Trends to be Aware of When Building a Freelancing Business in 2020
Updated: Nov 27, 2020
2020 has come with a lot challenges. But, one things hasn't changed:
Freelancing is a viable and lucrative career choice for anyone who is looking to gain more passion, freedom, and income!
In the wake of all the uncertainty, these are FIVE trends I'm seeing in the freelance world that everyone should be aware of so they can:
1. Keep growing
2. Find clients
3. break into industries that are still thriving
4. Increase their prices
5. Position themselves as a necessity
THERE'S NEVER BEEN A BETTER TIME TO START FREELANCING:
There's always a thought that hangs out in the back of our heads that says there isn't enough room for all of us.
But the truth is, there's more work than there are freelancers. Especially with the world being what it is today.
More and more businesses are going to be looking for help that is, let's be honest, cheaper than having an actual employee. When you have employees, you have to pay for insurance, unemployment, etc. But with freelancers, all of those extra expenses fall on the freelancer. Therefore, it's actually more cost efficient for businesses to bring on freelancers than hire employees.
Also, in light of all the lay-offs and businesses closing, it's clear that having a second income stream is SO IMPORTANT! I'm honestly speaking from experience here. When I got let go from my job, freelancing saved me. I had no severance and no help from the government. I had a small side-hustle that I turned into my full-time job.
Having that second income stream that you COULD turn into your full-time job, if you wanted or needed to, could save you!
So, like I said, there's never been a better time to start freelancing. There's more opportunities and more time to get started!!
THE ONLINE SPACE IS BOOMING:
One of the industries that has been impacted VERY LITTLE is the online space. To be more specific, those selling digital products. These people are actually experiencing more return on their investment because people are at home, looking to learn new skills, etc.
Now is the time to break into the online space and take a piece of that pie - if it's a space you're interested in!
This is why, in the month of May, we're doing a TWO-HOUR workshop inside of Freelancing For Freedom that's all about automation. Automation is KING in the online space. If you know how to automate processes, systems, etc, it'll be easier for you to get in with those businesses.
If you're not familiar with the online space, some BIG names to check out (to learn and dip your toes into what the space looks like) are:
IN-PERSON BUSINESSES WILL BE LOOKING TO TAKE THINGS ONLINE:
I've seen a lot of freelancers talking about how they've lost business due to clients needing to close their doors for the time being. But, on the other side of that is an opportunity to take businesses online.
Maybe you work with clothing stores who are having to close their physical locations. It's time to focus on their website, social media, and driving traffic for online sales. Maybe you work with local gyms, which have all closed. It's now time to take those gyms online to offer virtual classes as a way to retain memberships and keep revenue coming in the door.
These in-person businesses are not only in the process of moving things online, but they will want to continue to do this to avoid closing completely should we face another pandemic down the line.
You can totally show them how to take their businesses online!
CERTAIN CLIENTS WILL NEED MORE HAND-HOLDING:
With these more traditional businesses wanting to take things online, more responsibility will fall on you - the freelancer. Why? They have NO IDEA what they're doing when it comes to running a business online.
Most of them will be used to talking to their employees in person, doing customer service over the phone, selling in their offices, etc. The online space is going to be new for 90% of these businesses and therefore you're going to have to:
Be more patient when it comes to onboarding, explaining systems, and setting them up with tools.
Set aside more time for conversations and task review because they're used to seeing things in person. It will take more time to make decisions, communicate, etc.
Be VERY detailed in your proposals, contracts, and onboarding process. Again, this is all new to them and you will need to put in more time and effort to guide them through this uncharted territory.
Set clear boundaries!! They're used to walking down the hall and asking questions, which is now all done through email. Make sure they know turnaround times and what to expect from your partnership.
FREELANCERS MOVING AWAY FROM GENERAL TITLES:
One issue that I've seen in the past is general titles, such as Virtual Assistant, yield a lot of low-ball negotiations and struggles to find clients. There is now a BIG move towards more specialties and niched services.
For example, many people will start out with a general title, such as virtual assistant, and once they discovery what they really like to do, they will change their title to something more specific so they can increase their rates.
When you're thinking about your title, make sure to ask yourself if it's specific enough to charge premium rates!!
These are some major trends that I've been seeing in the market and that you should think about in your own businesses.
Knowing these trends will help you overcome some objections, get creative about how you can serve people, and even break into new industries!
Finding clients can not only feel overwhelming, but it can also seem downright impossible sometimes. Do you respond to posts on facebook, Upwork, and Indeed. Do you show up on social media and hope that someone reaches our to you?
My client acquisition crash course takes ALL the guessing and stress out of finding your next client! Snag it here for a limited time!