Written by Liquid
There are many positives when it comes to being a freelancer, and it's more popular than ever for workers to seek out a freelancing lifestyle. Many workers are looking for a way out of a mundane work environment. They are confident they will enjoy the autonomy, independence, flexibility, and financial positives being a freelancer can bring. Some people, however, have questions about how to do it successfully. How do freelancers make money? Where do people find work? How do freelancers figure out what to do, and why do they choose to do what they do? Other people have questions about insurance and other benefits. This article explores each of these things, giving tools and resources that can help people along their journey.
What Is A Freelancer?
Freelancing is considered one of the more difficult career decisions many people have made. That said, it allows people to change the direction of their profession and lead lives that have more flexibility. Some pursue freelancing as a lifelong dream, while others use it as a means to an end. Starting your own business has many complexities, including establishing goals, making schedules, managing clients, and dealing with all the administrative work necessary. Freelancing is when a person does contract work for multiple clients and/or companies. A freelancer’s field of expertise can range from content creation to application development, writing to social media management, and more. There are a few different employment types within freelancing, including independent contractors and self-employed workers. Sometimes freelancers provide other services such as tutoring.
How Many Freelancers Are There?
There are over 60 million Americans who freelance, including almost 50% of millennials. This is significantly higher than other generations. Based on the current economic trends, the majority of the workforce is projected to be working as freelancers by 2030.
The Types Of Freelancing
Millions of people decide to build their own businesses and while doing so find more freedom in their day-to-day lives. Some freelance options out there include virtual assistant, administrative assistant, bookkeeper, app developer, business strategy consultant, business management consultant, operations consultant, pricing consultant, HR consultant, instructional designer, brand identity designer, photographer, web design professional, web development professional, copywriter, content writer, and translator. There are many others as well. Plus, there are also many positions under the marketing umbrella that are perfect for freelancing. A person who markets as a freelancer could be an SEO specialist, publicist, email marketer, social media marketer, product marketer, content marketer, content strategist, or product manager. Hundreds of other options are also available.
How To Be A Successful Freelancer
Being a successful freelancer starts with doing a lot of research. The first part of this is researching if freelancing is right for you. Ask yourself why you want to freelancer, whether you can afford to make the transition, if you are comfortable with potentially being uncomfortable, and explore what your talents are. Ask yourself what brings you joy as well and consider both the advantages and negatives of being a freelancer.
What Are The Advantages Of Freelancing?
Freelancing has many advantages, one of the most prominent being that you are your own boss as a freelancer. Many freelancers also find themselves able to take advantage of more tax deductions when it comes to meals, travel, transportation, and more. Also, federal and state taxes are not withheld from each paycheck. While freelancing can be high risk, it can also be high reward. A freelancer's salary has less of a limit on it and depending on how often a freelancer wants to work and how much they charge, their financial capabilities can be more flexible. Freelancers also often report having a better work/life balance. They save time on their commute, they can often work from coffee shops and other businesses, and the ability to create a schedule that works for their life can be a massive benefit.
What Are The Disadvantages Of Freelancing?
There are many disadvantages to freelancing as well, including being your own boss. Making all the decisions and doing all the work can sometimes be time-consuming. Learning how to do every part of a business can also take time and be stressful, depending on the person. As a freelancer, you will have to organize your own benefits, taxes, and do your own accounting. Also, if you don’t work, you do not make money. Taking a three-week vacation is fantastic, but money will not be coming in while you are gone. Due to this, people who are freelancers sometimes have to be more careful about where their money is going, how they are budgeting, and what their finances are looking like. In addition, instability in a person’s life can interrupt the person’s work/life balance, creating situations where a person is working more hours or working hours at more inconvenient times. Planning is an essential part of being a freelancer.
How To Freelance
Setting up your business is the first step to becoming a freelancer. Think about what you want to do, how you will make money, and how you will set up your business. Figure out how you will be branding yourself and why you are freelancing. Using all this information, you can start building your brand. Making a long-lasting impression with clients is important, and you will likely need a logo, website, business card, and action plan. If you are utilizing social media accounts, these accounts should also reflect your personal branding. Many people use Facebook, Twitter, and other social media to get their message out.
Creating a portfolio is the next step. Strong testimonials and copy can help sell your services; the portfolios feature your work in action and help potential clients envision your skills working for them. Portfolios can also save people time by weeding out clients that do not fit with your services, even before they have called you.
You also need to establish and register your business. Freelancers have some flexibility around the legal and financial structure of their business; there are many options available. Bank accounts help separate finances, and while some freelancers work from home, others prefer to rent an office or have a separate space they can use for work.
Getting Freelance Work
Now that you’ve established the foundation of your business, reaching out to your connections, setting rates, budgeting out business expenses, and determining market rate pricing are some of the next steps. There are numerous pricing models, so select the one that works best for your business. Whether you are using websites, marketing, forums, or other spaces, find work, keep accurate records, and move your business forward. Freelancing can be a fantastic choice, providing immense flexibility and increasing happiness. These are the first steps of the process, and the tools provided by Liquid are the best for helping you keep organized and pushing your business forward. Take a look.