One in three homeowners needs £1000 more a month to afford mortgages. How can freelancers bring in more money?

A recruitment specialist reveals that more candidates are coming to market to find new clients to accommodate for higher mortgage payments. As more freelancers struggle to make ends meet we offer a list of ideas to help them bring in more money each month

Many homeowners are struggling to keep up with spiralling mortgage costs and a third (32.5%) say they will need to earn £1000 more a month to bridge the gap. This is according to research carried out by Aspire, a recruitment agency, which surveyed over 1100 jobseekers to understand the key trends impacting the world of work. 

These worries have led (60.1%) people to actively seek a new job. With finances under pressure, securing a pay rise or taking on more work as a freelancer will be the only way to offset rising mortgage costs.

With the Bank of England base rate increasing 14 times since February 2022, interest rates on mortgages have also been pushed out of reach for many. 

As a result, the majority (60.7%) of workers are particularly concerned about their ability to secure a mortgage or remortgage. 

Of these, around a third estimate that they would need to earn upwards of £1000 a month more to afford their mortgage payments.

“These financial pressures are contributing to an increase in active jobseekers,” says Aspire’s Global Managing Director, Terry Payne. “The impact of the mortgage crisis could spark significant jobs movement. And if the Bank of England base rate continues to climb, the trend could well continue as homeowners look to secure higher-paying jobs.

“Others not ready to change jobs just yet may request pay rises from their employer – though some might struggle to meet increased salary expectations,” he says.

Here are some tips that could help freelancers bring in more money

1. Increase your rates. This seems an obvious solution, but it’s justified to match inflation. Do some research to see what other freelancers in your field are charging, and then adjust your rates accordingly, especially if a client has not raised their day rate for at least 2 years.
2. Take on more projects. The more projects you take on, the more money you’ll make. However, it’s important to make sure that you’re not taking on too much work, as this can lead to burnout. Consider pitching larger projects with fellow freelancers so you can bring in more money but split the workload.
3. Expand your services. If you’re currently only offering a few services, consider expanding your offerings. This could mean offering new types of services, or offering your existing services to a wider range of clients. Start looking through social media feeds of fellow freelancers and small business owners to see if there are services you haven’t considered yet.
4. Target new clients. If you’re already targeting your ideal clients, it’s time to start targeting new ones. This could mean expanding your geographic reach, or targeting a different industry or niche.
5. Network more effectively. Networking is a great way to meet potential clients and partners. Make sure you’re attending industry events, joining relevant online forums, and connecting with people on LinkedIn.
6. Automate your business. There are a number of tasks that you can automate in your business, freeing up your time so you can focus on more important things. This could include things like setting up email autoresponders, using project management software, or outsourcing tasks to other freelancers.
7. Offer discounts and promotions. This is a great way to attract new clients and get them to try your services.
8. Create a referral and loyalty programme. This is a great way to get your existing clients to help you bring in new business. Offer discounts or throw in an extra service once a new client is introduced. You can also offer a loyalty package to clients who order a certain amount of work in any given month or year.
9. Write guest blog posts. This is a great way to get your name and brand out there, and it can also lead to new clients.
10. Speak at industry events. This is another great way to get your name and brand out there, and it can also lead to new clients.
11. Get involved in your community. This is a great way to meet potential clients and partners, and it can also help you build your reputation.

If you give yourself a goal to carry out three of these tips this week, you could start to see some opportunities come your way. Be strategic in your approach and start posting informative posts on LinkedIn at least twice a week with a call to action for freelancers and potential clients to contact you to discuss how you might work together.

However, be patient, things might not happen in the first week. It’s imperative you keep consistent with the tips you do try out and add more to see which one might work best. Also, don’t automatically offer discounts to new clients, offer those to loyal ones first. You could even create a loyalty package for clients for certain products or types of services. This is another way to offer discounts without being out of pocket.