The business of Freelance

As has been said multiple times in the previous posts, freelance is about to become a major part of the global workforce. According to the 2019 report, 57 million Americans are freelancing, making it to 35% of the workforce. Among these freelancers, 53%are generation Z. By 2019, the percentage of full-time freelancers rose from 17 to 28 percent. With freelancing rising up, it is time to reframe this career due to the fact that freelancers are not just workers who take care of the projects, but instead, they are running a business on their own. Just like any other business owner, freelancers have to think about the strategy to promote themselves, build relationships, and take care of all the finance. While for some it seems beneficial to take care of their own finances, for others it is a stressful process that is accompanied by risks. At the same time, for many freelancers, it can be beneficial to manage their own finances as they can adjust their rates, increasing the income. Since freelancers are taking care of their own incomes, they have to manage their taxes too. As taxes are not taken out of freelance checks, it’s on freelancers to set money aside for what they owe on taxes. This can be challenging for freelancers and the most prepared are likely looking at their work as their own business. Moreover, freelance workers often use outsource help, hiring other freelancers for big projects and like any business owner, they choose who they want to hire, also paying the required amount to people they hire to help on their projects. Last, but not least, freelancers have to promote themselves like any business would do. By determining their target audience, freelancers have to choose the platform which better suits their target audience. Moreover, setting up their own website is also important as it will show their professionalism and make their services more accessible to potential customers. For every business, as well as for any freelancer, it is important to build their brand, increasing the customers’ volume. As can be seen, freelancers are like a smaller business as they have to take care of their finance, advertising, and team management as any other business would, meanwhile mastering their entrepreneurial skills. 

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