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The rising competition in the market has caused much uncertainty among businesses. As a result, every organization is trying to keep minimal business risk and curtailing fixed costs. And in this scenario, freelancing has gained much popularity in the past few years.
These days, most organizations prefer freelancers to full-time employees. It saves a lot on cost and time, as well.
As an additional source of income, you can focus on your passion projects and earn extra income in your free time. It can turn out to be an excellent opportunity to turn your passions into a lucrative career. Also, you can be your boss.
- How to start freelancing?
- Kinds of freelancing jobs
- Common freelance career fields
- Pros and cons of freelancing
- Is there any specific requirement to becoming a freelancer?
- Traits needed as a freelancer
- Ways to charge for freelance work
- How much can I get paid to freelance?
In a freelance job, individuals work for themselves, rather than for an organization, for an agreed time return for a fee. They are eventually self-employed.
Freelancers can set their working hours, prioritize their time spent on different projects, billing clients, and pay their business taxes. They are independent to take up multiple freelance projects of their choice at one time. Freelancers are not "employees" but "contractors."
How to start freelancing?
The first step to start working as a freelancer is to get freelance work. And if you are starting as a freelancer without any prior experience, the best way is to start building your professional network first. Networking is the key. Talk to your friends and contacts and keep them informed that you are looking out for freelancing opportunities. Then, when freelancers have an established network of clients and companies, they may get freelance projects onsite.
Attend networking events for freelancers and be a part of online freelancer communities. It may accelerate your career graph. Freelancers usually get freelance projects online, through various freelance websites, or social media.
Also, you can keep sending out cold personalized and relevant pitches to potential clients you want to work with. Also, focus on organizations that often hire freelancers for various projects.
Kinds of freelancing jobs
There are five basic kinds of freelancers in the freelancing job market.
Contract freelancers work on projects only for a specified period.
They do not have any other full-time jobs. They are their boss, working their hours to make all of their income.
Freelance business owners
These are the freelancers who do freelancing as a full-time business. They often have a team to help them accomplish work for clients.
Side hustle freelancers
These are part-time freelancers. They do full-time jobs and take freelancing jobs part-time. These days, most content writers start freelancing this way, and it is one of the most prominent remote work trends this year.
Consultants work with different organizations or projects and give professional or expert advice in a particular field of their specialization.
Common freelance career fields
These days freelancing is much more acceptable and the first choice for various roles. A variety of organizations and government agencies hire freelancers regularly. Temporary or full-time freelance jobs or remote freelancing jobs are available in almost every role.
The specific business fields that hire the freelancers more often are:
Admin support jobs
- Administrative and Virtual Assistant
- Project Management
- Order Processing
- Data Entry
Design and creative jobs
- Brand Identity and Strategy
- Presentation Design
- Motion Graphics Design
- Animation, Photography, Video and Audio Production
- UX/UI design and Graphic Design
- Proofreading and Editing
- Creative writing or Content Writing
- Writing Tutoring
- Business and Technical Writing
Web, mobile, and software development jobs
- Website design and development
- Scripting and automation
- Mobile design and development
- Product management
- Other Software Development
Accounting and consulting jobs
- Business Analysis
- Recruiting and HR Administration
- Accounting, Bookkeeping, Tax Preparation
- Financial Modeling and Analysis
- Management Consulting
- Business Law and Corporate Law
- Tax Law
- Intellectual Property Law
- Labor and Unemployment Law
- Immigration Law
Data science and analytics jobs
- Data Mining
- Data Analytics
- Data Extraction
- Machine Learning
- A/B Testing
- Data Engineering
Sales and marketing jobs
- Marketing Strategy
- Display Advertising
- Public Relations
- Market Research
- Search Engine Optimisation
Customer service jobs
- Customer Service
- Technical Support
IT and networking jobs
- Network and Information Security
- Systems Engineering
- System Administration
- Systems Compliance
- DevOps Engineering
Engineering and architecture jobs
- Civil Engineering
- Structural Engineering
- Mechanical Engineering
- Electrical Engineering
- CAD and 3D Modeling
- Interior Design
- Legal Translation
- Language Tutoring
- Technical Translation
- Written Translation
- Medical Translation
Pros and cons of freelancing
Like any other job, freelancing also has its pros and cons. However, many of these may depend on the industry or line of work of the freelancer.
Pros of freelancing
- As a freelancer, you can freely choose and control your working hours.
- You get a vast opportunity to grow your income, and freelancing provides unlimited earning potential.
- Freelancers are often considered experts in their line of work, as they are good at it!
- Freelancers get the opportunity to pursue passion projects and work with diverse types of clients, which in turn grow their experience and learnings.
- Freelancing offers work flexibility. As a freelancer, you have full authority to choose clients you want to work for and your pay rate. You can decide when and where to work.
- Freelancing allows you to be creative in your brand, its marketing, and the services offered.
- As a freelancer, you can take pride and joy in your achievements. You can take full ownership of your success.
- Companies prefer freelancers to full-time employees.
Cons of freelancing
- Freelancers are business owners and have to hustle 24/7 for new gigs.
- Freelancers require good money management and should keep a backup to meet any unforeseen expenses.
- Be prepared if an existing client doesn't renew a contract.
- There is no paid time off, maternity, or paternity leaves for freelancers.
- The tax part is tricky and complicated.
- Freelancers have to find their insurance and PF.
- Freelancers sometimes have to chase clients for payments.
- Sometimes, working alone may lead to feeling isolated.
Is there any specific requirement to becoming a freelancer?
To be a freelancer, you need to have the right skill sets that a business needs to be a freelancer. Nothing else. It is always good practice to:
- Have a good network to get freelance jobs or get introduced to the right people.
- Better to maintain a professional blog or a website to exhibit your work.
- You can also get offers through your updated social media profiles.
Traits needed as a freelancer
To be a successful freelancer, you should possess few qualities to stay ahead of competitors. Depending on the field of specialization and their services, freelancers need to have different core skills. When it comes to soft skills, several personality traits will make any freelancer successful.
Patience and persistence
Being patient and persistent is very important for a freelancer. For example, sometimes searching for a freelance project, freelancers often need to wait for clients to respond. Also, while working on a particularly clumsy task, you have to keep patience until your goal is achieved.
For a freelancer, it is essential to be self-disciplined. It enables me to do high-quality work and pursue work goals through tough times.
Rejection is an unavoidable part of freelancing!
A freelancer needs to be a little aggressive to land new clients to grow your network and freelancing business.
Accounting and business skills
As a freelancer, you are responsible for managing your business, expenses, taxes payable, along with your personal life.
Communication and interpersonal skills
A freelancer needs to communicate a lot with clients. It is crucial to be able to convey information in a precise manner to the clients. Excellent networking skills will help to connect with other freelancers and clients working in the same field.
Passion for learning
The freelancing field is exceptionally dynamic. To stay in the race, you constantly need to better yourself, keep yourself updated with the latest proceedings, and learn new skills relevant to your freelancing field.
A freelancer always needs to create work schedules and keep them organized, with minimal procrastination.
Ways to charge for freelance work
There are three different ways by which freelancers usually charge their clients.
Sometimes freelancers dedicate a certain fixed amount of time per week to their clients. You can set an hourly rate for your services offered to finish a project.
Charging on a project basis
This is the most common method used by freelancers to charge worldwide. Freelancers take notice of their professional freelancing skills and account for everything that goes into completing the project.
On a retainer basis, a freelancer agrees to work with the organization for a fixed number of hours per month in exchange for a flat fee payment.
How much can I get paid to freelance?
The average freelance income is about $20-28 per hour. However, it varies quite a bit as many different freelance jobs are available in various roles and remote areas. For instance, Transcription services freelancers can earn up to $5-10 per hour, whereas a software engineer can earn more than $100 per hour.
So, to get a good estimate of the expected income of a freelancer, it is always better to compare the freelance rates of particular skill sets and roles.
You can start freelancing at any time. It is an amazing way to earn a living on your terms. There are lots of different types of freelance jobs available, and a large number of organizations are offering remote and flexible employment than ever before.