Are you considering to venture into freelancing as a side-hustle or for self-employment?
Making it in Freelancing requires a certain mindset and empowerment in various skills. In this post, I will give you the 6 key factors that you must consider.
Freelancing has proved to be a highly preferred low cost side hustle. Millions of Americans are proudly identifying themselves as part time freelancers. There is an attraction to freelancing. It captivates individuals who are seeking independence, flexible working schedule, and the opportunity to work on their own terms. It’s important to consider key issues that affect freelancing to help you make informed decisions as you strive for success in freelancing.
These factors are;
- Unpredictable cash flow
- Online personal branding
Unpredictable cash flow
It is important to consider that incomes from freelancing as a side hustle are not consistent like one would expect in the wages for full time employment. The payments trickle in intermittently since the freelancer are on per task or job completed bases. Companies engage the services of freelancers depending on the prevailing needs and availability of disposable cash. There are low seasons when most companies do not engage freelancers. This greatly affects the earnings for freelancer who are paid for task or job completed. As you join this low cost side hustle, you should build savings during the high seasons to sustain your during lean periods when client projects are scarce. Freelancing has peak and dent seasons
Online personal branding
As you embark on freelancing, ensure that you have a distinct product or service for which there is market demand. Find out about the market demand for your freelancing niche. Is there a viable market for your services? This will give you a perfect understanding your uniqueness and thus help you position yourself effectively to attract clients in your side hustle. During your market research, it is also important to assess the competition and identify what sets you apart. Conduct market research, network with industry professionals, and leverage online platforms to gauge demand and identify potential opportunities. You need a strong online presence and visibility to remain relevant in the constantly changing online world. This can only be achieved by establishing a solid portfolio and developing a personal brand for your side hustle. Clients often assess freelancers based on their past work and reputation before offering them contracts. Therefore as you consider to become a freelancer focus on building a portfolio that showcases your skills, expertise, and versatility. Craft a strong personal brand that highlights your unique selling points and resonates with your target audience. Failure to do so will make you easily masked by the fast paced online world where there are so many distractions. Develop a professional website, optimize your social media presence, and actively engage with relevant communities to enhance your visibility and credibility. You will need to shout to create attention.
Market your skills
It is vital to develop selling skills before embarking on freelancing. It seems insurmountable in the beginning due to the fear of rejection. A freelancer must actively market themselves to acquire new clients. In this side hustle, consider how you will be attracting clients as you promote your services. Develop the attitude that second selling is always easier than the first. It then becomes much easier with subsequent selling. The effort one uses to close the first sale is always the hardest. So, come up with a comprehensive marketing strategy that includes visibility on the online platforms, attending the networking events, requesting for referrals and finally collaborating with others in the side hustle.
Selling skills are the same the world over, and you will need to consistently sell your products or skills. Therefore understand the art of pitching for a sale, how to negotiate for a contract and also how to manage you client relationships effectively through active listening and communication. As you will discover in this side hustle, consistent and proactive marketing efforts is the single most important skill in maintain a steady stream of projects and thus securing a sustainable income.
Time Management skills
As the old adage that says time is money, it can’t be truer than in freelancing. Time management and personal discipline are key components necessary for a successful freelancing career. There is some flexibility, but freelancing requires a disciplined individual who commits to effective time management. During the high seasons when multiple employers are hiring, our ability to work independently and meet deadlines while handling multiple projects simultaneously will be called upon. Always prioritize tasks, manage your schedule efficiently, and maintain a healthy work-life balance. It is also important not to commit to many projects since overpromising disappoints clients. Therefore, being disciplined, self-motivated, and organized is crucial for freelancers to deliver high-quality work and consistently meet client expectations.
Finance Management
In the freelancing side hustle, one needs to manage their finances well. A freelance must always familiarize themselves with the relevant business laws since one will need to file for taxes submission, maintain contracts and other legal obligations. Other administrative aspects of freelancing include registering your business, invoicing clients and tracking expenses.
Market Research
The freelancing sector keeps evolving at a rocket speed. So you will need to be open to change. New tasks or jobs are introduced while others become redundant. As a freelancer, you need to constantly upskilling and keep up with industry trends to remain relevant. Consider that you will have to invest time and effort in expanding your skill set from time to time. To stay ahead of the curve, it is necessary to locate time for professional development, attend workshops or online courses, and participate in relevant industry events.
Becoming a freelancer can be a fulfilling and financially rewarding side hustle. However, it is essential to consider the various factors mentioned above before embarking on this journey to ease the transition. It requires deliberate effort to succeed. Most working people find this a challenge since the do not seek adequate information before taking up freelancing.
