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How Freelancers Can Thrive In 2015's Gig Economy

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POST WRITTEN BY
Gabe Miano
This article is more than 9 years old.

Freelancers thought that their ships had finally come in this year. Not only did the U.S. economy continue its slow and steady progress with the unemployment rate dipping below 6% for the first time since July 2008, but virtually every recent report on the freelancer economy predicted a vibrant independent workforce for years to come. Despite all of this seemingly good news, a freelancer’s ability to thrive in 2015 is by no means guaranteed.

Independent workers who do not recognize how the freelancer economy is evolving may soon find themselves without enough work to make ends meet. Yes, more companies are looking to hire freelancers as they seek the efficiency benefits of a variable workforce, but recently there’s also been a change in average project durations as well as how companies are choosing freelancers. Managers tasked with hiring freelancers are increasingly looking for people to complete shorter-term engagements than the week- or month-long projects freelancers were accustomed to securing a decade ago. Companies are also demonstrating less patience when it comes to hiring independent workers. Generally, managers want to fill freelancer positions as quickly as possible, and will often forgo a lengthy freelancer evaluation and comparison in favor of hiring the first person that demonstrates the ability to complete the task-at-hand and complete it well.

2015 will also be the year that freelancers experience stiffer competition than ever before. While the demand for freelancers is increasing, so are the number of people that are willingly considering alternatives to a traditional full-time jobs in favor of a gig-based lifestyle – from baby-boomers who aren’t ready to leave the workforce entirely to people of all ages who are simply attracted to the flexible lifestyle that freelancing offers. Many millennials have never even held a traditional job, deciding instead to go straight into freelancing after school.

This evolving freelancer landscape may not seem to matter much to the average independent worker trying to piece together gigs with a few clients to pay the bills, but believe me, it does. Freelancers who want to thrive in 2015 and beyond will have to reevaluate how they are running their gig-based operations, with an eye toward making sure they’re meeting clients’ needs and competing as effectively as possible against the growing freelancer competition.

Make sure you’re the first to find out about new jobs

Companies are used to getting everything on-demand these days, and access to freelancer talent is no different. The independent worker who lands a project may not always be the most talented, but instead the first one to express interest and meet the necessary talent requirements “check-list.”

As a freelancer, being the first person in line can be as easy as making sure the push notifications on your smartphone are set up properly. In many cases, existing and prospective clients will post projects online first – whether it’s an email newsletter or an online marketplace. Regardless of where the job is posted, getting access to this job quickly means more than being available all the time via your smartphone. It means taking the time to set up the appropriate notifications so that when a relevant job becomes available, you’ll instantly see it on the home screen of your phone, tablet or laptop.

Are you clearly a good fit for the job?

You certainly have a leg up over your competition when you’re first to express interest in a project, but you still need to demonstrate the ability to do the job. If you look at how you’re presenting yourself to prospective clients, whether it’s through online bios or in person meetings, are you giving the client the ability to decide in a minute or less whether you’re qualified? If not, then you need to do better at explaining what skills you bring to the table.

There are countless books offering advice on how to best position yourself as a freelancer, but at the most basic level you need to focus on making sure you’re conveying all the skills you offer, and explaining each skill clearly and specifically. All too often I see freelancers learn new skills in their fields through classes or on-the-job, and simply forget to update their bios or convey these new skills when meeting clients in person.

Specificity is particularly important for freelancers in industries that require specific certifications – from IT field services to financial industries. Not only do you want a list of your certifications to be readily available, but you want to make sure these certifications are constantly up-to-date.

Diversify your revenue streams

A lot of freelancers find steady streams of revenue from one or two different clients and call it a day in terms of new business development. As more people willingly join the independent workforce and competition increases, not having a diverse revenue stream becomes increasingly risky. Even if you’re doing great work for a company, you can still find yourself in a situation where your “connection” leaves, another freelancer becomes favored or your specific skill-set is no longer needed after you complete a particular project. With only one or two clients, losing a single piece of business can leave you scrambling for more work.

If you’re one of these undiversified freelancers, make 2015 the year you branch out and start working for three or more clients - and try to avoid having more than 30% of your revenue come from any one source.

Build a community of “competitors”

When it comes to freelancing in 2015 and beyond, you could find that your biggest competitors turn into your best allies for finding work. As companies look to increase the number of freelancers they hire on a regular basis, some freelancers might find managers asking them if they know of any other good workers to complete related tasks in a particular industry. The more you network with freelancers in your community, the more likely they are to think of you when these inside requests pop up.

Becoming friendly with other freelancers in your industry can also help you learn which types of projects and skill-sets are most in-demand. The phrase “never stop learning” has never been more important for freelancers than it is now, as specific skill-sets and certifications that might be in-demand one day can be out the next. If you start hearing from freelancers in your field that they’re all getting work related to a new specific certification, that’s one of the best ways of knowing that it’s time for you to learn something new.

With recent reports from both The Freelancers Union and MBO Partners pointing to a booming U.S. freelancer economy over the next five years, this is certainly a great time to consider freelancing as a career or side-project in any industry. Armed with effective methods of finding, managing and retaining work, nothing can stop you from thriving as an independent worker in 2015 and beyond.