Prepping for the Gig Economy: 3 Spheres of Freelance Success

Kismet Cowork
Aug 31, 2018 · 4 min read
www.KismetCowork.com

Freelancer’s Union estimates that about 53 million Americans work as freelancers. Not only is a massive economic shift taking place — a shift in which companies can access talent with precise skills only when they need them — but a cultural shift is in motion too. With so much of the workforce independently employed, the 9–5 grind is shattering and social innovation is flourishing.

By 2020, 40–50% of the workforce is projected to be freelancers, temp workers, or independent contractors. And while the gig economy may seem like a disastrous result of the 2008 recession, these freelancers aren’t exactly floundering in a jobless abyss. A 2016 Deloitte study showed that “51 percent of global executives surveyed said their organizations plan to increase

the use of flexible and independent workers in the next three to five years.” Furthermore, 70% of LinkedIn surveyed contractors said their working style was a choice, not a decision forced by economic circumstances. In other words, reports of freelance doom have been greatly exaggerated.

The gig economy presents professionals with a new set of objectives. No longer are we preoccupied with getting to work on time, killing as much time on fake tasks as we can, and praying for a raise. Freelancers can instead take the reigns in their own career and focus in three key areas. According to Invoice2Go’s survey of successful freelancers, they are:

Networking
It’s tempting to relax at home all day when you’re a freelancer — especially if you’ve just escaped a horrendous job and are enjoying newfound privacy and freedom. But even if income is steady, freelancers need to branch out and expand their network at some point. Networking is at the core of the gig economy’s sustainability — It allows freelancers to sync up with clients who share their values and work style.

Networking consists of several elements spanning far beyond stuffy networking events. Freelancers need to perfect their elevator pitch, find more experienced freelancers to learn from, and discover new ways to meet prospective clients. Staying on top of your target industry will ensure you stay in the loop and provide what your clients need.

Networking Tip: “Always be prepared to pitch your work.”

Time Management
Many new freelancers underestimate the time it takes to complete projects, market themselves, and develop their businesses. Thus they often undercharge for their services. Setting appropriate deadlines, responding to clients in a timely fashion, and not overbooking (another anxious newbie mistake) takes trial and error. Yes, you have the flexibility to work on your own schedule, but new freelancers will quickly learn the difference between no schedule and a self-directed schedule.

With independence comes responsibility. Freelancers need to account for everything they’re missing without an employer. Time isn’t the only thing that needs managing. You must incorporate the cost of health benefits, taxes, vacation days, invoicing fees, marketing, and everything else that goes into running a business. This is why it’s crucial that freelancers set aside time for business development — and pay themselves for it.

Time Management Tip: “Keep track of data from previous projects to better plan how long it will take to complete future projects.”

Self-Motivation
Working for yourself means becoming disciplined and learning how to self-motivate. Oftentimes, new freelancers oscillate between laziness/too much freedom and working themselves to exhaustion with 12-hour days. In time, successful freelancers learn to balance out their schedules and become masters of self-management. Motivation works differently for everyone, so freelancers need to develop self-awareness to discover how they can work with themselves rather than against themselves. Key self-motivation elements include working on projects that hold your interest (avoiding scope creep) and working at the time of day you feel most energized. Studies show that peak brain function varies by age and can occur at different times of the day.

Self-Motivation Tip: “Test different work environments to see where you are the happiest and most productive.”

As more freelance success stories arise, the negative labels independent workers once shouldered are quickly falling away. Thriving in the gig economy is not only possible, it’s one of the best ways to ensure meaningful work and a secure financial future.

As one employee-turned-independent consultant phrased it, “I don’t know that I would frame my new life as precariousness anymore. I would frame it as really living.”

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Kismet is a Philadelphia based boutique coworking space with an emphasis on design and community development.

Book a Tour at one of our locations in Chestnut Hill, Spring Arts, or Manayunk (coming soon).

Visit : http://www.kismetcowork.com

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