Freelancing is the art of providing your services to work for yourself. It is a self-employment field with its perks. Sometimes, it can be challenging for freelancers to avoid the financial challenges that come with it. Here are the top challenges that freelancers face, which you can easily tackle by following these ways:Â
1. First Order
Freelancers face the challenge of getting to their first order the most. They are compelled to research the market and join groups and communities on online platforms. These so-called recruiters tell them to pay a fee to get their first task and a 5-star rating. Since newbies are naive, they fall prey to such scammers.
2. Competitive Market
Recently, the competition on online platforms has increased a lot, which makes it difficult for skilled freelancers to pitch their proposals to prospects. The competitive requirements make it almost impossible for any newbie freelancer. To stand out from your competitors, you should invest in creating a work portfolio, communicating with clients, and upgrading your skills.
3. Payment Withdrawal
Payment withdrawal can be an issue for you because of payment gateway barriers between you and your client. Most of the time, freelancers don't choose the correct payment methods, which causes problems when you need to withdraw money. You can get an international card like Stripe or Payoneer that supports transactions in your client origins.
4. Client Payment Delays
Completing your work and getting payment on time is no less than a privilege. Sometimes clients delay freelancer's payments, which can be due to different reasons. In the beginning, you should set clear terms and conditions to avoid such scenarios. Moreover, it is better not to rely on a single client, have diversified clients, and follow up politely, maintaining a sense of professionalism.
5. Work-Life Balance
Freelancers often require working at night times. This makes them work at night and sleep during the day, impacting their sleep quality and work-life balance. Therefore, dividing tasks into subtasks, taking breaks, and creating a schedule routine that you can follow easily to maintain a work-life balance is essential. Otherwise, it can isolate you socially, affecting your mental health.
6. Recruiter's Demand
As markets get saturated, they attract people who can exploit consumer's interests too. Sometimes, clients/recruiters demand you for money to allow you to land on an order & give 5-star ratings as well. Know this can be a scam challenge that may trap you and immediately get away with it. Remember, you are there to earn, not to invest.
7. Currency Fluctuations
Freelancers have to work with different clients from different countries every time unless you have a retained client. These clients pay them in their own currencies, which ongoing currency fluctuations can affect them. It would help if you asked your clients to pay you in a currency that suits you and offers a better conversion rate into your local currency.
8. Offer Letters
Freelancers may often receive Job offers through free email addresses like @gmail.com, @yahoo.com & @hotmail.com. These emails usually say we've reviewed your freelance profile and would like to offer you XYZ's job profile. It's most likely fake when you don't post any proposal or approach a client. It is important to remember that companies send offer letters through verified companies' domain-mentioned mail addresses.
9. Loan Access
Sometimes, freelancers have many orders to complete and not even a single order to fulfill. This creates a sense of financial insecurity & leads to taking loans to survive. Due to an invariable financial statement, banks can reject your loan application. So, to mitigate this risk, have diversified passive income sources, learn financial freedom, and upgrade your skills constantly.
10. Setting Pricing
New freelancers often set lower prices for their services and get exploited by clients providing numerous revisions. It is better to research the market and find beginner prices for services related to your niche. You should set prices that justify your work's value. If you don't value your work, no one else will.
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How I make $11,000 per year renting out my spare rooms?
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How I make $11,000 per year renting out my spare rooms?
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