Entry Strategies for Newbie Freelancer
Posted on 18. Apr, 2009 by Amod in Strategy
Every business person requires to formulate an entry strategy – when to enter, where to enter and how to enter. It applies even for a freelancer, especially now, when the online freelancing market has become very competitive.
When to Enter. Although, there is no restriction on when, you should begin obviously when the number of available projects are the highest. So, the probability of you getting the project is higher. Now, I don’t expect you to keep a track on the number of available projects everyday(although most online freelance marketspaces do offer this count on their sites). There are certain periods in a year when there is increased activity on freelance market boards e.g. holiday season (about 15-20 days before Thanksgiving to New Year), Financial Year ending (for accounting, data entry pros, etc.), and so on. It will ofcourse depend on the local factors too. This being a recession, is the best time to enter the business of freelancing and the figures on ALL freelance sites vouch for that.
Where to Enter. Initially, I would suggest registering on those freelance marketspaces which only provide free membership plans. This will give you an idea on how to place bid, how to communicate with clients, and more importantly how to tweak your bid proposals. I would suggest Rentacoder.com (RAC) for this. Registering for free membership (Basic) on marketspaces like Guru.com, Elance.com etc which also offer paid plans is a usually a bad idea unless ofcourse your skillset are unique. The rational behind this is simple – firstly, basic (read free) membership offer only a limited bids per month. And you don’t have to be a math wizard to figure out that the probability of you landing a project is far higher if the number of bids are more. Secondly, for an employer / service buyer, a freelancer who has paid hard earned dollars for membership is naturally preferable over a freelancer with free membership who can just vanish and perhaps register again using another identity. So then how does RAC work? RAC’s payment system has escrow system only i.e. the buyers’ interests are always protected (and so are the freelancers’, in terms of guranteed payment)
Present Comprehensive Bid Proposals. Study the project requirements and draft a proposal customized to that requirement. Read more on How to write a winning bid proposal.
Be Patient. It is not uncommon for new freelancers to not win any projects for first 2-3 months. Don’t let that dampen your spirits. Most of newbies give up at this stage. To verify, just view the number of freelancers registered on a site like RAC who have not logged in for more than a year.
Increase Project Fee Gradually. Low bidding initially, to win projects and hence ratings is understandable. However, you must increase the bid as you win more projects e.g. when you are too busy with lots of freelance work – if you win a job then stick to this high paying client. Your bid value is now “pegged” at a certain value. This will enable you to win even higher value projects.
So buckle up and enter this exciting way of life – it is liberating as challenging as it is.
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