In my early days as a freelance writer, my parents saw my work as just a harmless hobby. It was something I could do to occupy myself until I got a “real job.” I oftentimes tell people that I fell into this career “accidentally on purpose.” There’s some truth to that. It’s also true that I worked hard to make full-time freelancing a viable reality.

Years ago, I described how I got into writing in the first place, as well as how I turned that into a business and a career. Heck, I even wrote a book on the subject as a guide for other people who want to give full-time freelancing a go for themselves. So, I won’t reiterate all the details here. Instead, let’s talk about the two main schools of thought when it comes to earning a full-time income as a freelancer.

Get More Work

Put simply, one of the greatest challenges many freelancers face is finding work in the first place. That’s why the monthly income charts can look like a wild roller coaster ride, oscillating between feast and famine, highs and lows.

Further to this deceptively simple observation, if you want to make more money as a freelancer, you can choose to get more work. At least try to get more work. For my part, I’ve been fortunate in that most of my projects have come by way of referrals and word-of-mouth. I don’t pitch nearly as much as I could.

“Getting more work” can also take on two different forms: more work from existing clients or more clients. The latter is perhaps a better strategy to ride out changes in the larger economy; it’s a big part of why I was able to survive the Great Recession of 2008. But more clients means more administration, more bookkeeping… in other words, more unpaid hours.

Another edge to that blade (how many edges are there?) is that more work also means more hours in general. This is partly why people say that entrepreneurship means trading the 9-to-5 for the 24/7. So, how can you overcome that? Funny you should ask…

Charge More Money

“Raise your rates.”

It’s a very common mantra among the established freelancer community, particularly as advice to professionals who are relatively new to the business. Some people say that you should raise your rates once a year, including with existing clients. Others say that you should grandfather existing clients to a certain extent. Realistically, it’s up to you. You’re in charge, remember?

The reality, of course, is that this is sometimes easier said than done. Set your rates too high and you might find yourself struggling to find enough work. You may also experience some push-back from your existing clients. All else held constant, it can feel easier to find more work than it is to raise your rates. Your mileage may vary.

That being said, if you can get this to work, then you can enjoy the benefits of full-time freelancing on fewer hours.

Full-Time Freelancing and the Pareto Principle

The Pareto principle states that you’ll get 80 percent of the output from 20 percent of the input. In this way, it’s in your best interest to identify your “best” or “most lucrative” 20 percent of work, and grow that as best you can until you make full-time freelancing a viable reality.

There is definitely a fear of putting all your eggs in one basket. That’s why you should always have a contingency plan and a savings buffer. But consider this hypothetical decision. Would you rather have 10 clients who want one $100 article each, or one client who wants ten $80 articles? While you’d make more money with the former, the latter is much easier to manage.

By hook, by crook, by effort, or by blind luck, I’ve managed to make full-time freelancing work for me. This is my 14th year in business, so I must be doing something right… right?