This year is approaching the final milestones in a couple of weeks, and kindly I would like to say my thanks for the whole awesome UpWork Company and the Community! And wish you a great next year too.
I hope that everyone have had a succesful year of growth and awesome projects. I dont know about you, but for me the end of the year is usually also time to close accounts and I tend to wrap up what has happened and plan for the next. For some reason, I feel that there is some growth going on, albeit slow. I don't know also about any UpWork wide statistics or how others are performing, but let me share some of my experiences.
I am at least happy to learn that I have been able to grow a whole set of top class customers, when it comes to their share of the turnover, and to find out that they build a classic 80% of the whole. Somewhere I heard before, that the magic 80/20 rule tends to appear for many businesses. That 80% of the turnover tends to come from the 20% of customers. In my case it does not completely match, but close enough. Most important thing, I think, for any freelancer business is that there is a steady set of long term customers, whose billing covers "most" of the costs, but then there must be a decent amount of new ones. Many of those new ones never grow. But some of them do.
Getting online freelancing business profitable, and to earn decent living, is indeed very hard. I have been doing that three years already, and guess what, I am still starving. I am nearly over the break-even, but not yet. So, if someone want me out of markets now, only a slight kick will make me fall down. Really. But, I am recovering and business is growing. That makes me happy too. I hope others feel the same as well, with their businesses.
With these words, Happy New Year (yes, a bit early, but nevertheless)!