Freelancing is a type of self-employment. Instead of being employed by a company, freelancers tend to work as self-employed, delivering their services on a contract or project basis.
There are many different types of freelancers, but they tend to be knowledge workers who possess a high-level of skills and knowledge in a certain area, such as designers, writers, programmers, translators, project managers and so on. There is, however, another group of self-employed professionals that often get classed as ‘gig workers’ or ‘contractors.’ Self-employed handymen, cleaners, construction workers and drivers would fall into this category. The most distinct difference between freelancers and gig workers is that the former tend to rely on the internet to deliver their work.
How does Freelancer work ?
Setting up as a freelancer is a little bit like setting up your own business. While every country has its own laws and types of business structures available for freelancers, the key factors to consider remain the same regardless of where you live or work. So, are you really interested in freelancing?
Advantages/Benifits of Freelancing ?
Benefits of freelancing
Flexibility. Freelancers know how much work they can get done in a specific amount of time.
Autonomy over your work.
Not tied to one location.
Decide your own income.
No employee benefits.
Income can be inconsistent.
Build your own name and experience.
Disadvantages of being Freelancer ?
Freelancing means running a business alone, without much socializing.
Freelancers Don't Get Employee Benefits.
Self-Employment Income Can Be Inconsistent.
You Have To Build Name Recognition and Experience.
You Pay for Equipment and Repairs.
Freelancing Takes Up Living Space.
You Lose the Social Aspect of Work.
What are the problems faced by freelancers?
Finding clients is one of the biggest challenges freelancers need to manage. Often times, finding clients is an ongoing challenge, not something a freelancer can do once and be done with. The fact that clients are basically what keeps a freelance business alive makes this all the more stressful!
Acquiring clients is the most frequently cited challenge faced by freelancers. It is especially an issue for new freelancers who haven't built up a body of work or worked with enough clients to establish a word-of-mouth reputation.
How stressful is freelancing?
It's not uncommon for freelancers to burn out quickly. Whether it's too many deadlines to handle, poor time management skills, or just taking on too much work, the stress is real. It's just different from what most people are used to.
We don't talk about mental stress among freelance creatives enough. Freelance creatives go through a lot of mental stress to meet client demands, land new work, and stay on top of their game. And not knowing how to deal with mental stress leads to exhaustion, burnout, brain fog, and mental fatigue.
What is the most difficult part about being a freelancer?
Setting a schedule This can often be one of the biggest challenges for freelancers. You're no longer at a nine-to-five job so you have to figure out organization of your time. There are deadlines and overlapping client jobs to coordinate, so you really have to be wise about how you work and spend your time.
For example, freelancing can be challenging because, oftentimes, you need to build up your portfolio for working with bigger clients. Also, if you're not extremely disciplined, you might have a hard time organizing your time.
How much does a freelancer earn in India?
Currently, 60% of Indian freelancers are under the age of 30 years, and the average income of freelancers across India is INR 20 lakh per annum and 23% of them make over INR 40 lakh per annum. Isn't this exciting?! The ability to choose your work without being tied to an office has become the idea of freedom.
There are a few ways to get paid as a freelancer. The most common way is to invoice your client for the work you have done. Average salary for a Freelancer in India is 4 Lakhs per year (₹33.3k per month). Salary estimates are based on 5918 latest salaries received from various Freelancers across industries.
How to manage multiple client as Freelancer ?
Organize and Track Everything.
Block Your Schedule.
Prioritize Important Tasks from Clients.
Make Sure Your Schedule is Realistic.
Set Aside Time to Collaborate and Communicate with Clients.
Set Reminders for Priority Tasks.
Do One Task at a Time.
Take a Break!
What are typical work hours for freelancers ?
Freelancers also work long hours – 40+ hour working week. For freelancers, time is money. The cliché of lounging around in your pajamas while only doing a couple of hours of work a day couldn't be farther from the truth.
Freelancers work less than 30 hours per week, but only half of it is spent on billable activities? That's why, even though they work less, freelancers need to charge more than traditional employees. After all, half of their work time is non-billable.
READ OUR OTHER ARTICLES