{"id":1349,"date":"2021-04-08T14:28:41","date_gmt":"2021-04-08T04:28:41","guid":{"rendered":"https:\/\/ici.net.au\/blog\/?p=1349"},"modified":"2023-06-07T12:03:40","modified_gmt":"2023-06-07T02:03:40","slug":"freelancing-and-the-gig-economy-what-is-it-and-is-it-right-for-you","status":"publish","type":"post","link":"https:\/\/ici.net.au\/blog\/freelancing-and-the-gig-economy-what-is-it-and-is-it-right-for-you\/","title":{"rendered":"Freelancing and the Gig Economy – What is it and is it Right for You?"},"content":{"rendered":"

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Traditionally it\u2019s called \u201cfreelance.\u201d These days it\u2019s more commonly referred to as \u201cthe gig economy.\u201d Whatever you want to call it, more people are working by themselves and contracting their skills and expertise out to external businesses. What\u2019s more, it\u2019s happening in more fields now than ever, and the opportunity is growing rapidly. It\u2019s now a $6.3 billion dollar<\/a> part of Australia\u2019s economy, and it\u2019s only going to become more important as time goes on.<\/p>\n

Part of the draw of freelancing is that there are many different disciplines<\/a> within which you can be successful as a freelancer. Whether it\u2019s journalism, consulting, photography, ridesharing, deliveries, or graphic design, there are many different ways that you can turn your own personal skills and talents into a full-time job, and indeed many people in freelancing spaces earn up to six figures when they\u2019ve developed experience and a client base.<\/p>\n

Indeed one of the best features about freelance is that you can work for multiple clients and, eventually, start being selective so that you\u2019re only working for those clients that give you the best revenue and opportunities. The problem many freelancers face is knowing when they should take the plunge. It can be scary, striking out on your own where your livelihood also involves business development \u2013 if you don\u2019t find your own clients then the money stops coming in. Choosing the right time to take that step is often key to your success at it.<\/p>\n

How will you know if you\u2019re ready for freelance?<\/b><\/h2>\n

There are a couple of indicators you should look for as a sign that you could probably strike out and find success as a freelancer:<\/p>\n

1) \u00a0 \u00a0 You\u2019ve got an exceptional portfolio<\/b><\/h3>\n

To bring new clients into the fold, you\u2019re going to need to be able to show them what you can do. Having a broad portfolio that will allow you to reach out to prospects in a wide range of different sectors is essential. If your portfolio is too narrow, it can be hard to find enough clients to retain your services.<\/p>\n

2)<\/b> \u00a0 \u00a0 <\/b>You\u2019ve got a large contact base<\/b><\/h3>\n

It is much harder going freelance if you\u2019re just starting out, then when you\u2019ve been working in an industry for ten years and are well-known by everyone in it. It\u2019s not impossible to be a successful freelancer from day one, but you\u2019ll find that in most professional fields the successful freelancers have spent a decade (or longer) working for companies before deciding to strike out on their own.<\/p>\n

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3)<\/b> \u00a0 \u00a0 <\/b>You know how much to charge<\/b><\/h3>\n

This is a big one \u2013 if you set the pricing expectations too low, you may think that you\u2019re being clever in undercutting your competition, but not only will you come across as unprofessional, but you will also find that the other freelancers charge what they charge because it\u2019s the sustainable rate, and what you\u2019re charging is not. Meanwhile, if you charge too much, you might get away with it if you\u2019re the only one able to do what you can do, but most clients will look elsewhere. You need to know what is a realistic, sustainable rate for your lifestyle, so you can also know if you can afford to go freelance.<\/p>\n

4)<\/b> \u00a0 \u00a0 <\/b>You have some money in the bank<\/b><\/h3>\n

You could take out a business loan, but then you\u2019d be adding to your debts before you\u2019ve even started. Going freelance is slow going for the first few months, if not years, and you need to have the resources available that allow you to focus on building your business without being worried how you\u2019re going to pay rent that month.<\/p>\n

5)<\/b> \u00a0 \u00a0 <\/b>You\u2019ve got a support network<\/b><\/h3>\n

Working by yourself can involve long hours and exhausting loneliness. You\u2019ve got no co-workers to talk shop with and no one to collaborate on ideas with. Ideally you should have a strong social network behind you, and industry or startup associations in your area that you can join and business network with.<\/p>\n

What does it cost to go freelance?<\/b><\/h2>\n

Assuming that you\u2019ve got the equipment that you need to do a job, then you\u2019re all set to go, with no further startup costs than that. A freelance writer needs a computer and the Internet. A freelance makeup artist<\/a> needs a professional kit. A freelance driver or courier needs a vehicle. One of the great things about freelance life is that the actual costs of starting are minimal.<\/p>\n

With that being said, you may also want to take some business courses, to understand how to run the business side of your job. Taking a short course in accounting or business management to understand the taxation implications of your work (remember \u2013 you are going to have to pay tax and, once you\u2019re earning over $75,000\/year, also collect GST) is particularly valuable, and understanding some basics about marketing, branding, web design and SEO can help you to get your name out and in front of potential customers.<\/p>\n

[updatedArticleShortcode link=”https:\/\/ici.net.au\/courses\/design\/it-web-design\/” text=”Explore your opportunities to study Web Design here”]<\/p>\n

One final thing you might want to consider is to start your freelance work as a side hustle. While you enjoy the financial security and experience of stable, paid work, spend a couple of years working on your freelance gig in the evening or on weekends. This will help to start to build up a database of clients, get some referrals going, and allow you to establish your Internet presence so that when you decide to go full-time as a freelancer, the groundwork is already set and you\u2019re going to be able to start earning revenue immediately.<\/p>\n

With freelance jobs on the rise, now is the time to gain the skills that you need to participate in the gig economy. From building your business, to promoting yourself, or adding to the skills that you\u2019re looking to freelance in, ICI courses have you covered. Click here for more information and to take your next career steps.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Traditionally it\u2019s called \u201cfreelance.\u201d These days it\u2019s more commonly referred to as \u201cthe gig economy.\u201d Whatever you want to call it, more people are working by themselves and contracting their skills and expertise out to external businesses. What\u2019s more, it\u2019s happening in more fields now than ever, and the opportunity is growing rapidly. It\u2019s now […]<\/p>\n","protected":false},"author":3,"featured_media":1355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-advice"],"acf":[],"_links":{"self":[{"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/posts\/1349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/comments?post=1349"}],"version-history":[{"count":5,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/posts\/1349\/revisions"}],"predecessor-version":[{"id":1774,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/posts\/1349\/revisions\/1774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/media\/1355"}],"wp:attachment":[{"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/media?parent=1349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/categories?post=1349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ici.net.au\/blog\/wp-json\/wp\/v2\/tags?post=1349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}