Young millennials and Gen Z, who prefer freedom over corporate jobs turn to freelance as an alternative to full-time work. It is also a very prevalent option for moonlighting among young full-time employees.
Whether a freelancer wants to do full-time freelancing while quitting the 9-5 job or do freelancing as a side hustle, it is indeed a great way to make more income. In recent times, freelancers have the opportunities and options to earn more than on-site job employees.
Freelance pricings are typically calculated on an hourly basis, as a monthly retainer, or project-based. In an hourly basis payment system, the hirer and the freelancer fix a certain hourly rate and the freelancer gets paid for the number of hours spent on finishing the project. If the freelancer gets remunerated by a monthly retainer plan, then a fixed amount for a certain duration of the project is offered recurrently. Project-based payment involves getting paid a pre-decided amount on completion of the project at a set deadline.
Freelancing comes with many advantages such as flexibility, no fixed working schedule, perfect work-life balance, no time-consuming commuting to work, and diverse and fulfilling opportunities. Many freelancers reveal that the attributes of freelancing like no tiring commute to the office and working from one’s own comfort place and that too whenever one wants to – actually make them more productive, focused, and less stressed in their jobs. This leads to increased job satisfaction and contentment. Moreover, unlike a typical on-site job, freelancers are paid proportionately for the work they do, which eventually motivates them to work more and earn better.
The pandemic has changed the perception of companies toward remote working. Before the pandemic, the hirers were skeptical about getting work done remotely as they cannot watch or have control over the employee working away from the office. But the pandemic times proved that not only they can get work done from their remote staff but this style of working actually increases their employee’s efficiency and productivity. Moreover, the latest technology like cloud computing, video conferences, etc, makes working away from an office setup, not a big deal.
As businesses discover that remote working can help in cost-cutting without compromising on output, they have become more open-minded towards freelancing too. Freelancing their projects gives them access to a larger pool of talent as there is no geographical barrier involved. This means that freelancers can get freelancing work opportunities from companies around the world.
As businesses hunt for proficient people in the freelancer market to fulfill their business requirements, freelancers can also anticipate enormous opportunities and endless possibilities in the coming times. Also, as the demand for freelancers increases, their pay rates may also increase, undeniably.
However, one must consider the fact that there are certain factors that influence a freelancer’s potential to make more income. Let’s go through these factors one by one.
Education and training: Formal education as well as certified training in the relevant field are crucial in getting projects with a decent pay rate.
Skills: Businesses choose freelancers to get their projects/tasks completed because they believe that the people who come ahead to take up the work are skilled professionals. They expect the individuals who bid for their projects to not just have all the pertinent skills necessary to do the job but also some general skills such as time management skills, communication skills, etc that can impact their overall performance and smooth interaction during the course of the project. Only a freelancer who has honed and perfected the work-relevant skills along with other general skills can offer qualitative and reliable output and create a standing among the clients in the freelance market as well as attract them to gain more projects and higher pay.
Work Experience: Work experience plays an important role in raising one’s pay rate and getting more projects for freelancing. Just as skills, experience is needed in doing the tasks competently as expected by the clients.
Freshers who start off as freelancers must understand that they may have to struggle to get projects or may not gain higher pay rates as experienced professionals, so they must not expect to make bigger incomes during their initial years of freelancing. Making a better income with freelancing takes time and persistence.
Reviews By The Previous Clients
The client who hires a freelancer has no idea who the person is, if the person is capable of doing the task, or if the person is responsible. They are unsure when they appoint a new person, risking their project which may be urgent or important to them. No matter how impressive a freelancer’s profile is, only if it is backed up by several positive reviews of previous clients, it proves the potential and credibility as well as fetches better projects and higher pay.
Freelancers must understand that freelancing is a dynamic activity. Here, there is no income stability or financial security because earnings are not steady but are based on the project/work accomplished.
So as a freelancer one has to incrementally build good relationships with clients and consistently do professional networking. No matter how capable, talented, skilled, and hard-working a freelancer is, marketing oneself is important to constantly have projects to work on hand.
Freelancers’ work speaks for itself, so aspiring freelancers must continuously upskill or refine skills pertinent to their field and keep updated with the latest industry trends. A freelancer also must take up the handed project seriously, and work adeptly, impressively, and co-operatively. Being reliable and capable is a sure way to get projects again and gain from a client. Establishing a such trustworthy relationship with several clients guarantees a good position in the freelancer market – which means more work, better pay, and ultimately good income generation.
Apart from that freelancers must continuously be in touch with old clients, have a presence in several freelancing networks, brand as well as promote themselves on professional social media platforms such as LinkedIn, and own blogs and websites to develop exposure.
Freelancing specifically full-time freelancing has its own set of challenges. However, when done strategically and steadily, freelancing can have the potential to form a rewarding career with a high-income flow.