Freelance business is one of the most sought after businesses in the world today. The Global Business Survey found out that, on average, 54% of the workforce in 1,500 businesses around the world surveyed in 2012 will be online in 2018, while a study by Intuit revealed that freelancers could increase to a staggering 40% of the workforce by 2020.
The unique feature of a freelance business is that it requires little or no capital to start it up. And there are so many freelance websites where one can freely register and start making enormous amounts of money.
Almost every skill is sought after in freelance business. To mention a few, skills in writing, editing, web development, web programming, marketing skill, proofreading, research, web designing etc. are of high demand.
It’s also a mobile business that can be operated in any place and location as long as there are internet facilities, power and your gadgets.
However, the big question is; how can one enhance his/her Freelance Business profitability ratio in 2018?
1. Set up a freelance business office
It’s amazing how people see freelance business as a hobby or casual job that can only guarantee little income. This is prevalent to people with paid employment. But for stay at home freelancers who are more serious about making ends meet with freelance business, they are most times distracted by the comfort of their homes.
Distractions come in various ways; watching television or lying on the bed while working, unannounced visit of friends and family members and the temptation of regular visits to the kitchen which may eventually cause unplanned sleep.
Setting up a freelance business office is a sign of seriousness and a remedy to the aforementioned distractions. However, one can actually set up an office at home and abide by standard work ethics to get the best out of his/her freelance business.
2. Put in additional work time
Freelancing is not magic or a network marketing business where you sow little time and expect much profit. Time must be invested in it to reap the benefit therein. For example, registering on freelance sites like freelancer.com and upwork.com takes time. Convincing clients of your capacity to accomplish job assignments takes time too, and doing the job itself (if you are given) is also a function of time.
For already established freelancers with clients, time is also devoted to meet business deadlines in order to improve one’s job reviews which are reputation boosters. So, in a nutshell, one must devote enormous time in his/her freelance business in order to make a fortune from freelancing in 2018.
3. Become a member of more freelance sites
A focused and determined freelancer should not be contented with being a member of one or two freelance sites. There are lots of freelance sites where one can make cool cash. By being a member of five or more freelance sites, you are best positioned to attract many clients to your business even more than you can deal with.
A site like www.problogger.com publishes daily freelance jobs which one can apply and get richly paid for services rendered. Many big organizations have utilized the services of freelancers this year. These organizations prefer to list their jobs on reputable sites in order to recruit the best personnel to accomplish their set tasks. Hence being a member of these reputable sits enhances your chance of getting online jobs.
4. Have a multi-tasking gadget
Just as a soldier man carries his gun as a pet wherever he goes, that’s how freelancers carry their gadgets around in other to be abreast with minute by minute happenings in the business. The most important of these gadgets are big or mini laptops, palmtop, tabs and phones.
As a freelancer, my iPhone 7 is my greatest companion as it enables me to work anywhere when I am not with my laptop. With its improved battery life, storage capacity and faster modems which significantly improve internet and download speeds, life as a freelancer could not have been better.
5. Meet deadlines to enhance your reputation
A good name or perhaps a good review about your recent and past work accomplishments is a big boost to your freelance career. It is either more work assignments are given to you or your satisfied clients are recommending you to other prospective clients.
At the end of the day, your clients’ base suddenly grows beyond your imagination. And as this happen, your work load increases as well as cash in your bank account.
6. Use social media to advertise your services
The social media has become a veritable platform for freelancers to showcase their skills and services. Social media platforms like Facebook, Link In, and Instagram can actually showcase your skills and services to billions of social network users who are prospective employers.
To achieve this, use your skills or services as your profile. You never can tell who will stumble on your profile and decides to know the stuff you are made of.
7. Plan now for turbulent times
‘One does not get rich by focusing on paid employment, and one does not get wealthy by putting one egg in one basket’. This is one of the pieces of advice I got from a speaker in a youth empowerment program I attended three years ago. I disputed his assertion then, but now, I seem to concur with him.
Our contemporary business world needs diversification. Like the advice from LearCapital ‘Owning gold can preserve purchasing power by maintaining value when dollars are falling. Add gold to your portfolio for peace of mind in these tumultuous times’.
A freelancer with the future at heart has diverse sectors of the economy to take as his/her gold. Investment in key sectors like Agriculture, mining, oil and gas, maritime, construction, transportation, sports etc. This is the surest way to make the best out of your hard-earned income. Good luck!
A version of this article appeared on Entreprenuer.