How To Start A Freelance Business On The Side

Working from home has encouraged more full-time workers to start a freelance business.GETTY

While many industries have suffered during the pandemic, one area of the economy that is flourishing is the freelance market. A recent 2020 survey revealed that more than one-third of the American workforce is freelancing, contributing $1.2 trillion to the U.S. economy. Another new study released by Fiverr confirms this trend, with 68% of workers surveyed saying that they are more open to freelance work or a side hustle. “We already know that the pandemic has increased the willingness of companies to work with freelancers, but on the flip side, we are seeing that working from home has also encouraged more full-time workers to give freelancing a shot,” said Hila Klein, COO at Fiverr. And not only are their numbers growing, but 75% of freelancers earn equal or more than when they were in a full-time job.

With more time spent at home, people are using this opportunity to create multiple streams of income. Shahar Erez, CEO and founder of Stoke Talent, a platform designed to help freelance workers find jobs and support companies looking to fill open roles, shares five fundamental tips to start a freelance business.

Determine your focus

The first step is to decide on the type of work you would like to concentrate on—whether it’s small ad-hoc gigs, short-term projects or long-term engagements. For example, if you build company websites, that may be a longer-term project than assisting with a one-off marketing campaign. Making this determination early on will allow you to plan your time accordingly and remain focused so that you can prepare for a steady flow of projects (and ultimately income).

Expand your network

Contact everyone you know so you can build and expand your network. Tell people about your business, get feedback and ask for referrals. Over 80% of freelancers find and land quality jobs through friends, family and professional contacts. It can also be valuable to reach out to companies you worked for previously. Perhaps the marketing team you were part of is understaffed and needs assistance preparing for an upcoming campaign. Also, keep an eye on what firms your old contacts have moved to. People transition frequently, and a former manager might be looking to contract out work at their new job. Making others aware of your activities will help you to stay top of mind.

Read more: www.forbes.com