Report on Freelancing
Course Code:- MGN235
Submitted by:- MD SHAHMUN ISLAM
Registration Number:- 11815905
Section:- Q1803
Mittal School of Business
Lovely Professional University
Phagwara,Punjab
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Introduction:-
A freelancer is a self-employed person who offers services, often working on several jobs for
multiple clients at one time.Freelancers usually earn money on a per-job basis, charging hourly
or daily rates for their work. Freelance work is usually short-term. While a freelancer is not
officially employed by another company, they can be subcontracted by other businesses. It’s
common for freelancers to work on several different jobs or projects at once, but some freelance
contracts may restrict who else the freelancer can work for until they complete the project. Some
of the most common freelance jobs are within creative industries such as graphic design,
copywriting, website development, or photography; however, freelancers can work in almost any
service-based industry, such as translation, consulting, or catering.
Key findings:-
• The worldwide average hourly rate charged by freelancers is $21
• More than half of paid clients are located in the Americas
• Freelancers providing legal services charge more than any other service ($31 per hour)
• Over three quarters of respondents are male (78%)
• Male freelancers charge an average of $20.97, while female professionals are charging
$20.26
• Individuals working at companies charge 5% more than freelancers working
independently at home
• Freelance professionals work an average of 36 hours per week (7 hours per day for a 5-
day work week)
• The worldwide income satisfaction level of freelancers is 46%
• Freelancers providing legal services work the most hours a week and also hold the
highest level of income satisfaction
• Freelancers who work in the field of writing & translation have the lowest level of
income satisfaction but also have the
• fewest hours of work per week
• Over 80% of the professionals surveyed work on 1 to 3 jobs at a time
• Almost half of freelancers find projects via online marketplaces
• The preferred social media channel to promote freelancing skills is Facebook
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How to start a Freelancing Career:-
Contemplate your marketable skills. Whether you’re a writer, photographer, mathematician,
web designer, marketing guru, illustrator, scientist, or underwater basket weaver, there is
probably a freelance job out there for you. What do you enjoy doing? What are your strengths?
Make a list of everything that you think you could possible monetize.
• Don’t write off any of your skills or passions. List everything that you think you’re good
at, regardless if you’ve heard of freelancers doing it or not! Don’t limit yourself before
you’ve started.
Consider the market. While most skills can be effectively monetized, you probably want to
consider early on who needs particular skills. If you want to make freelancing your full-time job,
you may want to pick a skill that you think a lot of people would be willing to pay for, or at least
broaden the scope of what you are willing to do. Conduct a little research on the marketplace
before you get started.
• For example, strong academic writers may find work easier than an expert on 15th
century German footwear. Consider how many people will need what you’re selling, and
decide if you can broaden your scope.
Gather the materials you’ll need. Be ready to hit the ground running. If you are going to search
for freelance writing gigs, make sure you have a reliable computer and Internet connection. If
you’re a photographer, make sure you’ve got a camera. If you’re striving to be a freelance
statistician, make sure you have the common software used in the field. Don’t expect to get hired
if you aren’t prepared to get to work immediately.
• You should be willing to invest into your business. Don’t forget the saying, “You’ve
gotta spend money to make money.”
Create a plan. Figure out a reasonable hourly rate. What are your competitors charging?
Remember, as you gain more experience, you will be able to raise your hourly rate. Decide how
many hours you want (or need) to work. Of course, once you start freelancing you will get a
better idea of how quickly you work, how many hours certain projects will take, and how many
projects you can realistically take on at once. However, going into this new job with a plan will
help ensure that you aren’t strained for money or time as you are beginning.
Find a mentor. The best way to learn about a new industry is to talk with someone who has
been a part of it for a while. You can find a mentor in various ways. You can ask family, friends,
teachers, co-workers, etc. if they know anyone who freelances. You can view work online, and
reaching out to someone who does something similar to what you want to do. You can find
networking events in your area online. Regardless of your method, you just need to put yourself
out there!
• A mentor can help you determine your rate, give you some pointers, and, ideally, even
give you a few contacts to get started.
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• You need to be able to show your mentor that you’re committed to this endeavor. Make
sure you have done your research and gathered your supplies before you reach out to
someone.
• Remember that they’re doing you a favor by helping you out. Show them gratitude and
respect. Work hard to show them that you’re a worthy mentee.
Find your first project locally or online. When you're working to get your very first client,
don't get discouraged. It can take a few tries! Be creative in your search and be open to all sorts
of projects, because you need work to build a portfolio, gain experience, and eventually get
higher paying jobs. Contact local businesses and explain how your services could benefit them.
Send your cover letter and resume to websites you frequent and admire. Use Google to find job
posting for the particular service you're offering— you will be shocked at how many different
job boards there are for various types of freelancers.
• Upwork, Toptal, Elance, iFreelance, Craigslist, Project4hire, Demand Media, and dozens
of other websites post new jobs daily. Never underestimate the power of the Internet!
Check these websites daily to stay on top of available jobs.
➢ Problems & Solutions for Freelancing:-
1. Sick Days = Work Days
If you’re too sick to work, you just don’t make any money that day.
Solution: Take care of yourself! Go to bed on time, eat healthy, and keep your immunizations up
to date. Take time off work. Basically everything your mother told you to do as a kid.
2. Homebound
Staying home all day can have its own pressure points. Distractions tend to pop up and make us
procrastinate in ways we never would at an office.
Solution: Have a set schedule of what you’re going to do every day. Build in time for breaks and
lunch and adhere to it.
3. Work-Life Balance
Once you get into the rhythm of freelancing from home, it can be tough to think of home as
anything but your office.
Solution: Make sure you’re taking care of the rest of your responsibilities and don’t just view
every free moment as another chance to work.
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4. The Tax Man Cometh
It’s up to you to set aside money to pay for social security and other taxes. If you don’t, forget
about a refund come April 15.
Solution: Get educated via the IRS’s small business website and set aside money to pay
estimated taxes as the year goes.
5. Insurance Isn’t Cheap
When you work for yourself, you have to insure yourself. The Affordable Care Act of 2010
makes health insurance mandatory, although plenty of freelancers would debate the “affordable”
part.
Solution: Visit healthcare.gov to find a plan that works for you if you aren’t covered by a
spouse’s plan.
6. Not Getting Paid
It’s going to happen eventually. A client is going to cut bait and run after you’ve delivered the
work.
Solution: Make this possibility as unlikely as possible, or at least as undamaging as possible.
Always use a contract. Ask for a percentage upfront to negate your potential loss. If you’re using
an online service like Fiverr, fully employ their mediation and resolution services.
7. Being Undercut
No matter what services you’re offering, there will be people out there willing to do work for
next to nothing, just to have the job.
Solution: Believe in your own value and don’t work so cheaply that you’re losing money.
Clients who appreciate talent are out there.
8. Getting Scammed
Some scams are merely putting a high price on a project to garner interest, while others are out to
do serious harm like stealing your identity.
Solution: If something sounds too good to be true, it likely is. Anyone asking for personal
documents better have one amazing reason for it.
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9. The Lean Season
You’ll start to notice how things tend to slow down as the year-end holidays approach. People
tend to wait until after the new year to get to projects they need done.
Solution: Plan ahead and be willing to work for lower rates in the last two months of the year to
make ends meet.
10. Financial Stress
If you’re a busy freelancer (let’s hope so!), things like who’s paid you and who’s waiting on an
invoice can sometimes slip through the cracks.
Solution: AND CO’s app provides automated reminders when it’s time to send an invoice out,
when a client views the invoice, and when it’s overdue.
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Advantages
❖ The freelancing business helps you to earn more money.
❖ You can International working experience and high-quality knowledge in by doing
Freelancing
❖ Freelancing Business provides you freedom & Flexibility.
Disadvantages
❖ Freelancing is purely a competitive business system/environment. Every freelancer is an
independent business entity so he has to work extra hard to manage everything on his
own.
❖ A freelancer’s job is not easy because he has to constantly keep learning new things to
remain updated with the skills of his field. He has to imagine new ways to convince
different types of clients to hire him.
❖ The third disadvantage of entering the freelancing field is the presence of almost unfair
rules and regulations of freelancing sites. These terms and conditions keep changing
frequently and many times there are 50-100 people bidding for the same project due to
poor mismanagement by the websites.
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How Satisfied Freelancer With Their Income:-
The average worldwide (46%) was low, indicating that many
freelancers would ideally like to work more hours or be able to charge
higher rates.Professionals in IT & Programming hold the highest level
of income satisfaction around the world (followed closely by
freelancers in the Legal field), while those in Writing & Translation
are at the lowest level of satisfaction as well as working the fewest
hours per week.
Freelancer Income Survey
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Freelancer Income Survey
Freelancer Income Survey
Conclusion:-
Freelancing is a very exciting way to earn better money. It allows a person to decide his own
schedule, the type of tasks he likes to work on, and how much he wants to work. Its benefits are
much more than its drawbacks. A very important phrase, if you have a will you are definitely
going to find a way.
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