How to turn your freelance work into a freelance business?
Is Freelance work considered as employment? Can freelancing generate a good revenue? All these questions may come to the mind when thinking of working as a freelancer. Statistic stats says that from the year 2014, there has been a rise in the number of freelancers. Statistics (Slash Workers) also says that 77% of freelancer’s state that they are now financially stable since ditching their day jobs to go freelance.
The most comprehensive measure of the independent workforce, freelancing gives skilled people great jobs, exquisite income along with dignified life no matter where ever they live. Thus, new insights into why people are increasingly opting to work this way. UK professionals are trying to find remunerative benefits of freelancing instead of working nine to five. Under 2 million workers are operating work as freelancers, according to the UK government.
Turn freelance “Hobby” into freelance business
Only if taken freelancing seriously. The question is how it is perceived; do you see yourself as an entrepreneur managing a freelance business or working without any concrete structure or an overall plan? Once you start thinking yourself as a business person and treating your so-called “Hobby” as a freelance business you start experiencing positive changes. This change in perception would influence others and who knows you might turn into a successful entrepreneur.
If you truly wish to accomplish of what you love doing whether it is writing, photography, crafting or any other service relating to technology, there are just five simple strategies that can turn your hobby into a freelance business –
- Be, it any work, the foremost demand is inventiveness. People crave for creative and imaginative people who are capable of building something unusual and at the same time solves the purpose.
- Next, just being innovative doesn’t work. You will have to be persistent about your work. Make a schedule of your work and follow it strictly.
- Accept criticism, it is always appreciated if you learn from your mistakes and improve. In order, to turn your hobby into profession do not complicate things rather keeping things simple will help aim clearer and easier to market your services.
- Keep yourself transparent and authentic. With a hell lot of competition and learning other success stories, you must stay true to your vision.
Moreover, you would develop a professional presence attracting more and more clients and learn to handle resources better which again will elevate your profit margin.
You can continue to serve happily other companies as a freelancer or turn your freelance jobs into a full-fledged business. Although, it is perceived by Nasdaq that by 2020 43% of U.S. workforce will be freelancers.
People opt for freelancing jobs for a variety of reasons including balancing work-life, customize their schedules in order to make their work life and family unified. Thus, stated by Slash Workers that around 41% of them want to work as a freelancer forever whereas 45% of the workers feel more secure about their independent employment.
Get a freelance business license
It certainly depends upon the nature of the work and services offered. For instance, a graphic designer can report their earnings as personal income without any license. Also, you need to check if your local zone allows you to operate your business from your home.
Definitely, the legal and regulatory paperwork is necessary to manage throughout the year. Businesses of any form require license or permit in order to operate work from home along with registering your business. If, you are a freelancer or a non-freelancer you are still liable to pay taxes to your state's revenue agency.
With the diverse permits and license available, it would be difficult to state the apt license that suits the needs of your business. Choosing a legal entity like LLC or corporation would – make you appear more credible and reliable to larger companies, help protect your personal assets, and save you from taxes (depends on how it is set up).
improve the existing productivity to enhance the freelance business
Thankfully, in today’s work-from-home are much more sophisticated than phoning it in. With the rise in technology, we have access to our clients through email, chat, video conferences, cloud collaboration software and many more. While there are methods to work remotely, but freelancers have to play different roles and juggle with multiple tasks in a proposed time. Thus, maximizing productivity can be challenging but picking some measures can boost your productivity like –
- Banding similar tasks together, instead of working on diverse tasks given by a single client. For instance, if there is a task of calling given by two clients and writing task given by another two clients, then there should be one sitting of calling and then turn to the writing task.
- Certainly, a work-space may seem extrinsic, but it pushes productivity. It is necessary to have work-space ambiance ergonomically friendly, comfortable, well lit, emitting natural light to let you stay energetic and motivated.
- It is always helpful when you associate your tasks with your expenses. For instance, delivering a certain amount of project in a given proposed time can help you fill groceries for the next few weeks.
- Managing meetings and admin tasks can be done later in the day. Working over the tasks should be placed primarily in order than meetings. Doing this, will you not have to shift the gears to get to the mode of working back. Also, the easiest tasks like the admin tasks can be done later in the day – unless it is very urgent, as they tend to be less profitable or productive.
overcome the challenges faced by the freelancer for freelance business
Gone are the days when freelancing was called “between jobs”. Freelancing has become more predictable and a steady source of income. But all days aren’t the same, there will be times when a freelancer faces challenges –
- As a freelancer, it is not necessary to have a consistent workflow. You offer a one-and-done service, you complete a work assigned by the client, and that’s the end of it. This issue can be resolved, by searching for a client with a substantial volume of work consistently. Once you impress these clients, they would turn into your regular vendors or service providers.
- To avoid quandary and trouble in managing deadlines, you need to keep pace with the proposed timeline. Integrate time management system and organization to your variety of work and several projects.
- Keep freelance business your top most priority as it is the source of income. Because you earn is dependent on your efforts you must develop strong negotiating skills. With the success of your projects, you must learn to advance your rates learning the market rates.
Understand technology and innovations which benefits freelancers in the near future
Talented freelancers have become the host of their work life thus, they must showcase their expertise to get caught under the eyes of enterprises. This will give freelancers a huge opportunity with the major rise in freelancing by 2027 –
- With the rise in the technology, Block Chain will benefit freelancers with smart contract, project records which will be permanently stored. Furthermore, Block Chain technology will continue to expand publically and privately, benefiting freelancer in transferring money, eliminating theft work, automatic payment and a decentralized advertising exchange solution to market themselves.
- Freelancers are far away from the concepts of health insurance or retirement benefits which is because freelancers do not hold a legal employment status. Thus, these overachievers contributing towards economies have come into the consideration of the government for improved status.
- Large enterprises shifting or expanding their work into other cities give ample of opportunities to the freelancers too with the traditional workers. Moving to another city would be an added advantage for the freelancers providing them with the best environment to work, high tech innovations, green spaces, lifestyle preferences and many more.
Know the predictions of the future of the freelance economy in 2019
There has been a multitude of predictions about the future economy of freelance each year. This year we hope a better future of the gig economy from rules and regulations to the trends in the software.
- Enterprises will continue to use FMS (Freelance Management System) to organize their temporary worker for the sake of business and great ROI. This system works in the scenario where the client, process, technical and product knowledge are walking out of the door due to the inevitable retirement. Enterprises link FMS to their HCM (Human Capital Management) to fill the knowledge and skill gap of such skilled people when they are in need to a task which also saves the company from a corporate brain drain.
- With the possibility of relaxing the regulations, the federal will make it a lot easier for the companies to engage the workforce with higher wages. The annual performance review will be at its extinction as real-time reviews will be applied to the full-time employees influencing the traditional management practices. This, in contrast, will rapidly give rise to the qualitatively and quantitatively rate and review of each independent worker of a gig economy which would showcase their professionalism, punctuality, responsiveness and many more.
- We are expecting an economic expansion and tight labor markets in 2019 with the participation of the labor force above 63 % after the great recession. Before the recession, the rates grew by 67%, with the joining of the women workforce as well and after the recession, it fell to 62%.
In the Nutshell -
There are some in-demand skills that hold great opportunity for the freelance business – Artificial Intelligence, Machine Learning, website development, mobile app development, Instagram Marketing, Block Chain, Robotics, Augmented Reality and many more. When it comes to learning new skills, interestingly, 55% found participating in skill-related education while only 30% non-freelancer could make it.
Also, a survey made by the Stanford professor Nicholas Bloom who has painted a great picture of the work benefits from home. His survey showcased an astonishing result proving the productivity boost, full-shift work, and less distracted freelance employees. Moreover, the company saved almost $2000 per employee rent with the 50% decreased attrition of the employee.