September, they say, bears goodies and sweet things to those who are consistent. And indeed, I testify to that. One month is already gone, and I’m already kicking some butts on this business quest. Yes, it’s not rocket science; it’s also not a child’s play.
But how did I fare after working my ass off to get the ground running? What are the figures? Are they positive or negative?
Start with 1 Platform First
I always remember my father telling me to focus on 1 thing at a time, scale it to height and switch to another. The same mantra I’ll be applying here as well. I’ll channelize my entire focus on 1 platform currently i.e Upwork, grow it to some extent, and then bring in other platforms to diversify the income streams.
Moving on with Upwork, remember my sojourn with the Upwork credits I was given when I signed up? Hit this link for my previous post to know what I’m talking about. I simply exhausted them with no invite or response. And to further bid for jobs, I purchased 60 Upwork credits for $9 and then bid for almost 30 jobs. And patiently, I waited…
Landed My First Two Small Projects
The wait wasn’t for long as my screen popped up with two responses on the third day of September. And amazingly, I snapped the two jobs off the hook. The first client who was an Indian had a marketplace that needed help with automation using Mailchimp. The second client was a US-based solopreneur who needed some help with automation using Pipedrive. And trust me, I thrust the two projects by heart.
The process, though an arduous one, came bearing fruits without spending much on capital. With only $9, I was able to generate $135 with my first two clients. And this gave me the extra charge to get me aiming for the top jobs, and of course, with little money.
I also upgraded my Upwork profile to Pro; It costs $15 and it gives 80 credits every month plus a few more benefits like looking at the bid range of jobs posted.
Then Landed the Third & the Fourth Client
I was just about calling it a day when suddenly an Upwork notification popped up on my screen. I waited not another minute before digging into it to know what it was all about. It was a health-based company from Singapore. They needed a freelancer to assist with their Cold email campaigns. And Voila! I slew the interview and was able to negotiate 64 hours at $25 per hour for every month. This would roughly translate to $1600 in revenue every month. You’d agree that was a big one for me.
Two days after I landed my biggest project, another came in. This time, it was a client who needed help with sales funnels. This was another hourly contract for 3-4 hours of assistance per week. I nailed that also.
I didn’t rest on my laurels that instant, I continued to shoot more bids. And in the process, my credits turned red. I recharged once again with additional credits.
Progress so far…
All in all, I have applied for almost 160 jobs but landed only 4 of them. Ideally, this is a 2.5% success rate. I’d say that’s a good result judging by what and how I started.
Problems with Upwork
Everything on Upwork is not a fairy tale. There are in fact issues that I observed in my first month.
- On Upwork, the client gets to choose the contract terms and duration. It’s either the contract stands on a fixed payment or the hourly payment.
- For fixed projects, It takes at least 5 days for the release of your funds upon your client’s approval. But the hourly contract is more verbose than that.
- It takes at least 10 days to release your payment on an hourly contract. Once you finish any task in a given week, Upwork allocates 5 days to the client to review the work. All weekly works till Sunday get approved on Friday. Even worse, once a client approves this, Upwork also takes another 5 days to review payment before being released.
This has more or less got me thinking to apply on fixed projects only. But more on this later in my next post.
Total breakdown of earnings so far:
- Revenue Generated: $395
- Upwork Fee paid: $79
- Withdrawal Fees: $6
- Credits + Pro profile: $33
- Net Cash in hand: $277
So this is it. $395 made in first month with $277 as net.
My one month is over and I planned to get jobs from Upwork without any money invested. And that’s what I’ve been hitting on these past weeks.
Overall, I spent exactly $33 from my pocket this month and generated a revenue of $395. That’s almost 12x return on investment. When I consider other costs, it’s still 8x net return on investment.
I am going to continue doing this until I have more cash in hand, then I can finally hire a team and turn this into a big agency.
P.S – I have also decided not to post monthly updates and instead post only once I reach some milestone like 5k, 10k, 20k, etc.
So this is all. Wait for my new post once I hit a new milestone.
Till then, Stay tuned