5 Strategies of Highly Successful Freelancers

2020 has been a challenging year for many of us — furloughs, job losses and hiring freezes created a climate of uncertainty for professionals across industries, at varying stages of their careers. However, it also created an impetus for fresh thinking and greater flexibility in the way we approach work.

The pandemic triggered a surge in freelancer registrations on Flexing It as the number of highly skilled independent consultants doubled — this included top talent from leading companies who had been furloughed or lost their jobs as a result of Covid-19. Among them were experienced management professionals with cross functional expertise -from strategy to technology and human resources, women and young parents, corporate freelancers who are moonlighting in addition to full time jobs, entrepreneurs who freelance while they get early stage ventures off the ground, senior or retired professionals and a large percentage of millennial workers who see freelancing as an attractive career path.

As enforced remote work and demand shifts sharpened focus on alternative and flexible talent strategies, much of the prior hesitation and stigma around freelancing and flexible work -as a respectable career choice- was dropped. In the months following the global lock-downs, we’ve continued to see some of the best talent across sectors build lucrative alternative career paths for themselves in the high end gig economy.

In our conversations with consultants on the platform, we’ve found that many of them have employed similar strategies -to gain a stronghold in their sector, and build a strong portfolio of work — which provide a useful road map to consultants navigating the world of professional gig work:

1. Once you’ve assessed your key skills and strengths, research opportunities best suited to your experience and test drive a freelance project, or a few, before making the shift. First-hand experience of the freelance ecosystem is key to realistically deciding whether you are daunted by this path or excited by the benefits it offers, and building your confidence to make the shift.

2) Build a network — independent consulting offers financial and career building opportunities, and often a shorter time than a traditional job — however, it requires an entrepreneurial approach to creating your own support system. Building a diverse network is essential for your long term success- and it doesn’t have to be intimidating for the more introverted among us! Some of the best freelancers are far from being extroverted sales pros; instead, they have strategically built quality networks on the basis of their work and smartly leveraged tools and diverse connections enabled by freelance platforms, client referrals and other consultants.

3) Build a pipeline of short and longer term/retainer projects. Chandrika Pasricha, Flexing It’s founder, recommends approaching your freelance career like an investment portfolio — formulating clear goals, and identifying a mix of projects of varying intensity, and fees that will help you fulfil your career, financial and personal goals.

4) Know your worth — Keeping track of what consultants with your experience level are charging will help you make the most of freelance work. Given the lack of transparency that persists around top consultants fees, do your research on the kinds of projects being delivered in your sector (intensity, duration and skill level are also useful indicators of demand and competition in your field). Using tools such as FeeBee will help you get started and gauge the highest paying opportunities as your freelance progresses.

5) Invest in continuous career development — being your own boss means that you need to assess your strengths, and weaknesses, before your client does. The most successful freelancers, like businesses, are constantly reinventing themselves and investing in expanding their skill sets through courses, workshops and by exploring projects outside their domain to gain diverse exposure.