If you are some one who does not like working under any company and wants to do your work at your own pace then freelancing is the key to you. If you are wondering what freelancing is then it is the kind of work that you would do independently and not under any organization. They are also called as self employed or independent contractors.
As freelancing involves work on a part time basis, the degree of compensation is less in freelancing in comparison to full time employees.
According to a recent study it has been observed that in today’s date there are more number of freelancers then full time employers. Many people prefer to freelance as it gives you the work flexibility and also helps you to manage your time according to your convenience. As per study, 53 per cent of People, mostly from the age group 18 to 22 prefer to freelance.
Some of the other names of freelancers are – contract work, contract job, independent contractor, 1099, contract consultant and contract to hire.
The term freelancing can be traced back to the medieval time period when a mercenary would fight for a nation or paid who pays the most.
The work of freelancing involves doing work in return of payment. The agreement for work is mostly for a short period of time. Sometimes, you will find that a freelancer is paid to work for a number of hours and per week. This arrangement is called retainers. You will find many legal professionals working as retainers in today’s date.
Benefits of freelancing –
- Provides a flexibility of work
- Gives a power and sense of ownership
- Enhances your creativity
- Gives you ample time throughout your day
In terms of Indian standards, freelancers mostly earn 500 to 1000 per hour. The price may vary e according to the services you provide.
Risks in freelancing –
According to a research study of United States, freelancing is like a coin having two sides. Freelancers mostly have two main risks – health and finance.
When it comes to health and financial insurances, a person who is freelancing is at his own free will to enrolling in any insurance policy. So in terms of risks, a freelancer may not be able to get favourable rates in buying those policy. And secondly, the number of clients that you have is equally proportional to amount of money you will.
As a freelancer, you may opt for Admin support work, writing jobs, design and creative jobs, web development, consulting jobs, legal jobs, marketing jobs etc.
As a freelancer you can start anytime of the day, with or without much formality. There are three ways to get this in order –
- Working with the clients directly – It means you will be responsible for getting all clients and communicating to them. one can get hold of clients by the word of mouth, referrals or through networking. Since, there’s no need for any involvement of middlemen, it might sometimes get hard for you to find clients.
- subcontracting – people who feels that gathering clients is not their cup of tea, then one can opt for subcontracting. This allows them to find projects that they may work for through the help of agency. This helps the agency save money and the freelancers to get projects.
- websites – one can also find clients through popular websites like LinkedIn, Upwork and FlexJobs. These sites help you to find clients at ease. The sites acts as a middlemen by finding the right fit of project for the right client.
Thus, one may conclude that freelancing is an ideal method for those who wants to earn some extra cash in flexible work hours. Though freelancers poses the threat of risks, it is an incredible way of earning a living.