Freelancing, a term most commonly used in reference to self-employment. It is because the phenomenon bears no long-term connection between the employer and the employee. Well, before delving into the world of freelancing, it is pertinent to mention that we will be tapping into everything. Freelancing is a huge spectrum, therefore, there is a plethora of facets and features attached to it.
In the thriving and ever-so-fast internet-centered world of the 21st century, freelancing is massive. Everyone wants to know how they can make money from an arena of freelancing platforms. Well, especially after and during the elongated and daunting times of the pandemic. Moreover, in this article, we will share everything from the definition, types, skill-sets, freelancing platforms that one can work on, the pros and cons, how lucrative it could be, and everything in between. Basically, we answer all the questions that you have been wondering about. So, wait no longer and jump right into it.
Quick Guide
What is Freelancing?
The term freelancing is a way of earning where an individual with a certain skill connects with an employer, a company, or any individual to perform a task/project. Well, the assigned task or project is timely and is not long-term. Moreover, it could also be contractual or project-based, depending on the deal/negotiation.
So, a freelancer gets in touch with a client and negotiates over all the terms. From the project to money details, everything is discussed. Now, that discussion could be one-to-one or a third party (freelancing platforms) could be included.
Importance
Well, the question of importance is huge, especially in this day and time. While you work at your full-time job as a corporate employee, a side hustle as a freelance art jobs and others to earn extra money never hurts. Furthermore, it is also an exceptionally great way of earning money for students where they earn money along with polishing their skills. In addition, there is an arena of other benefits too including the fact that freelancing truly makes one independent.
Furthermore, it is highly flexible, enabling the freelancers to work on their clocks, therefore, they do not have to report to any office or authority.
In-demand Required Skills
A report claims that as of today, more than 1.57 Billion people identify themselves as freelancers. A medium that surely is enabling masses and is nothing less than excellence. Well, the question that frequently pops up is what skills do I require? Should I delve into a specific niche or skill set?
Well, certainly not. A coliseum of skills will perfectly find their way into it as the demands are endless. Therefore, it means that whatever skill you are good at, stick to it. Polish, refine, and offer. That is the pattern. Anyhow, we will be looking at some of the major, most in-demand, and talked-about skills in the world of freelancing.
So, here we go;
- Video Editing
- Content Writing
- Website design
- Social Media Management
- Animation
- Graphic Designing
- App Development
- Academic Writing
- PR
- Data Entry
- Social media content
- Coding
- Web development
- Accounting
- Search Engine Optimization (SEO)
- Project Management
And well, much more. the list is endless. To put the discourse in a nutshell, here is one of the simplest, seamless yet solid examples.
How do I start Freelancing?
The key objectives to get started remain the same. But before delving into the very world of freelancing, it is important to note that every country has varied and diverse rules when it comes to freelancing. So, it should be kept in mind, but the core of the business remains the same.
Now, the process of starting freelancing is extremely easy and seamless. To make it even easier, there are multiple freelance jobs apps available too, to help you get started. However, some steps are pertinent which are;
- Legality: Well, the first and foremost step to kick start your journey as a freelancer is to first get your business approved by your local government. Get your business name in the government papers, so that there is no inconvenience in the future whatsoever. So, the first legal entity step is of utmost importance. Well, for this – one has to fill out an online registration form along with attaching the required documents.
- Tax Filing: Once you get past the very first step of the legal entity, then comes tax filing. It means that you will officially have to file tax returns and pay taxes. In addition, it is also important to note that to avoid any kind of chaos and inconvenience at the end of the year, do take the expense-tracking system and invoicing into keen consideration.
- Business Account: After this comes setting up your business account. Well, let’s make it more clear. There is a personal bank account and a business one. Well, to make transactions easier – it is always a way seamless and easier to claim your expenses. Not to forget that it is not legally required but a solid way to avoid any confusion.
- Customers: Now, to get your freelancing journey a step above – listing all your customers and clients list is pertinent. It helps you visualize and navigate the way easily. In this category, you can also get a client’s referral which is an impeccable way to be recognized hastily. So, drafting a client list comes in handy and is extremely helpful for you.
- Contract Scanning: Well, before stepping into any novel contract or taking on any project as a freelancer, it is important to scan your contract thoroughly and keenly. Be very aware of all your terms and conditions and everything that you bring to the table. Hence, scanning and going over it is important as it is the legal document between you and the client. Moreover, just in case you don’t know how to draft the craft as you might be starting out – look it up on the internet and there will be a coliseum of examples to help you out.
Freelancing & taxes
Now, oftentimes freelancers worry over the fact that how much tax will they have to pay. Well, there are many factors that come in when we talk about individuals accustomed to paying taxes. First and foremost, freelancing is fun and all as one does not need to report to anybody.
Anyhow, once the income rolls in – well that is another pertinence. It is also quite known that every individual with a certain amount of earnings has to pay a percentage to the government. That is what we call ‘income tax.’ In the freelancing world, apart from the staple income tax, the investors will have to pay a 15.3% self-employment tax. Well, that figure and stats are from 2022.
Now, one may wonder about what and how the self-employment tax is going to benefit you. Well, it covers a whole lot of bases. From social security, Medicare taxes, and much more.
Tax Deduction
In addition, there is plenty of good news. As a freelancer, you are your own employer and the employee which means that the expense to carry on a business is relatively higher. Therefore, you can also reduce your tax liability.
It translates to one opting for a deduction in taxes because the end expenses as a sole runner could be daunting at times. Not to forget that this tax deduction facility is not viable and available for any other regular employee. Having said that, it is also extremely important to note that all these deductions are only put through if they are highly required and needed.
Freelancing Earnings
Now, that we are thoroughly and keenly aware of freelancing and everything about taxation, let’s shed some needed light on the earnings. The phenomenon of freelancing is very ranged and diversified.
The earning entirely depends on the project that one is taking on, the contact, or the task that has been assigned. Well, the contact and the negotiation that goes between You and the client decide (depending on the project/task) about the payment. Now, this payment could be hourly-based, contractual-centered, or project-based. Entirely depending on the collaboration and the given work.
Pros & Cons
We will thoroughly and deeply walk you through all the pros and cons of Freelancing as a phenomenon. It is a diversified field, a space where the possibilities are endless. There are absolutely no boundaries or end to what an individual can offer as a skill and the world does not require it.
You have a skill – well, sell it. The world requires it, that is precisely what we call a vicious cycle. So, the figures stating that around 1.57 Billion people are in the freelancing business, now that says something loud. Hence, with the space being huge – there is bound to be a long list of advantages. And some disadvantages. And we are going to discourse over the phenomenon Now!
Advantages
Here are some of the advantages of freelancing – helping the masses more than ever.
- Your own Boss: Well, what else could one want. You are not going to directly answer to any boss or stick to a certain routine. Schedule your routine and there you go. Freelancing allows you to be both, an employer and an employee. Doesn’t that sound amazing?
- Time Flexibility: Yet another incurable thing about it the time flexibility. Now, that could count in any translation which means that the period is not fixed (until there’s an ultimatum by the client), and you are not required to be on your laptop at all given points or any such sort. So, freedom and liberty do give an edge. You want to visit a friend and work at night, pay your electricity bill at any time – the decision is yours. You are deciding your business hours.
- Client Filtering: oftentimes, when we work at a company, there is absolutely no choice. Well, in Freelancing, you can choose your own client. There is an influx of freelance jobs options there, and you can choose as per your feasibility and viability. The moment you don’t like working with someone or their tantrums might throw you off, well quit. Choose another client.
- Financial Management: Now comes the exciting part. The money that you earn is directly coming to you after tax deduction. So, one of the motivations is that there is no fixation that only a handful is going to come at the end of the month. It is as simple as that. The more you earn, the more money is going to be in your bank account.
- No Politics: The system and entire management are very transparent. One does not have to put up with any kind of politics or chaos. Instead, it allows you to make connections and broaden the horizon of your professional journey.
Disadvantages
Now, let’s talk about some of the disadvantages of being a remote worker or freelancer.
- Zero-socializing: Well, it does get tiring at times to not socialize and work alone. So, the factor of alone time might be a drawback.
- Irregular Income: Irregular income can turn out to be a huge problem. So, it sure is one of the biggest disadvantages.
- Client Clashes: oftentimes, the clients are not very collaborative and the unclear narration/description turns into misunderstanding. That does not fulfill the task completely, catching the clients off guard. It is also because the online medium is unreliable at times.
- Sole Business Management: It’s You Vs. You Only. You are taking on the journey which means there is absolutely no one helping you. From contacting the client, landing the project, and being in touch with everything else, you will be doing it alone. So, having that as a long-term and handling the business is daunting. In addition, you also have to be on your toes, with invoices, the payment received, catching up on the health insurance, and whatnot, there is a lot.
World-class Platforms
An arena of opportunities and possibilities is awaiting. The only difference is that you just need to know the right notes. Now, we will talk about the impeccable, world-class, and highly acknowledged freelancing platforms that have proved to be high-end. Here’s some.
- Upwork
- Fiverr
- Behance
- Toptal
- Flexjobs
- 99designs
- Dribble
- TaskRabbit
- DesignHill
- CraigsList
Well, these are just some of the examples. There are many ways and mediums via which one can find remote work and, thus, be counted as a freelancer.
How can I find freelancing Work?
There are many ways that can help you get the needed and apt gig. It could be through word-of-mouth, referrals, freelancing platforms, social media apps, and a whole lot more. For example, for the lack of opportunity and sometimes awareness, clients even post on social apps like Twitter, Facebook, etc. One can even get started from just Daraz product hunting, doing Google ads, and more such sorts.
You can also get in touch with them on LinkedIn which has proved to be thoroughly helpful and divisive.
Do I need a degree?
Well, here is the good news. You certainly do not need a specific degree for freelancing or to get your journey started. Just get your hands polished on a certain skill, be exceptionally good at it, and offer it. Here’s an example. A person studying Bachelor in Business Management (BBA) is learning video editing at home and is an expert.
He can successfully take on editing gigs as freelancing projects and earn handsomely. So, to answer is plain and simple. You have a degree and a skill, very well. But having one to get started in this business is surely not a requirement. Moreover, many people often wonder if this is a long-term business, so the answer is yes. It can be a long-term plan, as the market is huge.
Traits required to be a freelancer
Freelancing is an impeccable mode of work, yet it requires a certain set of punctuality and professionalism. So, here are some of the traits that are of utmost importance when it comes to freelancing.
Persistency
The first and foremost thing is persistence in any profession. Well, freelancing is no different as it is a thriving and ever-evolving space. The drive to get ahead and be better at your skills is what is necessary. In addition, staying persistent will also help you to polish your skills and offer better services to the clients.
Time management
Well, when you are your boss and there is absolutely no one to answer to, here is what self-scrutiny jumps in. So, time management to complete the tasks on time is of utter importance. Therefore, get your clock in the cycle to manage time and be punctual with your professional work.
Market awareness
Another thing that holds sheer pertinence and a trait which is well acknowledged to be aware. Know the market trends, read, communicate, engage, indulge in more activities and just simply know how to be better in this industry. It could be daunting at times, so, being on toes and alert creates a huge difference.
With the presence of many blogging sites, freelancing, and digital websites available, one needs to be highly aware of the ever-thriving market.
Communication
Any profession in the world requires solid and sound communication skills. It makes you be ahead of your game and be confident. Once you start communicating well, you are in a better position to evaluate and put your vision across aptly. So, work on your communication skills. Having said that, it is also necessary to note that it is not a needed trait but more like an add-on.
Discipline
Nothing works better than being disciplined in your profession. It makes you dwell more and hustle in the right direction. You are always on your toes which means that you are ready for any uncertain and unforeseen situation too. So, to put it together, discipline makes you prepared for any kind of situation, especially in a market like freelancing.
Conclusion
A thorough, keen, and diverse discourse on freelancing is included in this article. All the questions that might have been boggling you for a longer time are answered in detail. So, give it a read and be better before stepping into a mega, yet, tricky industry. Anyhow, we are also advising you to always do your research before stepping into any novel territory. For any kind of information, query, or ambiguity – always reach out to the very trusted Being Blogger, one of the giant names in the world of marketing.
FAQs
Q-1 What is freelancing?
Freelancing refers to self-employment when a person with a certain skill works for a client on a contractual basis.
Q-2 Do I require a special skill for freelancing?
Not certainly. You can be good at any skill and offer it accordingly.
Q-3 How much do I charge for freelancing?
It entirely depends on the kind of skills you are offering, the time period, and the project you are taking on.
Q-4 What are the major freelancing skills to learn?
There are many but content writing, graphic designing, web development, SEO, and video editing are the most common ones.
Q-5 Is freelancing remote work?
Yes, most certainly! One does not need to be at an office or report to anyone directly. You can work on your clock.
Q-6 How much tax do I have to pay for freelancing?
Apart from the general income tax, there is a fixed amount of tax that one needs to pay.
Q-7 What are the famous freelancing platforms/websites?
Well, there is a whole lot but Fiverr, Upwork, Behance, and 99Designs come in the top.
Q-8 How do I charge my freelancing skills?
It entirely depends on whether you have chosen hourly, contractual, or project-based mode.
Q- 9 Is freelancing beneficial?
Yes! It is and all you have to do is offer your services to the clients in the most authentic way possible.
Q-10 Where can I get freelancing assistance?
Incredible and skilled digital platforms like Being Blogger are of great help.
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