reelancing – This self-employment term has become a trending topic worldwide. Due to the strong word of mouth throughout and after the pandemic, freelancing has become common for unemployed individuals.
If we take a moment and look at the advancing earning benefits, then only three words can describe this way of self-employment; opportunity, opportunity and opportunity. We can have many personal opinions about this remote base online earning method. But it is a fact that the importance of acquired skills has reached global standards through freelancing.
So, why not have a moment to appreciate this opportunistic online earning formula that has encouraged youth and unemployed individuals to bulk up and show their skills?
Let’s learn how freelancing will be the dominating form of online earning in future and how you can earn more money-making opportunities through this self-employment way.
Is Freelancing The Future of Online Earning?
If we say that the profit-earning market of freelancing is worth trillions, would you believe it? Freelancing platforms have created their own marketplace by giving other corporate business organisations tough times. According to recently collected data, there are 1.3 billion active individuals who earn through freelancing. Hence, it estimates around 47% of the working population are freelancers.
So, with the overall business module revenue over multiple billions every year, the net worth of self-employed freelancers touches the 3.3 billion mark.
All these profits mentioned above suggest that upcoming years will be tagged with the flagship of online earning platforms and skilful individuals. Moreover, freelance remote-based platforms such as Fiverr, Upwork, Toptal, and Freelancer have become the prime hubs of online earning opportunities.
However, a few years back, no one thought this way of free-agent earning would become a strong empire of talented individuals.
Surprise Rise of Freelancing After Pandemic
The year 2020 will be remembered as one of the most challenging and heartbreaking periods in human history. But, the emergence of remote base working and online earning platforms are some positives we got during lockdowns. People may have supportive evidence that shows online earning was always at its peak before the pandemic.
However, unemployed individuals from Pakistan, India and the Philippines got their dream platforms to offer their skills and earn daily wages. Similarly, all applaud goes to the freelancing platforms that helped other online earning methods to work in Middle East countries such as E-commerce and online startup entrepreneurship.
According to a report by Pakistan Tribute, Pakistani freelancers have shaken the market of online earnings by generating over 400 million in year 2022. So, discover how you can escalate your monthly income through freelancing here.
Also Read: [Top Online Trainers to Learn Freelancing]
5 Smart Tips to Boost Your Freelance Monthly Income
With the demanding services of digital marketing, computer programing, graphic designing and IT consultancy, Pakistan is among the top freelancing countries worldwide. In the world of freelancing, it isn’t only about mastering the skills, as you have to learn how to grab clients and earn profitable projects. So, follow these tips to update your monthly income with freelancing.
1. Find Top Three Mastered Expertise
Online earning platforms, for instance, Fiverr, Upwork and Freelancer, are filled with profiles of individuals offering multiple services. It is fine to display all the offering services, but experience in mastered skills increases chances of getting higher projects and handsome payments. Some suggest that freelancers should focus on one skill and become experts. But, young individuals should take advantage of these platforms and offer at least three in-demand skills to earn extra money daily.
2. Enhance Your Client Acquisition Skills
In the corporate business world, customer acquisition is key to retaining customers. Similarly, freelancers have to learn how to facilitate customers to return and acquire other services. In freelancing, independent employees are the bosses of their offering services. That’s why it becomes essential for them to learn how to communicate with their current clients. Similarly, they should also have strategic planning to retain them by offering extra benefits. For instance, special discounts and open services of multiple revisions.
3. Design a Catchy Portfolio & Profile Gigs
Wherever clients visit the freelancer’s website, their first sight goes to the portfolios and gigs of the skilful individuals. It suggests that an attractive profile, along with captivating gigs, can influence clients to become regular customers. Monthly income increases when traffic arrives on the profile. So, the addition of a catchy and updated portfolio can become your way to a higher monthly income.
4. Create a Non-Negotiable Rate Card
Most freelancers use their gigs to share all the details of charges per assigned project. However, freelancing hubs such as Fiverr and Upwork offer a price list option to rate the service charges of the freelancer. This allocation will be beneficial and workable for those individuals who face payment issues with their clients. Secondly, your rate card of charges will grab noteworthy and reliable clients, as you can upraise the fare amount according to market demand.
5. Cover Top Level Freelancing Platforms
A clever freelancer should have accounts on all online platforms, as every earning opportunity should not be missed. Moreover, an active presence and strong reach on money-making hubs will generate new client projects and grow monthly income exponentially. So, in the end, it will all depend on your availability and time to keep up with the orders and fulfil deadlines.
5 Alarming Drawbacks of Freelancing & Self-Employment
Even though freelancing has started a new era of remote base online work, there are some distressful downsides as well. Usually, young individuals miss these drawbacks, as almost every social media influencers support this form of online earning and recommend others to follow. However, here are some occurring disadvantages that you should know before turning to a full-time freelancer.
1. Payment Issues & Scams
It is true that unaffiliated online earnings have major scope in developing countries nowadays. Similarly, all the handsome sum goes into the account of the self-employed person, but the questions regarding credibility will never stop. Simply put, due to the large number of scams and payment issues every day on freelance platforms makes this form of earning risky and stressful.
2. Too Much Competition
Following the crowd is in the nature of human evolution, as this practice has made the world competitive. Every person involved in some enterprise wants to uplift themselves and leave others behind. In the same way, freelancing has also become a battleground for skilful individuals where every person is ready to seize the online jackpots. That’s why reaching out to clients can be more challenging than it looks from the outside.
3. Cancellation of Booked Orders
This issue is coming as the major defect of online earning platforms where clients cancel their orders before the submission date. There are few platforms that follow the seven days refund policies and take action in support of freelancers. However, sharp clients and scammers are one step ahead in conning innocent individuals and cancelling the orders even after the successful submission of the projects.
4. No Job Security & Zero Employment Benefits
9 to 5 jobs can be boring and stressful sometimes. But no one can deny that they are far better than other risky businesses. In simple terms, every entrepreneur business and self-employed earning hub doesn’t offer the benefits of annual funds and other employment advantages. Moreover, freelancers have to hunt for big projects to earn well. On the other hand, evidence of job security is enough to ease the 9 to 5 office employees.
5. Unstable Income & Burden of Leg-Work
Let’s put this issue that way; an individual freelancer has to work in all the departments to attract clients and confirm the orders. For instance, self-promotion, communication, negotiations, time management, order delivery and safe payment transition. It means a great extent of legwork is required to be a freelancer. Plus, you never know how much you will earn every month, as it all depends on the projects you get on regularly. So, as a reality check, freelancing can be great for most of the talented people. But you can’t ignore these flaws of self-employment.
Money is nothing until you learn its value. Similarly, if you are earning a good amount of money and it’s coming from legal resources, then it doesn’t matter what you do. After the rise of online earning opportunities, the barriers of social classes based on income are thrashed to the ground. Maybe this is the future of employment and money-making resources. In that case, we should accept the charge and come up with new innovative ideas.
Lastly, that’s all for now, and we will see you soon. Till then, take care and share your thoughts about this entailed information regarding freelancing in the comment section below. Thank you!