One of the pros and cons of self-employment is not having a fixed salary. It’s a benefit as you don’t have a salary cap, meaning there’s the potential to earn as much money as possible. Still, it’s a disadvantage as you don’t know how much money you’ll earn every month. Self-employment can have ups and downs where you may make thousands a month, then very little the next.
On this note, it pays to boost your income in any way you can. Especially during a pandemic where opportunities to make money in your traditional way are limited. Fear not, for there are different things you can do to give yourself an income boost. Some are straightforward, while others get you thinking outside of the box.
Check if you’re entitled to a tax rebate
Another huge annoyance of being self-employed is that you have to deal with submitting a self-assessment every year. This is your tax return, and it can severely decrease your overall income. Obviously, you should pay tax, but you should only pay what you’re legally required to pay. Loads of self-employed individuals overpay tax as they’re unaware you can claim expenses on things like travel costs, work uniform, or even your internet connection. Go through your expenses, add up everything you can claim on, then use a tax refund calculator to see how much money you can get back. Do this for as many previous years as possible, providing an instant income boost.
No matter what services you offer, there’s always a chance to make some extra money through a blog. All self-employed individuals should build a website to advertise your services on. This makes you seem more professional, which can lead to more clients getting in touch. Right away, this can boost your income! But, you should also start a blog on your website where you talk about topics relating to your work. It’s a genius way of driving traffic to your site and making extra money. Sell ad space on your blogs to get additional money on the side, and consider affiliate marketing for more of a boost. If you’re unable to work properly right now, this is a clever way to keep your income ticking over. Ultimately, you’re opening up a new revenue stream.
Don’t be afraid to raise your prices
Undercutting your rivals can help you steal customers from them. However, it might do a disservice to your work. If you charge too little, you make less money. Don’t be afraid to raise your prices as a sign of the quality service you offer. Once you have a solid customer base, they will likely stick around even with a price increase. Think about it this way, almost everything increases in price year after year, so why are you still selling at the same price as two years ago? Low prices when you start up are good to get the ball rolling and draw customers in. Now, you’ve proven your worth, so a price increase can help boost your earnings without losing any customers.
If you’re self-employed, these tactics will help you increase your income and make more money. You’ll be pleased to note that they don’t require any dramatic changes to your business model and can be implemented straight away!