The recession is having an interesting effect on the freelance world. While it’s not a new concept, many people are now looking at freelancing as a way to supplement their income or even replace their current job. When there are no jobs to be found, why not create one for yourself? Whether you’re unemployed or just want to make some extra cash on the side. Learning how to become a successful freelancer is an excellent strategy right now. With the freelance market growing and demand increasing. This may be your opportunity to get in while the getting is good. Read on to learn more about freelancing and its implications during these difficult economic times.
What is Freelancing?
Freelancing is a style of working in which you perform services for clients without being employed by a single organization. It generally requires a specific skill set that allows you to work remotely from other clients. In this situation, you’re responsible for setting up your own business and finding clients to work for. The two parties come together to agree on the nature of the work and the payment for your services. Freelancing can be done full-time or on the side, depending on your skill set, the type of work, and your availability. It can also be a good side hustle for students or stay-at-home parents who want to make extra money on the side. If you are able to work well in your side hustle. You can even turn it into a full-time income or maybe more.
Why Freelancing is and will be on the Rise
Freelancing has been growing in popularity, especially since the Covid-19 pandemic. Where my jobs were lost and people are in need of making an income. Having an additional source of income from the side protects you from any temporary loss of income. Many people have wised up learning to have at least 2 sources of income.
As another looming recession is going to be here and for a while. Freelancing provides a great alternative for businesses to lower headcounts and manage risk. In a statistic report by Fiverr, the amount of active buyer paying for freelancer have almost doubled from 2017 of USD1.8million to USD3.42million in 2020. With more uncertainty around the world. Having a freelance job that you can do literally anywhere in the world does help make freelancers feel at ease.
The Pros and Cons of Freelancing
If you’ve always wanted to be your own boss and earn a living on your own terms. Maybe freelancing could be something you have in mind. But do take note of the advantages and disadvantages of freelancing to help you decide whether it’s right for you.
Pros: No more 9-to-5 mandatory lifestyle
Many people dragged the 9-to-5 lifestyle, having to wake up early in the morning to travel to work, sit in the office and work your butt off till 5pm and dragging yourself back home. They yearn for the freedom to make their own rules, design their own work lives, and earn a living on their own terms.
This is one of the best perks of working as a freelancer, they have a lot of freedom in terms of what they do and how they do it. And, yes, they can create their own schedules based on what works best for them. Freelancer can easily change their hours, take personal days, and do other things. By removing the typically 9-to-5 work lifestyle, freelancers can also save a good deal of money from not traveling as much and buying food outside.
Cons: No Job Security
Unlike a typical 9-to-5 job, if things go badly and you can’t find any work, you may be in serious trouble. Freelancers don’t have company-provided health insurance and other benefits that come with most traditional jobs. Worst still, if you do not have a steady flow of customers, your income may not be stable enough and be able to maintain your lifestyle. Going the freelance route definitely means more freedom. However, you will be responsible for finding your own clients, ensuring that you are paid on time, and having enough money to keep the lights on.
Pros: Flexible Workload
Even if you work for yourself, life can be hectic at times for any hard worker. Freelancers have periods when business is slow and periods when it is brisk. It is entirely up to them, however, how they manage those fluctuations. It’s relatively easy to maintain a solid work-life balance that allows you to live your life with some planning and foresight. You can ramp up your workload when you have time and energy to burn on getting a little extra done, and you can also ramp down when you need to relax, regroup, and recharge.
Con: Managing all the Responsibilities
In a traditional workplace, you have the advantage of sharing responsibility with a large group of people. You have responsibilities, and your coworkers do as well. You will almost certainly have options if you need to delegate something specific to someone else. This is not the case if you work as a freelancer. You bear the entire burden of responsibility, and you’re always the one who has to put out a fire. For this reason, most freelancers must learn to wear many hats (and wear them well).
Pros: Potentially able to Earn Way More Money
In a traditional job, you can only earn what those in charge believe you should be earning. Yes, you can still make a lot of money in many traditional jobs, but you’re entirely dependent on someone else deciding you deserve a raise or promotion to make any more. As a freelancer, your earning potential is virtually limitless. You set your prices and rates, select your clients, and decide how your company will grow in the long run. Your services are ultimately worth what people are willing to pay for them, which can be substantial, particularly for highly skilled or experienced freelancers.
Cons: Time Management
If you are the kind of person who cannot manage your time properly, freelancing may be difficult for you. There are also no guaranteed hours when you’re running your own business. Something that catches fire down the road and needs to be put out immediately can ‘force’ you to stop working on your existing jobs. Plus, clients who agree to have their work done by a certain time may not be happy if you have to put their projects on the back burner. In order to be a successful freelancer, there is a need to over-dedicate your work in order to get the work done quicker.
Pros: Work from Anywhere
Traditional workers are more or less required to live where the work is, so they have few options for where to live. Furthermore, their company may require them to relocate in order to keep their job or accept a promotion. Freelancers can work from anywhere on the planet, including their own homes. They also don’t have to worry about wasting a significant portion of their day commuting.
Cons: No Paid Time Off
In a traditional workplace, you usually have access to paid sick days and at least some paid time off, which can help to mitigate any potential income loss. However, as a freelancer, you must plan ahead for any time off you wish to take. This includes any time taken due to illness or an emergency. Any unexpected delay in your work may lead to customer being unhappy and not work with you again, so you have to ensure that the work is able to be delivered.
Becoming a Successful Freelancer
In order to achieve success as a freelance writer, you’ll need to understand what clients are looking for and make sure your writing meets their needs. You’ll also need to be able to market yourself correctly and find potential clients. One of the most important aspects of becoming a freelance writer is understanding your target audience. This will help you write topics that your audience will be interested in and instruct them on how to use your products.
This will also help you make more money because you will be providing high-quality content. To write high-quality articles, you’ll need a computer that can handle the strain of writing. If you plan on writing from home, you’ll need a computer that can handle a lot of writing without slowing down. If you would like to know how I build my content writing business from the start to making over $1,000 a month, be sure to click on the link.
Recession-proofing your Freelance Business
When the economy is in a slump, it’s the perfect time to get into freelancing. You’re able to pick your own hours and have the opportunity to work from home. These are two luxuries you don’t have when you’re employed by someone else. The bad economy also makes it easier to get new clients, since they’re likely looking to save money. There are several ways you can recession-proof your freelance business.
Build a Weather-Proof Portfolio
First, make sure you put together a great portfolio and website that highlights your best work. A strong social media presence can help you build your brand, attract more clients, and even land larger projects. You must select and set up the appropriate social media platforms for your business. You can connect with potential customers and gain new followers. There are numerous social media schedulers available that allow you to easily automate social posts. For us HustleVentureSG, we use Tailwind to automate our social media post. Scheduling posts ahead of time saves time and allows you to focus on more important business tasks.
You can also join networking and social media groups where you can promote yourself and your services. And finally, don’t be afraid to reach out to your friends and family and ask if they have any connections who need your services. Having a close circle group of customers and friends to help you promote your branding is extremely important in order to maintain good cashflow in the freelancing business.
Maintain Good Relationships with other businesses
Most of the time, freelancers are working with other small businesses. In order for you to grow your freelancing platform, maintaining and helping your client with lead generation will help freelancer a long way. Word of mouth is an important social skill in order to help grow your business. Apart from helping other businesses with lead generation. Freelancer may also provide offers to attract these business to request for more service from you.
Constantly find ways to Improve your service
There are 101 ways you can hone your skill and improve the service. The best way to find out how to improve your service is getting a review from past customers and friends. Find ways to improve the business from the start of find out the service, to making the purchase, process of the purchase and the delivery of the work. Streamlining the business not only make customer feel better making a purchase, freelancer can also work faster and clearer that way.
Freelancing is a great way to make a living and can be done in just about any industry. If you have a skill or are knowledgeable in an area, you can use that to your advantage and turn it into a profit. You can also work at your own pace and make your hours as long or short as you’d like. The best thing about freelancing is that it’s not seasonal. You can pick and choose the projects that you want to work on, and you can usually pick the hours that work best for you.
If you would like to join a freelancing business to make money online, I would highly recommend you start off with Fiverr. You can sign up by clicking on my referral here. To make sure you are able to start off your freelancing business, here is a step-by-step guide on how to build a Fiverr business. And if you would like to learn how I am able to make my freelancing business into a full-time business, be sure to check out how to increase your side hustle business to make over $3,000 a month.