are some ideas and specific examples.)
All that being said … I have good news and bad news for you.
The good news: There are several online freelance marketplaces like Elance and oDesk that allow you to offer your services, get clients, and start making money quickly, even if you’re a complete beginner.
The bad news: These freelance marketplaces can be extremely competitive and overwhelming. If you don’t know what you’re doing, the competition can be very intimidating.
But don’t let that discourage you.
Today, I’m going to show you the simple “hack” I used to make $24,000 on Elance in four weeks designing simple WordPress websites. (Note: the strategies here apply for any freelance skill, not just web design.)
If you stick around until the end, I’ll also give you some tools to help you get an even bigger jump on the competition.
Step 1: Use sneaky research on your competition
Before you start, you’ll need to know what exactly you’re getting yourself into.
Specifically, you need to know:
- Exactly what strategies your successful competitors use to stand out in the crowd
- How you can completely obliterate them by being ridiculously over-prepared
To find the answers to these questions for myself, I posted a fake job to see what types of responses I would get. I recommend you do the same!
Here’s what I posted on Elance:
One note here: It’s not really necessary for you to post a fake job like I did in order to get good results. The big idea here is to show you what happens when you actually test your process and then act on those results.
Here’s what I learned with the results from my test …
Step 2: Analyzing the results
Within 30 minutes, I received almost 100 proposals — and I learned two very valuable insights:
- Over half of the applicants to my job were non-native English speakers.
- Most people were submitting “canned” proposals without any personalization.
Once I figured these critical pieces of info out, I knew I had a unique angle. Why?
Well, most people hiring freelancers are from the US/UK — which means that oftentimes, there’s a language barrier. People are always more comfortable communicating in their native language.
And because of this language barrier, most proposals were very dry and uninteresting.
Here’s one that I received …
You can do much better. Here’s how …
Step 3: How to stand out and start booking jobs
To stand out against a sea of freelancers, you have to show that you understand your potential client and provide them with a reason to give your proposal a second look. Your approach should feel warm, engaging, and above all, personalized.
Nobody wants to feel like they’re #573 for the day.
Research your prospective client’s profile beforehand and look for these details:
- Purchase history — Do they regularly hire on Elance? If so, this is a good sign that they are serious.
- Feedback history — What type of feedback do they have for freelancers they’ve hired in the past. What have they liked/disliked?
- Personal details — Name, interests, location, etc. Anything you might be able to relate to and build some rapport.
“Why fit in when you were born to stand out.” – Dr. Seuss
The knockout punch: video “mini-pitches”
Once you’ve rounded up all this information, use it to create a short “mini-pitch” with an unlisted YouTube video.
Your “mini-pitch” should:
- Be 90 seconds or less
- Introduce youself and give a very brief background
- Tell them why you like their specific project (so they know you actually read it)
- Offer a simple “call to action” to get in touch with you
Bonus: if you can include some relevant personal details that you have in common, it helps.
From there, the process is simple. Rather than sending a regular proposal like everyone else, just send them a quick message with a link to your custom video.
This method works SHOCKINGLY well because it differentiates you from the crowd and shows that you truly care about what they’re working on.
You can’t fake that.
Get the step-by-step strategies, videos and scripts I used to make $24,000 in 4 weeks
At this point, you’re probably wondering what this approach actually looks like in REAL life.
I put together an extended guide on “Hacking Elance” that includes:
- The exact scripts and screenshots I used to book jobs and negotiate with clients
- Real “mini-pitch” videos I sent that resulted in thousands of dollars
- The biggest mistakes people make when trying this approach (and how you can avoid them)
- A checklist for dealing with common client objections
Entrepreneurs
How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups
LLCs have unique advantages for starting up and growing a successful business
In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates.
What is an LLC?
An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.
One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.
In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.
Advantages of Forming an LLC
Flexibility in Management and Structure
Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.
For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.
Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.
Pass-Through Taxation and Financial Efficiency
One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.
This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.
Enhanced Credibility and Professionalism
Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.
By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.
This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.
Protection of Intellectual Property and Brand Assets
For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.
By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.
Steps to Form an LLC
Let us now look at the general steps to form an LLC for your business:
Step 1: Choose a Name for Your LLC
Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.
Additionally, the name should not infringe on the trademarks of existing businesses.
Step 2: Designate a Registered Agent
A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.
For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.
This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.
Step 3: File Articles of Organization
The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.
The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.
Step 4: Create an Operating Agreement
While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.
Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.
Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.
Step 6: Obtain Necessary Permits and Licenses
Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.
In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.
By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.
Entrepreneurs
Build a Strong IT Team with These Smart Hiring Tips
Without dedicated IT staff, your company may not be able to function as efficiently or effectively
The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.
After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)
Entrepreneurs
5 Important Legal Tips Every Entrepreneur Should Know
With a firm commitment to legal knowledge, you pave the way to grow your business sustainably
While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.
This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)
Entrepreneurs
6 Hacks to Boost Your Productivity as a Business Owner
To improve how much you get done each day, it’s smart to establish routines and use careful planning
Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)
-
Life4 weeks ago
The Best Techniques to Boosting Your Memory in a Busy World
-
Success Advice4 weeks ago
An Easy to Follow 8 Step Strategy for Creative Problem Solving
-
Entrepreneurs4 weeks ago
Crisis-Proof Your Business Now: Essential Strategies for Every Entrepreneur
-
Success Advice3 weeks ago
10 Landing Page Hacks Experts Are Using to Generate Leads
-
Entrepreneurs2 weeks ago
The Mindset Shifts Required to Become a Successful Online Entrepreneur
-
Success Advice2 weeks ago
The Power of Ethical Leadership: How Integrity Drives Success
-
Entrepreneurs2 weeks ago
6 Hacks to Boost Your Productivity as a Business Owner
-
Success Advice1 week ago
How to Choose the Best Affiliate Programs for Your Blog
6 Comments