THE YCEO: How to do freelance business? - THE YCEO

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THE YCEO: How to do freelance business?

How to do freelance business?
Outsourcing is picking up the pace all over the world and freelancing is getting popular too. It is because many people prefer to be self-employed, work at their own pace get in control of their financial freedom.
With freelancing gaining huge popularity, it is anticipated that about 50% of the US workforce would be freelancing by 2027. Freelancing in the future. If you can learn a skill, master it and present it as a service on different freelance marketplaces, you can make more money than a fixed full time, 9 to 5 job.
The best thing about freelancing is, you do not necessarily have to learn a skill in order to make money.
This statement may come as a surprise but you can actually do freelancing by filling in the entrepreneurial shoes. By hiring people to work you, projects can be completed and delivered on time and within the client’s budget.
This model is also largely followed in countries like China, India, Bangladesh and Pakistan. People hire skilled resources, form a small organization and get projects from different freelance marketplaces. Once a project is awarded, it is handed over to the resource with that particular skill expertise or outsourced, if the organisation doesn’t have a skilled resource matching the project requirement.

Why am I talking about Freelance business?

I initially started freelancing as a graphic designer in a freelance marketplace called Elance. Later, I jumped to Guru where I found a lot of success. Once my work plate grew, I felt the need of expanding my work scope and hire people to work for me. I had expertise in graphic designing only and did not have any expertise in developing database driven e-commerce websites, do software development and develop mobile applications. I started freelancing with a single computer to take care of graphic designing projects but now I have ten people who work with me and have different skill set than I have. This balance helps me grow as a businessman and make good money. I pay my team, pay office expenses and also save money for myself and my business.
By hiring skilled resource specialized in different skillset, I was able to get more projects from freelance websites and use my team to get the project done. I have always felt that an employee hired on a monthly basis is far more beneficial than outsourcing the job outside the organization. When you outsource a project, you only retain a certain percentage of the money and the rest goes to the resource you have to hire to get the job done.
For many freelancers who want to make a good career online but do not know a particular skill, they can follow this freelance business model. By investing money to form a small organization, hire skilled people, they can make good money by offering different services on freelance marketplaces.

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