How Entrepreneurs Can Build Their Business With Today’s Freelance Platforms

The Covid-19 pandemic has increased the urgency for businesses worldwide to take digital transformation initiatives. In these trying times, enterprises—particularly small and mid-sized ones—have been forced to make efficient, intelligent investments in digital tools and technology.

In most instances, the focus of these investments has been streamlining the communications infrastructure and acquiring new, advanced productivity tools to secure and connect remote teams.

Digital skills have been a scarce commodity in recent times, and the pandemic has compounded the issue. It is now the primary factor holding back enterprises. To give you an idea, American businesses currently have more than 1.36 million software developer vacancies, whereas just 65,000 developers obtain college degrees each year.

Given the insufficient supply of professionals with digital skills, an increasing number of companies are considering an on-demand workforce. Instead of competing with hundreds of other competitors and paying high wages, they’re now engaging remote workers on a cost-efficient, project-by-project basis.

This is where freelance platforms come in.

Freelance Platforms: An Overview

In simple terms,  these are marketplaces where professionals can market their skills and find work whether it is related to SEO or Web Development. In the last few years, freelance platforms have grown exponentially, which really isn’t surprising since forecasts tell us that 80% of the workforce will be freelancers by 2030.

Freelancing was referred to as “side jobs” and “gig work” a few years ago, but today, it offers lucrative employment opportunities. The traditional 9 to 5 jobs are becoming less and less desirable in today’s globalized and highly connected world as modern professionals prefer flexibility and operating as independent contractors.

Enterprises of all sizes and in every sphere are realizing the benefits of working with remote freelancers. These include standardized processes, quicker project timelines, and significant cost savings.

Leveraging a Freelance Platform Effectively

Freelance platforms offer profitability and convenience. To maximize these benefits, it’s advisable for entrepreneurs to have a freelance agreement template ready for engagements with freelancers. However, it’s worth noting that not all freelance platforms are the same—and neither is the talent you’ll find on them. Therefore, if you’re considering supplementing your team, make sure you follow these steps when using a freelance platform.

Understand Your Requirements

Prepare a detailed task list before you begin searching on a freelance platform. More importantly, make sure you can tie each task to your company’s main objectives. Which is, of course, generating revenue and slashing costs. Resetting project objectives after you’ve hired an individual or team will only waste money and time. As a business owner, you must be mindful of expenses that you can deduct to optimize your financial performance and ultimately achieve the primary objectives of generating revenue and slashing costs.

Analyze Each Option

There are hundreds of freelance platforms out there. Most of them specializing in a particular industry, geographic area, or price range. The best approach is to narrow down your options based on your needs.

Prioritize Experienced Professionals—Even If You Have to Pay a Premium

You’re likely familiar with the phrase, “You get what you pay for.” When it comes to human capital, this is especially true. Since the demand for talent currently exceeds the supply. Professionals have the power to select who they work with and the type of work they do. When it comes to outsourcing, it’s definitely worth paying a little extra for experience and expertise.