What exactly does a freelancer do?

Introduction:

Freelancing is a career choice that has become increasingly popular in recent years. Simply put, a freelancer is someone who works independently and is self-employed, offering services to clients on a project-by-project basis. If you're considering freelancing as a career, here are some of the key functions and benefits to keep in mind:

Functions of a Freelancer:

1. Finding clients: Freelancers must actively seek out clients, either through networking, marketing, or online platforms.
2. Negotiating contracts and rates: Freelancers must set their own rates and negotiate contracts with clients, which can involve some negotiation skills.
3. Project management: Freelancers are responsible for managing their time and workload, meeting deadlines, and delivering high-quality work.
4. Bookkeeping and invoicing: Freelancers are responsible for managing their finances, including tracking expenses, sending invoices, and managing taxes.

Benefits of Freelancing:

1. Flexibility: Freelancers have the ability to choose their own hours, set their own rates, and take on projects that align with their interests and skillset.
2. Autonomy: Freelancers have the freedom to work independently, without the constraints of a traditional 9-to-5 job or office environment.
3. Variety: Freelancers have the opportunity to work on a variety of projects for different clients, which can be a great way to develop new skills and gain valuable experience.
4. Potential for higher earnings: Freelancers can often earn more per hour than traditional employees, and have the ability to set their own rates and negotiate contracts.
5. Location independence: Freelancers can work from anywhere with an internet connection, which can be particularly appealing for those who love to travel or live in remote areas.

CONCLUSION:

Freelancing is not without its challenges, such as unpredictable income, the need for self-discipline and motivation, and the potential for isolation. However, for those who are self-motivated, skilled in their chosen field, and willing to put in the effort to find clients and manage their workload, freelancing can be a rewarding and fulfilling career choice.

2022 Global Freelancer Insights Report:

With the new year come new challenges. The rapidly rising cost of living, massive layoffs, and fears of a global recession are adding new dimensions of uncertainty, especially for small and medium-sized businesses. With these challenges as a backdrop, we set out to understand how freelancers are facing the new year, and what this might mean for the businesses around the world that rely on them.

The fifth edition of our Freelancer Insights Report is a compilation of responses from over 2,000 freelancers across 122 countries. Once again, the survey highlights how extremely resilient the freelancing industry can be in the face of new challenges, providing interesting insights into how SMEs can leverage this important resource in the year ahead.

The survey shows that demand for freelance work continues to trend up, continuing the trend that was seen at the start of the pandemic. Despite the fears of a global economic slowdown, 46% of the respondents saw an increase in demand for their work, increasingly from digital businesses that are growing across borders with a need to augment their teams, and 29% saw demand at the same level as last year.

At the same time, many freelancers are still hungry for more work. Over half of our survey respondents work less than 30 hours a week as freelancers, and finding new clients is a challenge for 73% of them.

In response to the rising cost of living, 55% of respondents have taken on more work, and 32% have expanded their client base to new countries.

The report is clear: freelancers offer businesses access to a diverse and rapidly expanding talent pool, as an increasing number of young workers continue to join the freelance workforce alongside more experienced workers.

However, while many freelancers have seen rates go up, the gender pay gap for freelancers persists. Our survey shows that women freelancers earn $22/hour on average to men’s $24/ hour, a slight improvement over last year’s report.

Moreover, this is significantly smaller than the gap reported in the general workforce population, suggesting that businesses that hire freelancers have the opportunity to further level the playing field for working women by ensuring fair pay policies for their freelance workers.

Businesses also have an opportunity to consider some freelancers as future employees, for as much as they love the freelancing lifestyle, over half of our respondents have entertained the option of joining a company in the past year.

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Looking forward, we can expect the role of freelancers in the global workforce to continue to expand. With change and uncertainty becoming the rule rather than an exception, businesses have come to recognize the value of the agility offered by freelancers in these unpredictable times.

KEY FINDINGS:

1. 46% of the freelancers saw an increase in demand for their work, indicating that businesses continue to rely on freelancers at a growing rate.
2. Over two-thirds (68%) of freelancers believe demand for their talents will continue to grow in 2023.
3. Finding new clients is consistently ranked as the top challenge of freelancers.
4. 55% of freelancers have taken on more work in response to the rising costs of living, 41% have raised their rates, and 32% have expanded their client base to new countries. This creates opportunities for businesses to hire the skills they need remotely.
5. The average hourly rate for female freelancers is $22 compared to $24 for men.

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