FLP 2: Freelancing

This is episode 2 of the FortuneLords podcast which is about Freelancing.

Today you will learn:

  • Why Freelancing is awesome
  • What is a safety net and why it is important
  • How to get good reviews
  • How to get more great clients
  • How to get paid

Resources

Full Transcript

This is FortuneLords Podcast, episode number two – Freelancing.

Hey guys. Today, we’re going to talk about freelancing. I really think that this is the future for anybody, who is working on a computer because everything you do on your computer, could be offered as a service for someone who can be on the other side of the globe.

For example, you can offer marketing services, you can offer copywriting, you can offer tech support, you can offer web development services, you can offer graphic design, financial support, like bookkeeping, etc.

Literally, everything which you can do on a computer could be sold as a service. What’s the beauty of it? The best thing is that for example, you can live in an area where a good lifestyle could be maintained for a lower amount of money.

For example, Southeast Asia. You can live there and you can work for a company, which is, for example, based in the United States and they pay more because literally the company from the United States, they used to pay more to their employees, their freelancers, etc. This will allow you to maintain a good lifestyle if you live somewhere else.

Let’s start with one of the most important things before you even think about freelancing. This is the safety net because I don’t know at the moment if you’re not working or if you’re going to a regular job or if you’re still studying or if you’re unemployed, etc but if you decide to start with freelancing full-time you need to have a safety net.

What it is exactly, what is a safety net? You need to have money, you need to have funds which are going to cover your expenses for several months ahead.

I personally recommend to have at least six months of expenses, before you try to go freelancing full-time but you can do it with less, like three months or two months.

It depends on your situation. It depends on your skills, your area of expertise, etc. It also depends on the industry you are working in.

Let’s start with option number one. For example, your expenses are low or you have almost no expenses. You live with your parents, you’re still a student, etc. and this will allow you to get into freelancing quite easily.

That’s option number two. Option number one, sorry. Option number two is, to freelance on the side, when you’re still on your nine to five job or on your 9 to 5  job.

The good part here is that, you’re still getting some income and while you’re learning the ropes of freelancing.

This is good for you but usually, this will require working more and you will need more energy. You’ll need to cut some stuff, like watching TV or chats with friends and people who don’t really care about you.

It’s really worth it and if you can push yourself to do it, I highly recommend you to try this option.

Option number three is freelancing full-time, which is the main goal of this podcast and there is an option number four, which is freelancing full-time, while you’re starting your own online business on the side.

It could be a product, it could be a service. You can even start a freelancing agency, offering the stuff what you’re good at. You can hire more people and sell your services to other people.

You can act like a middle man. That’s the end goal but for now, let’s concentrating on freelancing full-time. A few tips how to start it.

If you’re just starting out, it doesn’t matter if you have any experience in your field yet, in the field you want to start freelancing but you need testimonials.

You need reviews because they work for yourself.

Basically, this is when someone recommends your service or say several words about your services.

It’s not very easy to get reviews or testimonials and the easiest way to do it is to work for lower rates.

You can charge lower rates for your work or you can even offer pro bono services, which is working for free. If you can afford it, go for it but if you don’t, just work for low rates.

Just a quick example: my girlfriend, the love of my life, we live together and she’s working as a graphic designer on Fiverr.

Don’t worry, I will share with you probably more than 20 platforms, where you can find freelancing projects or jobs.

She picked this platform, which basically when you hear it, most people who know it, they connected with services which sell for $5.

Fiverr get some taxes etc. and at the end, you get $4. That’s the basic gig.

When she started with it because she wanted to start something on her own.

She started working and she worked with tens of people for something like $5, $10, $20 etc. and it was hard but once she started to get good reviews because she put a lot of effort and then she quickly raised her rates. Now I don’t know because we used the funds she makes, for like …

We’re saving this because we don’t need this money or sometimes we draw this money for charity but she work something like four days, four or five full days a month and she’s making around $1,000.

This is just amazing because sometimes I’m thinking for people who don’t know what they can do.

They are living in poverty, they can’t get a job etc. or they’re working hard, 10 hours, 12 hours per day and making just the same number a month.

That’s really what’s inspired to record this episode and let’s get back.

Sorry, I was taken away.

To get back on the example about testimonials and reviews. You need to work your way to the top.

If you’re just starting up, if you have any experience, you can still charge normal rates but if you want reviews, drop the prices a bit.

Get reviews or say to the client, “Hey, would you mind to review my work, I will give you 20% discount or something like that because there is, on all the platform I will share with you and on the page of the podcast, which is available on FortuneLords.com, episode number two.

On all the platforms, the competition could be fierce because many people start realizing how powerful and how good freelancing could be.

Along with the opportunity to work with people who are on the other side of the globe and paying you a good amount of money for your work, I really love the comfort of working from whatever and wherever I want.

For example, I spent two months in the last summer, working from the beach or I was still working, making a good income. I was taking a holiday at the same time.

This is great and if you don’t like to travel so much, you can get the comfort … Work in the comfort from at home and you don’t need to go and travel one way each to work and one hour back, to traveling to home.

This is so much time, if you make a simple calculation how much time you lose every single day, traveling to and back from work, this is really a huge waste of time you can use for something else. For a family, for stuff you like, etc.

I was carried away again. Sorry about that. Now let’s move to the other tip, which is very important.

You need to create your own blog because it will make you look professional and you will stand out from the competition. Your blog or your own website, this is a place when you showcase your work.

You showcase your skills. You can write articles. You can show your graphic projects, etc. but this is a place which will help you to get clients.

For example, my blog a few years ago, the simple fact, I got a blog and I got probably two or three very, very good and extensive articles, it secured a client for me which is paying, I don’t know, something like three or four thousand dollars per month, every single month for two plus years.

 

This is just because I had a decent looking blog with several detailed articles, about my industry.

This is how I just wanted to stress enough how this could be a game changer for your freelancing business. Do yourself a favor and start a blog. Again, you can find my detailed guide, which is I don’t know, something like 15,000 words about starting your own blog on FortuneLords.com. 

Just go there and search for, “how to start a blog.” Don’t worry, I will also list the URL, the address in the notes to the podcast episode.

Now that next important tip is always … If you don’t work with the platform, most freelancing platforms, marketplaces, they have a system which takes place when you need to get money.

It’s like you are covered. You’ll take your money if you do the job or the client is covered if you don’t do the job etc.

You have a working system in place but you don’t work or a client asks to work outside these marketplaces because they charge fees, you should always aim to get your money because you don’t want to be lied.

You want your money because you put work and you also invest your time. What you can do.

If you’re just starting out, if you’re not ready to ask for a whole payment upfront because right now, when you’re a skilled freelancer and you’re working for one, two or three years, I don’t know, you can reach this level even in a few months.

It depends on your industry and on your experience, on your talent etc. If you’re an experienced freelancer, you can ask for the whole amount for a particular project upfront.

If you’re just starting out and the client is not ready to do it, you can always ask for 30 or 50% of the payment upfront and remember, it doesn’t matter how good the person could look or how you can feel it through the conversation.

When it’s about money, people are terrible and do yourself a favor, always require something upfront.

It must be, it depends on your project but I strongly suggest you ask for at least 20 to 30% of the money upfront, before you start the job because it will get you covered.

You can also work in a milestone-style, which is something like that.

You need to cover a project and you divide the project into four different parts.

For example, you ask for 25% of the total amount and when you finish the first part of the project, you ask the client for the payment for the next part.

This is also a good way to cover yourself and don’t get cheated by bad clients.

Probably one important tip as well which is, it doesn’t matter if a client pays you very very well.

When he or she becomes so unbearable, when he’s always complaining, when they want more and more, when they’re not happy, when they make you unhappy, if you can afford it, just fire them because they’re making you unhappy.

If you can’t afford to fire them right away, start actively to search for new clients while you’re still working for them, for the clients who are making you unhappy.

Sometimes a client pays your very, very well but he makes you unhappy. You’re just like that, “Okay, he pays very good and I will stay with him,” but you don’t have to do that.

There are thousands upon thousands of new job offers or freelance projects, published every single day, so you don’t need to work with toxic clients.

Okay, what else? I think this was everything I wanted to share about freelancing. I will cover a different part of it in the future episodes but this is all you need to know before you make your first steps with freelancing. All the notes, be sure to check the notes to the episode. They will help you a lot.

All the notes, be sure to check the notes to the episode. They will help you a lot.

I will just repeat again that I will share with you probably more than 20 Freelance platforms or marketplaces, which published many many new projects every single day.

I will also publish the detailed guide. It will be available in the notes, about starting your own blog and additional information, I find when I’m finalizing the post.

This was episode number two of the FortuneLords podcast. It was about freelancing. I was glad to be your host.

Click Here to Leave a Comment Below 0 comments

FLP 2: Freelancing

by Danny Donchev time to read: 13 min