Test Blog post: Building a Solid Client Base: Strategies for Recurring Income

Elevate

Elevate Doc & Helpdesk

Elevate Doc & Helpdesk

May 8, 2023

May 8, 2023

5 min read

5 min read

Getting paid is without a doubt the most rewarding part of being a freelancer. But a lot of freelancers, especially those living in emerging market countries like Pakistan, Egypt, and Kenya are losing part of their hard-earned income because of the methods they use to withdraw funds from Upwork. Let’s take you through the different ways of withdrawing your money and set you on the right path to keeping as much of your money as possible.

Setting up a Payment Method

The process all starts with selecting the most appropriate payment method. Let's get going:

  1. Login to Upwork

  2. Go to your profile on the top right-hand side and enter “Settings” where you may be prompted to authenticate yourself again.

  3. Go to “Get Paid” under “User Settings”

  4. In the “Withdrawal Methods” section select the “Add Method” and a number of withdrawal methods should appear as in the image below.

Selecting a Withdrawal Method

Depending on your country Upwork will provide a number of “Recommendations”. In this example of Egypt, the recommendations are a “Direct to Local Bank (EGP)” transfer and “Payoneer”.

Although Upwork has made those recommendations with the best intentions, they are not always the cheapest option, especially for freelancers working in emerging markets. Let’s take a look at the options and dig a little deeper into the fees, time taken to get paid, as well as the pros and cons.

Direct to Local Bank

This method involves Upwork sending your money directly to your local bank account. In Egypt or Pakistan for example it would be your local bank account you’ve set up with the money being received in EGP or PKR respectively.

Fees

Upwork charges $0.99 when sending to your local bank. This is relatively cheap in comparison to the other options but be aware that your bank may charge additional fees and an exchange rate that may be unfavourable.

High rate

Upwork charges $0.99 when sending to your local bank. This is relatively cheap in comparison to the other options but be aware that your bank may charge additional fees and an exchange rate that may be unfavourable.

Upwork charges:

$0.99 when sending to your local bank. This is relatively cheap in comparison to the other options but be aware that your bank may charge additional fees and an exchange rate that may be unfavourable.

  1. Upwork charges: Upwork charges $0.99 when sending to your local bank. This is relatively cheap in comparison to the other options but be aware that your bank may charge additional fees and an exchange rate that may be unfavourable.

Create a reputation for excellence

One of the most important ways to build a client base is by creating a reputation for excellence. This means that you should always deliver top-quality work and make sure your clients are happy with it, so that people want to work with you again in the future. If one of your clients has a problem with a project or has any issues at all, then take care of it immediately, and if that doesn't work out well enough, offer them some kind of compensation so they'll be more likely to hire you again next time around.

Monetize your time and energy by offering value-added services and products

If you've been working as a freelancer or remote worker for a while, it's likely that you've developed some expertise in a particular field. If so, this is a great opportunity for you to turn that expertise into recurring revenue by offering additional services or products to your clients. For example:

  • If you're an accountant who specializes in small businesses, consider offering tax planning services or cash flow analysis as add-ons, and charge accordingly.

  • If the majority of your client base consists of e-commerce stores selling clothing online, offer added value services like helping them start up an affiliate marketing program where they get paid every time one of their customers buys something from one of the companies linked through their site, even if it wasn't directly from them!

Get out there and get working!

Now that you have a full understanding of recurring income, let's get to work!

The first step is to create an online presence, this can be done through websites or social media platforms like Twitter and Facebook. You will also want to start building relationships with potential clients by writing blog posts on relevant topics, commenting on others' blogs and starting conversations with people in your industry.

© 2024 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass through FDIC insurance coverage is subject to certain conditions.

© 2024 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass through FDIC insurance coverage is subject to certain conditions.

© 2024 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass through FDIC insurance coverage is subject to certain conditions.