Considering Freelance Work? Here Are Some Tips to Get Started
Freelancing is a form of self-employment, similar to work from home businesses and gigs. In general, freelance work is one of the simplest forms of entrepreneurship. If you are considering this direction of work, this article will provide freelance tips for you.
Freelancing in the digital age
Freelance jobs have become an increasingly popular career choice since you are your boss and have your schedule. Because of this, freelancers can create a healthier work-life balance. Many freelancers can save money on childcare and kids actually see and play with their mom and/or dad more often.
The new normal that has come about due to the COVID-19 pandemic has also created a spike in the freelance workforce. In Malaysia, freelancers or the self-employed are the second biggest workforce in the county.
Freelancing can also be done as a side job as a way to generate extra income. With the gig economy expanding rapidly, many are becoming interested in becoming a freelancer either full-time or part-time. Freelancer pay rates are often higher than permanent employment, but the amount you make is dependent on how much work you decide to take on.
Freelance tip #1: Expect that the freelance way of working is much less structured than traditional jobs.
You may be your own boss, but you must be motivated, disciplined, and organised. Map out your schedule — daily, weekly, or monthly. A good freelancer knows how to keep track of multiple projects and deadlines.
Why choose freelance over traditional jobs?
Better earning potential
A freelance job has bigger earning potential if you are motivated. It’s simple: work hard, earn more. You can decide how many projects to take on in a month and how much money you’d like to make.
Unlike traditional jobs, freelancers have the power to say no to gigs. But be mindful of why you are saying no. Is it because the project is a waste of your professional time or are you feeling lazy? Saying no often could mean that you’ll get fewer part-time offers of work.
Quicker professional growth
Freelancers are able to adjust or improve their skill set, making them adaptable and able to work in many different professional areas of expertise. Being well-versed in multiple professional areas can also mean a fatter paycheque. A lot of freelancers take the time to update their skill sets. There are many educational resources available online, both free and paid. Find out which skills are high in demand and which job sectors are hot right now.
Work from anywhere
Aside from having a flexible schedule, freelancing allows you to work from anywhere. Think of all the money you can save by not having to commute. Having a flexible schedule can also mean a healthier lifestyle, with time to exercise, cook and eat healthier with regular or semi-regular mealtimes. Bonus: there isn’t much need to get dressed for work.
Extra income streams
Freelancing also allows you to build passive income streams. If your website gets numerous hits, for example, try selling ad space or a members-only section. Offer e-courses sharing your expertise in one or more professional areas. The more creative freelancers can create a paid podcast series, ebooks, or vlogs.
Low-risk employment
Remember that there’s no harm in trying to freelance, whether it’s a necessary move or simply extra work to make extra money. The risks of freelancing are minimal and if you enjoy the freelance way of working, there’s no reason why you shouldn’t do it full-time.
Freelance tip #2: Try to develop passion projects.
Beyond being fun, passion projects can contribute to your work, your community, or simply boost your visibility. These projects are also great for your professional portfolio.
What kind of freelance work can I do?
List down and review your skill set. To be able to freelance, you must first identify the skills you can offer to potential clients. Many freelancers draw upon their employment experience and talents.
Most jobs and services provided to other businesses can be done on a freelance basis. Common freelance jobs include:
In the beginning, you probably will have to take whatever freelance jobs come your way until you become more successful. But the great thing is that you are working with people and not for them, which freelancers make a difference in attitude and overall performance. As a freelancer who is just beginning, your work must be more than satisfactory to stand out and get more jobs. Word of mouth is also a good way to get your name and your expertise out there.
Emphasise your strength and showcase your skills. Know when to ask for more and when it’s better to keep your expectations lower. You’ll eventually have a sense of what clients want.
When you have arrived at the level where you can choose your own projects, you will also have the option of choosing the clients and companies you work with. This allows freelancers to move their jobs towards work that they’re more interested in or passionate about.
Freelance tip #3: While setting up your freelance business, think of putting together a business plan.
Outline services you can provide and the market you intend to cater to. Identify any marketing strategies you may need to get your freelance business off the ground.
How do you find freelance work?
Freelance work can be found just about everywhere, you just have to be patient and creative in your search. Starting out may be difficult at first but once you have more experience and have a portfolio to show, your reputation can start speaking for itself. After some time as a freelancer, you will be able to choose companies and clients that share the same values as you. Your work-life therefore becomes more rewarding.
1. Join associations within your chosen industry/industries
Joining such groups can offer networking opportunities, job listings, and newsletters of which you can take advantage.
2. Create your website
A website can tell potential hirers about you and your services. Your website can also include your work portfolio and testimonials from both former and current clients. Those who have multiple skills to offer can also create a menu of services you offer and your freelance rates.
3. Check out freelance sites
There are also many great freelance sites to find work. Going global as a freelancer is a good chance to work with people from around the world and also earn in different currencies, which could lead to larger paycheques once you’ve converted currencies.
Freelance tip #4: Freelancing and entrepreneurship can go hand in hand.
When you have gotten your income stream steady, you may want to consider expanding or hiring a few team members or other freelancers to provide better and faster service.
Getting paid as a freelancer
While most one-off jobs don’t repeat for freelancers, many other businesses and companies pay freelancers to work a certain number of hours per week or month. This is what is referred to as a retainer. The most common workers who are employed as retainers are legal professionals and accountants.
Billing and invoices should come at regular intervals — don’t let too much time pass between the completion or submission of the work and sending out the billing statement. While there may be some hidden costs, like travel expenses, marketing, and off-the-clock preparations, you may sometimes be able to set your own pay rates to account for these costs. Those who work on retainer customarily send a bill set to the agreed-upon amount per month, regardless of whether the full amount of time is used or not.
Payment options for freelancers
Forms of payment are usually stipulated by the business or person hiring the freelancer. Though you may have a preferred mode of payment, it is best to have multiple ways to receive payment. This gives both you and the client different avenues for remittance.
1. Cheque payment
It may be old fashioned, but it works! Large companies are most likely to choose a cheque payment which sometimes takes a long time to be released. Follow up often to ensure timely payment.
2. Online banking
Online banking has made monetary transactions much easier. Whether you use your computer or a smartphone, being able to digitally pay and deposit have become the easiest way to do minor banking errands.
3. Free payment services
While these free payment services aren’t often used for business transactions, free payment services such as iPay88, Worldpay, and eGHL are among the popular free alternatives in Malaysia.
4. Fee-charging services
PayPal is still the dominant online-payments provider worldwide, but their fees may make many freelancers and hirers reluctant to use it. Many clients prefer to pay through PayPal, so it’s worth setting up an account.
5. Bank transfer
Also known variously as ACH (automated clearing house) or EFT (electronic funds transfer), bank transfers go straight from your client’s bank account into yours. If the transaction is international, your bank may add on an additional fee. So, familiarise yourself with your bank’s policies.
6. Credit cards
Taking card payments requires some kind of payment service provider (PSP). Some online options including PayPal and virtual wallets can play this role. There are also virtual providers available, such as Stripe.
However, credit-card processors take out fees. Also, not all credit card payment providers are available internationally. Do some research before agreeing to a credit card transaction from a client.
7. Trade outs
Though everyone would prefer to get paid in cash, there are times that it simply isn’t possible for a client to pay in cash. Trade outs are when you get paid in goods or services that the company provides. Do your research and make sure that what you’re being paid is commensurate to the monetary value of your work.
Freelance tip #5: Don’t start work without a signed freelance contract in place.
Again, don’t start work without a signed freelance contract in place.
If applicable, also ask for an up-front deposit. An initial deposit of 30%-50% is standard practice for most if not all types of freelancers.
We hope these freelance tips help you in your journey to finding #JobsThatMatter. Start your job search on JobStreet’s website and app. Make sure to keep your JobStreet profile updated and add #WorkNow if you are ready for immediate hiring.
For more career tips, visit JobStreet’s Career Resources page.
