Upwork is still a popular marketplace for professionals who want to launch their freelancing careers. They have heard positive stories from individuals who have earned a lot of money from the platform. But is it still worthwhile to search for work on Upwork?
In this article, we’ll discuss whether Upwork is still the best platform for freelancers and how users can get the most from this marketplace.
What is Upwork?
Upwork is an online marketplace that allows freelancers to connect with businesses and agencies. The Santa Clara-based company provides lucrative opportunities for professionals in a range of fields. Candidates can use Upwork to find jobs, submit bids to companies, and join agencies. Businesses can scan freelancing profiles and select qualified individuals they want to hire for a project.
The marketplace allows professionals to work remotely from home. To get clients on the platform, freelancers must submit proposals to customers. When the client accepts their proposal, professionals can immediately start working.
Can You Earn a Living on Upwork?
Yes, freelancers can earn a good living using this platform. Although the site is highly competitive, Upwork’s most successful freelancers receive big paychecks. The top performers earn $100,000 or more on the site each year.
Recently, eBiz Facts, a publication dedicated to remote work, conducted an original research study to find out which professionals received the highest wages on Upwork. They analyzed over 2 million freelancing profiles on the site. Their researchers identified skills that enabled professionals to earn at least $1,000 per month (or 100 hours billed at $60 per hour for the past six months).
During the study, eBiz Facts researchers discovered the following facts:
● Only one professional earned more than $1,000 for every 800 Upwork freelancers.
● Marketing skills are lucrative. Almost 7.7 percent of freelancers in this sector charged more than $60 an hour for these services.
● WordPress implementation was the single, most lucrative programming skill on Upwork. Freelancers who combined this talent to become “full-stack” developers could earn even more money.
● Copywriters and editors earned the most money in writing-related fields.
● The least lucrative fields on Upwork were transcription, administrative support, and life coach.
What are the Highest-Paying Fields on Upwork?
There are certain skills that earn higher rates than others on Upwork. According to the study, the most lucrative freelancing jobs on that platform were:
- Developer
- Marketing
- Consultant
- Software
- Full Stack
- Web Developer
- WordPress
- SEO
- Copywriting
- Graphic Design
The study also found that certain skill combinations also earned people more money. For instance, you can receive a higher salary if you’re a coder who has a marketing background. There were certain categories that also received higher fees. Web developers, for instance, earned more money than web designers on the site. Google Ads experts received higher earnings than Facebook Ads professionals.
The types of words used in your profile also determined how much money you earned. For example, someone who described themselves as a data scientist versus using data science generally earned a higher salary.
Getting Your Upwork Profile Approved
Upwork requires freelancers to create a profile. The site must approve this online resume before users can apply for jobs on the platform. Your profile should summarize your employment history and relevant professional skills.
The site only accepts a limited amount of freelancers to prevent the marketplace from being oversaturated. It also helps weed out fake profiles of scammers that may commit fraud on the website.
It may take up to a week for Upwork to approve your profile.
Do Freelancers Have to Pay Any Fees to Use Upwork?
There is no charge to sign up for Upwork. After they accept your profile, the platform charges freelancers fees on each sale they make. Here are service fees that Upwork charges freelancers:
● 20 percent for the first $500 charged to clients
● 10 percent for lifetime billings between 500.01 and $10,000
● 5 percent for lifetime billings over $10,000
Freelancers must purchase Connects, or virtual tokens, to apply for jobs on Upwork. They cost users between $0.15 each, and you can purchase them in bundles (10 – 80 packs). Twenty Connects cost $3 each. For most jobs, you’ll use up to six virtual tokens each to apply for jobs.
How Do Freelancers Get Paid?
Upwork handles payments so freelancers can get paid once they complete a job. The feature has two payment plans for users.
● Hourly Protection (for Hourly Contracts) – Upwork automatically bills clients for the hours that freelancers complete. Clients can check the work diary to verify that freelancers completed as invoiced. The time tracking tool allows freelancers to describe their current work.
● Fixed-Price Protection (for Fixed-Price Contracts) – The platform uses Escrow for these contracts. It is a financial tool that holds funds and regulates payments for transactions. After you sign a contract, the customer places money into an account. Once you deliver the work, Upwork releases the funds into your account.
The site charges fees when you withdraw money from the service. It will depend on which method they prefer.
Freelancers bill clients using Upwork’s time tracking app. They may post screenshots of jobs in-progress and submit them to customers. Companies pay freelancers based money on the hours they bill. The site assesses transaction fees automatically.
The site currently supports five different payment systems.
● PayPal – Upwork immediately transfers funds between $1 and $10,000 per transaction.
● Direct to Bank (U.S.) Free payments to U.S. banks. Freelancers receive deposits in USD.
● Direct to Local Bank (Non-U.S.) – The site charges 0.99 cents per withdrawal.
● Wire Transfer – $30 USD to any bank. You’ll receive the funds after 7 business days.
● Payoneer – These transfers can take up to two days. Upwork charges a $2 feel. This payment system is not available for freelancers in the U.S. and India.
Are you a professional freelancer who wants to improve your performance on Upwork’s platform? You can read Freelance Mojo for more tips to help you succeed on the site.
