The potential for freelance projects in India is huge at present.
Also, given the current pandemic situation in the job market, this is the perfect time to join the gig economy right away.
In order to be successful in the ‘on–demand economy’ you need to be tenacious and determined at all times.
Here are some tips you can follow to set achievable goals for a smooth income and work volume in the freelance market.
Now is the time to crunch some numbers
1. Chalk out your fees and costs
How much do you want to make quarterly or annually?
Start with a number and work it backwards.
But as a freelancer, you cannot charge every working hour out to clients.
So set time aside for emailing, prospecting, marketing, meetings and networking, upskilling courses and professional development and of course for breaks too!
This exercise will help you understand your billable and non-billable hours.
Now that there is no employer above your head, you need to chalk out your freelancing fees smartly.
Please ensure that your freelance rates cover your taxes, insurances, equipment, rent / workspace, broadband, telephone bills and the like.
Also, gauge how long you could survive without a steady income.
2. List down what you need to get by
Human brains love checklists and these lists can save your day every day in the gig economy.
To get started, keep all freelancing tools, technical equipment, legal contract copies and document print outs in place for the work to function smoothly.
Also, determine which apps and tools can make your freelance operation a win-win. Make it a habit to use them.
3. Calculate your taxes
Tax calculation is not an easy job. Now that you have decided to freelance, you might not have a ‘finance team’ to back you up!
Anyhow, you need to file your annual income tax returns on your own.
Plan in advance to set enough money aside so that your income tax deductions and TDS cuts get covered.
To ease out your tax calculation task further, you can try accounting software options like QuickBooks.
If things are still blurry, connect with a trusted financial advisor and turn this partnership into a business understanding of sorts.
That would definitely be worth a try.
4. Track your time
As you start picking up freelance projects, you would slowly realize that time is money.
So start tracking every hour on your project to successfully stick to the estimate in your job costing.
This will help you calculate exactly how much you should charge and where profitable projects are coming from.
Follow this tactic to also track time spent on ancillary jobs like marketing and finance.
Build your brand online
You have to build a stand-out brand name for freelancing jobs right now.
To approach your branding as a freelancer, first create a business name to signify what you do.
Then come up with a concise motto or tagline to get the message across for prospects to see.
Your branding should quickly convey what you offer. This will become your USP.
Once that’s set, you can purchase a URL, develop a bio, prepare an elevator pitch and start telling your story to the world.
Are you 100% confident? Then quit your day job!
Whatever your calling is, you already know that it pays to know your market.
Also, you possess the skills that people are ready to pay for.
If all your finances are smooth and settled, get into the game at full throttle by resigning from your mundane job!
Its time to turn this gig into a full-time thing.
It’ll be your call on whether you would want to sell stuff on Amazon and OLX or live a life of your dreams without a boss.
Whatever you decide to do, building a fail-safe plan today will ensure that you make ample money in the gig economy tomorrow, may be more than any day job could offer.
So start planning your gig work right now and make the most of on-demand projects in the freelance job circuit.