Freelancing is a profession, mostly used for an independent contractor. Anyone can start full time freelancing If you are and not associated with any organization.
But it is not compulsory that freelancers should be independent contractors and agencies, and consultants can also work as online freelancers.
Historically, press and media was the first sector that hired freelancers for article writing. Freelancing is a kind of profession where someone sells their personal skills and expertise.
Now, online freelancers are being used in various industries. Initially, most freelancers are used in content writing, website designing, graphic designing, and data entry related jobs.
But now industrial designers, mechanical engineers, civil engineers, and research analysts also working as a freelancer.
- A recent report published by the Freelancer industry in 2012 states that nearly 18% of freelancer’s total workforce are from North America only.
- Most of them are doing writing and proofreading related work. According to the freelancer’s Union report in the year 2016, it is being estimated that approx. 55 million people earn more than $1 trillion.
- Freelancing will be the 45% workforce of the USA economy by 2025.
- Work from home and make money online was a dream in the last century but now it is possible. Freelancing has ultimate potential and can be helpful to reduce the gap between the industry and the workforce.
- Global companies are facing a shortage of human resources and they believe online freelancing is the best way to overcome this issue. Manpower shortage is a serious issue in the current era.
- The Indian subcontinent is considered as the capital of the freelancing world. Freelance Jobs can be helpful to reduce the unemployment.
How freelancing works?
The first task is to get register with these freelancing sites like (Upwork, Guru, and Fiverr, etc.) Your profile must include your skills and work portfolio. Y
ou must complete your profile. You need to provide additional information on your payment source and other bank details. Freelance Jobs need two types of payment source primary as well as secondary.
In primary source, you need to provide the details in which you can withdraw your earnings from the website.
While in secondary you need to provide the details of payment gateway from which you can pay freelancers if you hired them. You need to provide all the necessary details in it. PayPal is being used widely in these websites.
What is Escrow Account?
The freelancers and clients have one common question in their mind. How will they get paid? And what should they do if freelancers fail to deliver the project on time?
Escrow is a method used when two parties (Freelancers & clients) are in the process of completing a transaction (Projects), and there is uncertainty over whether one party or another will be able to fulfill their obligations.
Contexts that use escrow include Internet transactions, banking, intellectual property, real estate, mergers and acquisitions, and law, and many more.
Pros & Cons
- Escrow is the use of a third party, which holds an asset or funds before they transferred from one party to another.
- Here freelancer has an Escrow account in which client money is held and release once the project completed in due time.
- The third-party holds the funds until both parties have fulfilled their contractual requirements.
- In case of dispute, the freelancer has the right to refund the payment to the client if a freelancer is unable to meet the requirement.
- Escrow is associated with internet transactions, but it can apply to any situation where funds will pass from one party to another.
- Freelancer also needs not to worry about whether he gets paid or not. The client already funded the project fee into escrow.
- Once a freelancer completes the task, that payment automatically transferred into his/her account.
- It is always advisable to never start the work if the client fails to deposit funds in escrow.
- Freelancing websites may penalize your account if you try to communicate with clients outside the website.
How you can grow your freelancing profile?
- Complete your profile
- Create outstanding business proposal
- You need to have a stunning portfolio.
- Offer value-added services to the client.
If you follow the above-mentioned steps then your freelancing business will grow rapidly. Never hesitate to ask for feedback and review at the end of the project. This will boost your freelancing profile.
Carefully listen to the requirement of clients and be ready to help them beyond his expectation. One good review in your account will generate 3 to 5 more potential orders.
There are pros and cons to freelance Jobs but someone can expect passive income from this. I know a few freelancers who are earning in the range of $1500-$2000 per monthly easily. You can try your luck and earn money online.