According to Upwork, an important freelancing platform, approximately 57 million Americans were freelancing in 2019, and more than half will continue freelancing in the future, according to a study.
While some of these workers are freelancers full-time, others work part-time and have side hustles while still working a 9-5 job.
People are now talking about a new type of labor market, and that is freelancing.
You should understand the advantages and disadvantages of freelancing income earning method. If you are interested in working for a freelance job, you will need to be able to adjust your life to make this work.
What is Freelancing?
Freelancers are self-employed people who earn income by offering their services to clients. Individuals can also offer their services to clients directly without the need for third-party resources, which often take a cut.
A freelancer can provide almost every service a business needs. These are some of the most popular freelance opportunities:
- Website Design or Development
- Software Development
- Virtual Assistant
- Content Writing
- Project Management
- Social Media Manager
- Graphic Design
Freelancers can focus on specific areas or specialize in certain industries like real estate agents, copywriters (PPC), and others in both general and niche areas.
The amount of freelance income you earn will depend on your skills, experience, and market.
Freelancers can earn between $10 and $75 an hour. It pays more for skills that require more education and experience, such as accounting or website coding.
Merits of freelancing
Freelancing serves as one of the best ways to start your own online business, and this means you will start working from home. Freelance work has many benefits.
The ability to set your working hours
Flexible freelance work is possible. Flexible hours allow you to work part-time or full-time on the projects that interest you when it is convenient for your schedule.
This makes it easier for you to take upon a job at the time you feel is right to work.
You can save time by not driving and use it to make money.
It’s affordable to start
You most likely already have the tool or equipment you need to offer a particular service if you are a professional.
If you’re new to the business and have to invest in getting the right equipment and training, there shouldn’t be any high startup costs to get started.
You get to work where you want
Freelancing allows you to work wherever you want and is an excellent option for anyone who wants to tour around different countries. You can travel and work simultaneously if you love to travel.
Earn money you are worth
Freelancers have the option to set their prices for the services they offer. These earnings are usually more than you would make as an employee.
Be sure to charge enough upfront and to pay you fair compensation for the time you spend on the job.
You get to work based on contract
Clients can and often will set the specifications for the work that they need to be done. However, a freelancer remains an independent contractor and not a regular staff. The work would be completed by you. You might lose a job if clients don’t like the result of your work.
You can pick your desired clients
At first, you will want to work for any client that is available when you start out; soon, you have the option to decline to work with difficult clients as you progress. Clients can be told if you don’t want to work with them. Go for your preferable clients.
There is a high demand for freelancing jobs
Although the freelance market is highly competitive, there is room for someone like you if you work well to stand out from others; there is a growing demand for reliable, quality freelancers.
Many businesses don’t have employees anymore and rely on a team made up of freelancers. This trend is increasing as freelancers are better and cheaper than employees, even though they may pay more, and they don’t have to pay any payroll fees or other benefits.
Opportunity to balance between work and life
You will feel happier and more balanced when you have the freedom to choose what and when you do it. This also helps you lead a better life outside work and better still when you have a family.
Demerits of freelancing
With advantages come disadvantages for everything, and so it is for freelancing. It is not for everyone. Here are some of the drawbacks to walking down the freelancing path.
Work doesn’t come in every time
This is especially true if you offer one-and-done service, such as creating a website. The client receives the website, and you have to find another client to create another website for and then get paid.
You may need to do lots of self-marketing to find clients at first. And it might come to you that you are likely to get rejected for projects first, but you will win along the way.
Experienced freelancers can avoid this problem by finding clients who have a lot of work and delivering results that make them regular vendors or service providers. For example, a freelance writer might be required to write an article two times per week for a client.
Some clients project duration is fixed
Working as a freelancer, you will definitely come across clients that have fixed project duration, so it might be a thing for you if you like to work flexibly.
You may be limited to working in the evenings or late afternoons depending on the service you offer. Clients may work from different time zones and may also require you to work at different times. Your time management skills will be a must.
Success comes at due time
Getting enough clients so as to reach new income goals might be a hard thing at first, but things will work out in the end with full dedication.
Many freelancers also experience drawbacks in their work. It’s important to be prepared for low-paying times and to work hard when there is plenty of work.
It might be necessary to break in at lower prices, but clients will pay for quality work as soon as possible.
It is uneasy to handle multiple clients and projects
Some people enjoy the challenge of working on multiple projects simultaneously, while others may find it challenging to stay on top of deadlines. To produce and deliver high-quality work on time, you must pace yourself.
If you work for multiple clients, it is crucial to find a way to manage your time. It is possible to work longer hours than you planned, and this might affect your daily routine.
The ball is in your court
Freelancing includes marketing, invoicing, bookkeeping and bookkeeping. You need to have more skills than the ability to do the job.
As you cannot hire people to do these tasks, so you have to make sure you take care of them in addition to delivering your service. You must learn to multitask as your freelancing career depends on it.
How to Get Started as A Freelancer
It’s easy to become a freelancer by simply visiting one of the freelancing websites to search for work or by networking with people in your network to find your first client.
To find work, you might consider using a freelancing site like Upwork or Freelancer.com.
Although they might not pay you what you would like, this is a great way for you to make your mark and get work.
Before you start using freelance websites, there are many factors that you need to consider.
You may get scammed by large numbers of clients on freelancing platforms. Make sure to follow the guidelines on the site to communicate with clients and receive payments.
Select services to offer
Before you set out into the freelancing journey, you must work carefully to select services you’ll render to clients in your career.
For example, we will be working on a broad niche or a narrowed down niche; let’s say for the broader niche, it’s going to be website setup, and then narrowed down version is website SEO, Website theme design, and many more.
Now find Markets to target
It’s up to you to determine if there is demand for the services that you offer. This is the time to establish your brand and your unique selling point.
You might have the experience and skills to market yourself to large corporations, or you may prefer to work for smaller companies.
Choose Your Payment Rates
The right rate is a compromise between getting what you are worth and being attractive to clients. You might lose clients if you charge too much. You might not get clients who are willing to pay what you’re asking.
Use the platforms available to find out what other freelancers charge when setting your rates. This will help you be competitive for your skills and abilities.
As many freelance projects can be one-offs (a project that is only for a short time), you should agree on a reasonable charge per project. The client may also need an estimate of the cost of the entire job. Some freelancers also offer ongoing work.
Set up a portfolio website
Setting up a website is one sure way to get more clients; this means your clients will be able to see you as a trustworthy one.
Create a profile that highlights what you have to say. You’ll eventually want to invest in business-building software, such as a website with more flexibility and customization. LinkedIn is a free online resume that can help promote your services.
Set up a way to market your services
Marketing your business or freelancing services is not an easy task but can be minimal if you have information on how to market your services.
There are many low-cost and easy ways to promote your freelance business and get clients. You have many options, including networking on social media and offering a complimentary consultation.
You can use make use of social media marketing to boost her services reach and land her a job.
You can make a living by freelancing and offering services that are based on your skills or hobbies. If you feel butterflies about the idea of quitting your job and going freelancing, I understand.
You don’t need to try and do it all at once. While you can keep your job, you need to use your free time to build your freelance structure and portfolio.
This will ensure that you are ready for freelance work on a part-time or full-time basis.