How Timebanking Helps Freelancers Supercharge Their Businesses

Even before COVID-19 disrupted the economy, it was abundantly clear that the freelance economy (or “gig” economy as many have rebranded it) was on the rise as market forces and personal choice led to the proliferation of freelancers. And the COVID pandemic served as the accelerant.

According to a 2020 UpWork survey, ⅓ of the US workforce (or 59 million Americans) was freelancing last year, contributing “$1.2 trillion to the U.S. economy.” And 36% of people who freelance (up 9% since 2019) are doing it full-time.

The sharing economy has created a duality where work opportunities have increased through services like UpWork, Behance, and Fiverr. At the same time, the heightened competition and the ability to hire on price alone drives up competition down rates.

In short, it’s paradoxically a great and terrible time for freelancers, made only worse by the economic pressures of COVID.

Freelancers likely excel in one or two things that they provide to large corporations, organizations, and startups in exchange for money. One of the biggest challenges for many freelancers — especially those who were most recently full-time employees — is that now they have to promote themselves, manage their finances, and find new opportunities, all of which can be far from their expertise and require significant funds to execute.

But there is a great solution to how freelancers can receive the help they need while helping others while increasing their network: timebanking.

Timebanks provide something unique and new to those freelancers and consultants: help on the things they need but cannot do themselves or cannot afford.

Consider the freelance writer. Your skillset is in crafting beautiful and persuasive prose either for editorial publications or brands. You are a master with the written word, the narrative, and the story.

You are likely less adept in matters of accounting, graphic design, tax preparation, project management, and other things that even a one-person business requires to remain solvent and successful.

And it’s not a leap to contemplate accountants out there who are magicians with numbers but whose website does not draw a potential customer. And maybe they haven’t freed up enough capital to hire a graphic designer or otherwise feel like their money is better spent elsewhere.

Many graphic designers likely can sketch out the most beautiful artwork to entice customers but may struggle to communicate their unique selling proposition through words.

In short, timebanking is a major tool in the arsenal of freelancers. While service exchanges already exist in most freelancer networks, they often take the place of bartering, which has one foundational disadvantage.

A bartering economy creates significant friction because a “buyer” must connect with a “seller.” If you have something the seller wants, but you do not need what they can offer you, then the deal falls apart.

Time banking eliminates this concern because you can bank hours by helping one person, then spend that time with a completely different person who has exactly the skillset you need. Timebanking disintermediates the exchange so that help can happen more frequently. And now that timebanks have moved online, there are many new opportunities to find help and connect.

A common concern for freelancers is the unevenness of work. You may be between clients or struggle to find work. While you look to build up your book of business or request more work from your existing clients, you can use that time to help your fellow freelancers.

If, say, that writer spent ten hours of free time helping others in their timebanking community writing bios, cover letters, resumes, taglines, website copy, and market positioning statements, that writer could use those hours to get a logo designed, a stylish new headshot, a refresh to their website, and tax advice, all for zero dollars.

The best part about timebanking is that it’s built to coexist with the market-based economy. You can focus on your paying clients while using your spare time to help others to accumulate credits to spend on things that will grow your business. When money is scarce, participating in a timebank can be just the thing to supercharge your business.

Unlike the sharing economy, you are helping out your fellow freelancers and controlling your own destiny. You only put into timebanking what you can. But here’s the secret — you get so much more out of it. You put in a little, and it opens up so many new doors and exponential opportunities.

We have seen so many amazing things through our timebanking platform. A hotel operator in Italy rented out his rooms to people with TimeCoins and then used that money to fix up his website and translate it into ten different languages. People have used TimeCoins to get help from someone and then eventually hire that person for a salary because their work was so good. People who connect on the platform recommend their new friends to their clients for jobs. Individuals who have lost trust in their neighbors or community can find a powerful one online.

But, above all, timebanks help reinforce a concept often forgotten. That we’re not alone in this world, that help is around the corner, and that you can trust and build unbreakable bonds with your people who were, until recently, strangers.

If you’re a freelancer or otherwise interested in learning more about TimeRepublik, sign up today.