Mastering the Art of Overcoming the Risk of Freelancing

By | February 26, 2016

As per a study conducted by Intuit predicts that by 2020, a considerable percentage which is approximately 40% of the American workers will opt in for independent contracting. This known as Gig economy, which is an environment where there is a surge in temporary job vacancies where organizations prefer working with independent workers and that too for a short period. 

The Risk of Freelancing

Fishing into troubled waters can be dangerous. One fine day I thought I will do it, no matter what repercussions befall, I will jump into the ocean. Well, I am not a swimmer, I used to be a web developer and I had to unravel the mystery of freelancing (Duh! Don’t tell me that you detest extra money). Well eventually when tables turned when I started my firm), I realized that freelancing is a risky business, oh cut the crap; it’s quite risky for the employers as well… but…

The biggest risk in life is not taking any risk!

The biggest risk in life is not taking any risk!

I know, I know this sounds like some clinched line from typical Hollywood soap opera, but what if before diving into Oceania swimming bluntly, you get to analyse the ocean currents, check for a favorable environment, check if any sharks are present out there and go for some dry runs.

Oh! Yeah there exists a world of risk-free freelancing

Why to hire freelancers?

Now coming back to the question that why people prefer hiring freelancers, because they relatively cost less than hiring a dedicated firm and on the top of that those firm who know that their project is of short duration. Hiring freelancers is certainly a better deal if you end up meeting the right person.

To hire freelancer, think like one

Have you ever had thoughts or musings if you will, about becoming a freelancer?

I have a lot of friends and acquaintances from odd fields such as a programming, designing, writing and many more related to the field of IT, and I conducted a survey of about 100 people.

(You can also take this survey)

Question 1) Why are you not happy with your job?

  1. There is no freedom or flexibility
  2. Cognitive Dissonance
  3. Because you are gravitated to work, that involves pre-defined milestones.
  4. Are you not a morning person?

Question 2) Being a millennial, what would you prefer a happy job or high pay check?

  1. Happy job
  2. High pay check
  3. Can’t say

Question 3) At 25, would you like to carry on well-paying work to give your college loan or explore your creative interests that do not pay you well?

  1. Well-paying job
  2. Your interest
  3. Can’t say

Question 4) Would you like to work as a freelancer to fulfil you financial needs?

  1. Yes
  2. No
  3. May be

Question 5) Would you like to take the risk of freelancer over a settled job?

  1. Yes
  2. No
  3. May be 

Question 6) Would you like to work as a risk-free freelancer?

  1. Yes
  2. No
  3. May be 

As per the results we came to know that people a considerable 67% responded that they hate the rigidity in their jobs. So, what I derived that when people are not enjoying doing their job they won’t be able to pretty much deliver their hundred percent. Wherein, if they are given an opportunity to shape things in their way, they would certainly perform better.

Moreover, a considerable 59% said that they would like to opt gladly for freelancing if it involved less risk.

Your dream job would be like?

After a certain point in time, we do not like to work in constraints. In a regular job you do not have that kind of flexibility and this is the reason freelancing is gaining a lot of credence. Some people are not morning people, and this is the reason they are always late for office and half of their salary is deducted due to this. Well, this is one of the reasons people are more inclined to freelancing and stuff.

So, if you are nocturnal or like to swing the ball under the influence of your gravitational pull, then freelancing is certainly your zone.

Now, that business owners what freelancers wish, you can certainly provide that kind of comfort zone, so that they can give there hundred percent to your project.

For the Zoned out

Now my question is why to eat the old and boring vanilla cake when you can get hot chocolate truffle with almonds on it. Freelancing has certainly opened up new avenues for carrying out business process smoothly and swiftly if you do it with utmost care.

Beware of the Sharks

It’s better to take precaution rather than oohing and aahing after being bitten by a shark.

Beware of the Sharks

There are people who project themselves as a full-time freelancer; wherein that’s not the true because these people like to have the cake and eat it as well.

They think that they will be able to manage their freelancing work simultaneously with their regular job which is a risk-free strategy for them but with the passage of time they tend to: 

  • Burnout because of a lot of work pressure
  • Mental instability
  • Procrastination

These are certain things why people shirk off from hiring freelancers.

Do not go by rates

Do not go by rates

There is a great misconception that the best ones have the highest quote and if you are just hiring looking at their price tag then … tring tring! Wake buddy boy!   Moreover, there are others who just pick the ones who offer the lowest quote. My experience says that one should never consider price tag only while hiring freelancers. Price can never be a metric to judge whether a person has the potential or the potential to complete your work. 

Get to know your freelancers

Aren’t we aware of the marketing gimmicks people use to sell themselves? Your job is not just to pick the one who boasts but the one who can do your work. You do not just need a person who just blabbers, but the one who jabbers. In short look for mettlesome people. 

Do not let them procrastinate

Do not let them procrastinate

Setting up some ground rules for maintaining a proper communication channel is one of the prime requisites for everyone who is getting involved in freelancing. Be it a phone call or live chat options you need to stay in touch so that the communication and proper and the work never flow losses it’s pace.  If you fail to take a report from your employee you fail as an employer and then freelancers also take it for granted and procrastinate the work.

Go for a Dry run and then wire money

When it comes to money, every organization will be sceptical to wire the advance payments. There might be the case the case that freelance might demand advance payments. You obviously need to check whether that person is capable of doing the job or not? For that, you can go for a dry run. Ask them to complete a price of work for you and then after knowing the potential of the users then only you need to proceed.

Now when it comes to money you can strike a balanced deal in which neither you are a risk or they. You can go half advance payment and rest of the payment can be done after the completion of the work.

Author Bio

Sophia Phillips is an expert front-end & WordPress developer. Currently, she is employed with WordPrax Ltd.- a leading  WordPress development company India with hands on experience in web development. Sophia has had written a remarkable number of articles on WordPress tricks and tips.

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