I’m pleased to announce that we have our first guest blog post on Laughing Lemons. Let me introduce you to Barney Whistance. I hope you enjoy his thoughts on overcoming the difficulties of freelancing.
Things are gradually changing for freelancers around the world. The traditional full time job employment is becoming less common and being replaced by freelance project to project work life. The economic implication seems to be more flexible and significant as it is becoming more innovative and creative. However as the market for freelancers grow, so does the competition. More and more freelancers are growing in the field with less number of projects and thus they must be able to deal with the fluctuations of the global market.
It is more of an economic change as traditional jobs are relatively easy to count in comparison with the freelancers, the fluid and nontraditional nature of independent work is harder to access where you can just put a name and number to it. Without a doubt, freelancing is one of the best ways to earn a living but despite all the benefits, there are a lot of difficulties which go along with it like working at home on your own without an office or staff, limited time period and you still don’t get to be your own boss.
This article can prove to be a treat for freelancers as we highlight the basic problems of freelancing and how to resolve them without much difficulty.
The Famine Cycle
If you know for sure to become a freelancer right after graduation, one thing you need to be prepared for is the limited amount of time to earn as much as possible. Even if you’re a student and freelancing to save while in college but with the time crunch, you will be forced to decide spending time for studying or spending time to work on client projects.
This typically causes active projects to fluctuate between far too few or far too many. Look for the potential project which can benefit you for long term and helps you to get your word out there, it isn’t just about getting paid, sometimes you may need to build upon your portfolio.
Despite the workload and challenges, no freelancer can work in a vacuum. There is always family to look after, friends to go out with, relationships to maintain, hobbies to do and other parts of our lives where we need to spend time.
The key to maintaining a work/life balance of a freelancer is to dedicate specific time duration for freelancing no matter how time consuming or important it is so that other areas of life cannot be compromised.
Letting Go of the ‘One Man Army’ Idea and Thinking Like a Freelance Entrepreneur
In spite of the general prosperity of earning per project at a time, freelancers can face barriers and challenges in their working lives such as finances, practice of freelancing and the competition. There are many skilled freelancers out there and then there are aspects of law and policy which can penalize freelancing.
Freelancers can aim at facilitating and stimulating their freelancing and growing it as an entrepreneurial category. They need to take a global overview of their freelancing by turning it into a business and considering its strategic positioning, the competition and marketing implications by
- Organizing finance and accounts for payments
- Day to day management of projects to contract with other freelancers and businesses
- Business Expansion in terms of growth and projects
With a freelance business, you can contract other freelancers, enjoy greater revenue from projects and witness twice the growth rate of your projects and revenue.
The Financial Implications
One of the most common problems for freelancers is the lack of legitimacy which surrounds their ability to secure payments from clients. There is also lack of sensitivity to their common business difficulties such as late payments. It is one of the most important barriers to their cause.
An introduction of a government backed business account or a partnership with a firm or any government links which can be specifically designed for freelancers and equipped with advisors who can understand the nature of their cash flows and advice on the difficulties with longer term financial planning which can help negotiate proper payments and reduce famine income streams of freelancers in the long run.
With such tips, you can transform your conventional freelancing and make your skills more available in continuation of a longer term secular trend, thus this will get more projects and timely payments from the clients.
Barney Whistance is an enthusiastic Finance and Economics blogger who is most interested in global economic climate. Apart from doing majors in Finance, he is also a Chartered Accountancy Student and planning to complete his Ph.D. in Finance before he turns 30. For more updates follow him on LinkedIn | Twitter | Facebook | Gmail