The freelance workforce, also known as the gig economy, is growing at an insurmountable rate. In the next couple of years, a significant percentage of professionals in several industries will inevitably decide to become freelancers in their areas of expertise.
This sounds like an exciting venture, doesn’t it? If you’d like to make money while working by your own rules, here are facts you should become acquainted with. Although becoming a freelancer can be filled with uncertainties, it is incredibly gratifying once you get going. Yes, you will have to put in a lot of effort and sacrifice. It won’t be simple, though.
Here are 8 things you should be aware of if you’re debating whether to become a freelancer and aren’t sure.
1. You are your own boss
This is good and bad at the same time. Many individuals begin freelancing because of the appeal of dictating their own work and schedule. However, as a freelancer, you will have to pay your own work expenses and cover any losses that your business may acquire.
Furthermore, if you prefer a workplace where you are held accountable and given instructions by a superior, freelancing may not be the best career path for you.
2. Many freelancers have an international clientele
If you are offering a service that does not require your physical presence in the client’s location, there is a high chance that you will work with foreign clients.
This is especially possible if you use a website like TERAWORK to advertise your services. Writers, programmers, photographers, graphic designers and web designers are examples of freelancers that may have foreign clients.
3. Freelancing is usually solitary work
Many freelancers work alone and a few of them require help from time to time. This makes freelancing the ideal career path for individuals who work best on their own.
4. Your income is not a set figure
Working as a freelancer does not offer you the security that working a 9-5 job provides. Unlike regular jobs where your income is a fixed amount that you will receive at the end of the month or week, freelancing is less stable. You may earn more money in January but have to operate at a loss in February. Hence, your income may fluctuate.
5. Reviews can make or break your business
There are thousands of freelancers who offer their services on freelancing websites. One factor that affects how many people purchase or use their services is their customer reviews.
A freelancer with mostly positive reviews will gain new and returning clients. Significantly, a single bad review can repel new and returning clients.
For this reason, it is important for potential freelancers to know how to communicate with their clients. It is also important that freelancers understand how to resolve disagreements amicably.
6. You may encounter clients who refuse to pay for your services
Up to 50% of freelancers have worked for clients who did not want to pay for their services. This could happen when freelancers encounter dishonest clients or when freelancers provide subpar service.
To reduce this occurrence, only do business on freelancing platforms like TERAWORK that requests upfront payment from the clients. The payment is secured using a unique escrow system so that both the clients and the freelancers are protected from loss.
7. You are learning on the job
A very significant fact every potential freelancer should know is that they will be continuously learning on the job. Your clients may hire you to provide services that differ slightly from what you usually provide. When you work for them, you are adding to the knowledge and skill that you already possess.
Formal education can provide you with theoretical knowledge but as a freelancer, you will continuously gain practical knowledge and improve the quality of your work
8. There’ll be dry spells
There is no consistent pay when you freelance. There may be protracted stretches of time when work is scarce and you are idle. Always keep a savings cushion to be ready for situations like this. Try to save enough to pay your expenses for three months.
And when you’re experiencing a quiet spell, make the most of it. Focus your marketing efforts on bringing in new customers. Try to network as much as you can while being upbeat. The job is already done; all that is required is initiative.
Now that you already have the facts, what would you do with it? Why not join TERAWORK today? It only takes two minutes to sign up and then you begin to enjoy the freedom, immense learning curve and opportunity to supplement your income.