There have been some significant changes to the way the business sector operates in the last 18 months, and the life of professional freelancers has changed dramatically. Many of those who work in the so-called gig economy have found themselves at one end of two extremes. Either challenges due to the sector they work in not being able to operate during COVID or the other extreme are those who have been overwhelmed with work because independent contractors have been able to fill gaps that paid employees have not.
As many Americans begin to prioritize their time and expertise, they have come to embrace the possibilities of being a freelancer. There are already more than 30 million freelancers in the US and many more who are considering the shift to freelance work. Here are three tips to ensure freelance success.
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Many freelancers do not think of their time as a commodity, but it is a vital resource in any business and should be professionally managed and considered. An essential element of this is ensuring tasks are realistically timed and considered in relation to each other. This means that if you have many projects on the go, all of these need to be considered in parallel.
This does not mean that multitasking is the solution. In fact, this is the contrary. Managing time efficiently means monotasking so that there is focus on one task at a time that is properly allocated.
Whether you are just starting out or a well-established freelancer, managing and planning your finances is key to business success. Central to good financial planning is leveraging the times of plenty to plan and still thrive during the lean times. What does your credit score start at? Knowing that is a vital piece of information that can ensure any freelancer is able to plan adequately for challenging times. Part of planning and managing your finances is also ensuring that you have insurance and emergency funds for those challenging times.
Financial planning can also go beyond just creating safety nets for difficult times and optimizing financial growth potential through investments. Being a freelancer working in the gig economy is already risky as there is never a guarantee that any one month will be better or the same as the previous one. Therefore, consider funds that prioritize stable returns and fewer risks.
Build your client base
While you may have a core number of loyal and existing clients, do not become complacent about finding new clients and exploring new relationships. On the other hand, do not overlook the value of a loyal customer base that has been with you through thick and thin. This is a delicate balance because whether you support existing clients or draw in new ones, these are time-consuming and resource-heavy activities.
Freelancing is a growing trend that has yet to reach its peak; it is expected that as technology improves, there will be both more people who want and need to freelance, but also an increased number of jobs and roles that can be performed by the freelancers out there.
Read also: Tips to Become a Well-paid Freelance writer