Freelance is a field where you utilize your pool of talents and earn decent income based on work availability. Freelance gives you the chance to work on multiple projects at one time based on your taste and availability. But, how did this nature of employment get into the limelight? Let’s have a sneak peek.
The Boom in the Freelance Industry
Without knowing the awaiting catastrophe, we all welcomed 2020 with open arms. Unemployment was a hidden crisis until lockdown showed up as a nightmare in late March 2020. Countless aspiring souls lost their jobs; the threat of firing and freezing hovered over the small and medium corporate moguls.
But, the hope didn't completely die. Freelancing that was earlier not so preferred, or was a mere side dish; suddenly turned into a booming independent employment option to Indians. Freelancing is now widely adopted as the new work culture because it is customized, and they are their boss.
Though the traditional employment model is crippled due to intensive lockdown, India emerged as the second-fastest-growing freelance market in the world as per 'Freelancing in 2020: An Abundance of Opportunities' report by Payoneer.
It showcased that India registered a massive spike of 46% in 2020. Moreover, the report also stated that “More workers flooded the market with a 37% increase in new freelancers between May and June, compared to 23% increase between March and April,” the report stated.
As per the freelancing statistics, the field of freelancing is estimated to grow to $20 to 30 billion in India. Being your boss has its monetary perks too, according to a report published by PayPal in 2018, it said that 'freelancers in India earn 19 lakh per annum on an average. In the survey conducted by Paypal on 500 freelancers, it found that 23% of the freelancers earn up to Rs 60 lakh annually, 13 % earn 10-15 lakhs per, 8% earn 7.5-10 lakhs/annum, while the rest 23% earn an annual income of Rs 5 lakh.
Let’s look down through the effective ways to scale up your freelance business
- Build your profile on the right platform
With spiking internet usage, we are in the era of ‘infodemic’, where we are bombarded with information now and then. Be it a permanent job or freelance, the search engines have the answer for every query.
We can always find ample opportunities and options to choose from, but the task is to filter through the irrelevant and chalk down the credible portal for freelance.
A few of the best freelance platforms are as follows:
- Upwork
- Fiverr
- PeoplePerHour
- Indeed
- Guru
- Freelancer
- Test.io
- App Store
- 99Designs
- Truelancer
- Toptal
- Facebook Audience Network
- TaskRabbit
- Upstack
- Codementor
Apart from this, optimize your profile, have an illustrious portfolio, add social media for credibility, set a competitive hourly rate, etc.
You are the boss, but clients are the priority
They and their are the Aces whereas me and I are jack. You might be a good UI designer, audio-visual editor, and photographer, but are you offering what your client needs? Is the client satisfied? Are they benefiting from your work? These are the questions you should ask yourself when working for the client.
Know their needs and work. Highlight the benefits they receive when they work with you. Always remember - you might have a pool of talents, and it's only worth it when you have a paymaster, that is a client.
Be an asset, not a liability
If a client is investing in you as a freelancer, be an asset. Don't make a mess, instead bifurcate the project in an orderly manner, write the important information, know what your client expects out of the project, then list down the flow of work, get it regularly cross-checked to avoid misunderstandings and blunder in the future.
If you work like you own the project, you will commit the least possible mistake because you always aim for perfection. And, the more you work, the better you become in that particular field. With continuous and meticulous work, you'll gain greater experience and goodwill that will help you in becoming a brand and stay fully booked.
Upscale your Stipend
First things first, do your research, know the market trends regarding the required skills and payment, and then acquire the needed skills and set your price accordingly.
When you know you possess great talents that are hard to find in the market and deliver quality work, just raise your standards and market yourself with a 10% -20% increased price than your earlier remittance demand.
It is good to be grounded and humble but never devalue yourself. You must know your worth and demand your pay accordingly. If the client sees quality in your work, they will accept your offer and give a decent raise.
Also, whenever you send across a price quotation for a project, always bifurcate it into sections for better clarity. It also highlights the labor that goes into the stages of production. This wise itemizing will not only justify the value you are offering but also the pricing.
Have an unambiguous contract
- Have a contract - keep it clear
When you work for someone, trust always plays a pivotal role. But business can't stand only on trust therefore, a freelancer should always prepare a simple and clear contract that lists down every minor needed detail such as:
- The timeline
- The final product
- Payment and its method (it's always better to ask for advance payment to avoid last moment hustle)
- The stages of your work
- Additional requirements
How to save the cross-border transaction crunch?
Well, don’t worry because we have an antidote for this crisis too. Did you know that some of the famous online payment systems charge over 4% in overseas currency transactions? Hurtful right? But, as said before, not anymore because PingPong charges the lowest of them all.
Beneficial Freelance Payment Method - PingPong
How will you feel when you earn $5000 per month but the foreign exchange and bank transaction chop down the 4% from your hard-earned money when converted to your INR account? Ever thought of an effective payment service provider whose priority is to fill the pockets of consumers rather than their own? the amount slashed off in transactions?
Stop pondering because we have brought you an effective payment tool to save the extra cost-cutting on your freelance payment.
PingPong (2015) is a 'Payment Service Provider' (PSP), that acts as a third-party financial mediator that facilitates cross-border currency exchange. It can be used by Amazon sellers, e-commerce merchants, freelancers, exporters, and service providers.
PingPong - A Genie in disguise for Indian Freelancers
A few of the freelance options supported by PingPong are - Freelancer, Chegg, Upwork, Udemy, Guru, 99Designs, Envato, and many more.
This genie in the PSP world is a hidden boon for Indian freelancers as it helps in keeping multiple accounts in multiple currencies in one single place. It means you can make multiple accounts based on different fruitful currencies (USD, EUR, GBP, CAD, JPY, and AUD) you receive your payment.
Based on the foreign monetary exchange, PingPong also provides the consumer with a digital FIRC (Foreign Inward Remittance Certificate) that is free of cost on your PingPong dashboard. So no more standing in a congested bank queue when numbers could be operated with a click.
Foundation of PingPong
The element that makes this six-year-old payment service provider stand out is the lowest transaction fee, which is inclusive of all factors and free from hidden charges. If you look closely, this option is not less than a whopping offer for freelancers.
PingPong's foundation lay on timeliness (1-2 days), credibility (regulations and tie-ups with esteemed financial task force/institutions of the country), trust, transparency, safety, and profit of the customer. Therefore, this payment solution provider is nothing less than a messiah in disguise for freelancers.
After knowing about the essence of PingPong, let's run a Q/A round:
1. How to enroll in PingPong as a freelancer from India?
If you are a freelancer from India, you can get yourself enrolled with PingPong in 3 simple steps:
-Sign up for free.
-Make your payment receive account. You can create multiple accounts based on receiving currency. The types of currencies are - USD, EUR, GBP, CAD, JPY, and AUD.
-The moment the money hits your PingPong account, it is immediately directed to your Indian/local bank account. Wherein you can withdraw the funds in INR or aforementioned currencies based on highly competitive rates.
Now, if you are an Upwork freelancer, you could simply sign up on PingPong, merge your PingPong account details in Upwork, and it's done. Just enjoy the direct payment and additional benefits.
2. How will it operate as a freelancer payment mode in India?
PingPong will be a payment virtual window for the freelancer in India. You can simply sign up for free, create an account in the desired country option offered for freelancers and enjoy your reward in desired above-stated payment.
3. Is it fast and is the cross-border currency trade reliable?
PingPong India is in liaison with the RBI. In India, it acts as an Online payment gateway service as per RBI. So there is nothing to fear because every transaction here is transparent and accurate. You can withdraw money to your Indian bank account in local currency in 1-2 working days.
India’s current freelance economy consists of over 15 million freelancers, which shall change and vigorously increase in the future due to changes in technology and market expectations. In this spike, innumerable freelancers are losing thousands in the name of foreign exchange rates and bank transactions; you better not fall prey to the lucrative payment service providers. Take a tried and tested safe road; let not your savings get slaughtered in the cross-border payment transaction. Just sit back and work, PingPong has your back.
For more information click here - PingPong