Be your own boss, the idea which floats your mind especially during those lazy hours when you are stuck at your 9-5 daily job, staring at your pc screen and thinking – has a minute been always this long? The idea of working from home, on your own time, suddenly makes you believe that you can be more productive at what you do.
Working as a freelancer does provide you with those luxuries but they are equally matched by the horrors of acquiring clients, managing finances, ruthless competition and so on.
Today, freelancing is becoming more and more popular as it is beneficial to both the parties. Not only the client has access to more creative choices but, they do not have to worry about the benefits (health insurance, paid leaves, pension etc) which they provide to their permanent employees. On the other hand, the freelancers get paid more in comparison to the fixed salary while getting to choose the work that best suits them.
Let’s forget the perks for a while and focus on the problems and their probable solutions.
Fierce Competition – Well, you have to admit it in the very beginning, this market has intense competition. Being in the US, you are also competing with the guy sitting in Bangladesh or Pakistan who is ready to do the same work in half of what you are asking. The task of convincing your client on why you should be given the job can get difficult at times after all; they are also looking to save some money.
One way to overcome this is to keep a well-maintained portfolio of your work on all the channels including your previous client’s testimonials. HireCoder is one platform which has a live video chat option between the client and freelancer; this creates an opportunity to showcase your skills in a better way. You must keep improving your skill set and broaden your horizon to stay ahead in the game.
Money Management – It all starts with what you quote to the client. You are charging on per hour basis but, never forget to include the number of hours you have spent on acquiring that client and the hours you will be spending on phone calls about the changes. Always keep a buffer for yourself or at the end you might feel like you have been underpaid for your work. This also opens up the possibility to give some discounts at the end which improves your prospects for getting the next project.
When you are juggling through multiple projects always remember to keep sending those invoices on time. Finishing your work on time is one thing but getting paid for it on time is also important. As you are not getting the monthly salary or the benefits you have to be extra careful about managing your finances. One important tip would be to spend only what you have already received. Do not count on the money that you are about to receive, you never know how much you will end up paying as interest to the banks.
Time Management – Freelancing does not guarantee 15 hours of sleep!!!! The key to becoming a successful freelancer is to manage your time well. Although you will be working on your preferred time, sometimes you will be working more than you used to on your day job and with multiple projects running at once, managing your time should be your top priority.
Do not accept all the jobs that come your way, try to pick up the ones which - of course, pays well and also adds value to your portfolio. The quality of your work will depend heavily on how much time you have given to it. Try to avoid distractions (you know what it is – CELL PHONE). As your business starts to grow, try to outsource menial things and invest your time wisely on the things which are of higher value. Give yourself enough breaks, this sounds generic but it is something we forget while we are at full throttle. It helps a lot to clean your brain and refocus.
You’re Office – Mostly freelancers work from home and it is one of the factors which most of us would like about freelancing. But, it has a drawback too, when you are at a regular job you are meeting people all the time. This is something that you miss out while working from home. You can compensate that by going to co-working spaces where you can meet other freelancers who can provide a fresh perspective. Also, real-life connections are important, end of the day you do have a life other than your work.
If you are someone who can write a code better than most of them, start your freelancing career at HireCoder.com and join the community of Top 1% coders across the globe.