Freelancing: A complete guide for beginners

The word 'freelance' itself has an interesting trivia around it, first used hundreds of years ago. However, what interests most people is how freelancing and several earning apps have made online earning a steady income option.

If you want to know all about freelancing as we know it today, read on.

What is freelancing?

Freelancing means working with multiple clients simultaneously on a contract or part-time basis. Freelancing is possible when the skillset of the freelancer is something that employers from the open market seek. There is a propensity among employers to avoid permanent employees for positions that can be obtained as a need-based procurement. This has made freelancing a viable employment model for millions of students and professionals. 

Who is a freelancer?

You are a freelancer if you take up work from clients, often more than one, and deliver your work for an agreed sum of money. Freelancers have skills that are required by various businesses and establishments. It could be IT related skills like coding, web development, graphic designing, etc. It could also be online teaching jobs, photography assignments, accounting, consulting, writing and many more such vocations. A freelancer applies one of these skills while carrying out tasks and projects for their clients. Such tasks could be a one-off gig or a prolonged business relationship. However, in both cases, the person who is a freelancer is never on the payroll of any of the clients.

What is a freelance assignment, and how to get one?

Freelancing is a career choice where you choose to be self-employed rather than seeking permanent employment in a specific workplace. However, it can neither be called a business. Let’s assume, for instance, that you are an IDFC FIRST Bank MyFIRST Partner. You do freelance work where you refer people for IDFC FIRST Bank’s personal loans. However, if you set up an agency that helps and guides people to get bank loans, it would be a business where you provide professional services and not freelancing.

Justify your choice

You need to do a little groundwork before getting a freelance assignment. If you are already working as a salaried person or an entrepreneur, switching to freelance could be a very different experience. You should be clear about why you choose to freelance over any other career mode. The flexibility of work schedule and workplace can be the obvious reasons. The urge to work independently could be another. 

How to become a freelancer

Identify the platforms where your expertise is sought by clients and accordingly offer your services against such job posts. Depending on your type of service, you should have a presence on relevant social media, job portals, business networks, and in the form of a website too. You should showcase your skills, clientele, achievements, and any other information that is likely to boost a prospective client’s perception of you on all of these platforms.

Freelancing does have its share of discomfort, be it income uncertainties, stiff deadlines, scammers, etc. For best results, try to fix a schedule and a designated workplace. The latter could be a specific corner in your home too. Find out how much time can you work in a day, calculate your income needs, and consider the market rates to finalise your fee structure. Also, be prepared for an irregular income pattern as well as rejection.

Most common freelance career fields

IT-related skills are among the most popular and sought-after freelancing assignments. However, there are ample non-IT opportunities in the freelancing world as well. Roles like web designer, web developer, programmer, and virtual assistant are quite popular within the IT domain. Freelancers with subject matter expertise and/or literature background can find jobs like copywriter, editor, content writer, etc. Consulting roles like data analyst, business consultant, social media manager, and public relations manager are also available on freelance platforms. Technical skills like photography and videography are also among common freelance career fields.

The IDFC FIRST Bank’s MyFIRST Partner Program can be an excellent choice for freelancing if you have good networking skills. It will also be helpful if you already have a network of references - those with the potential of successfully applying for a Personal Loan. You not only get to work directly for one of India’s leading banks but also earn 1.5% of the disbursed loan with every successful loan referral you execute.

Advantages of freelancing

One must not forget that while freelancing is a challenging journey, the advantages of freelancing are indeed appealing and aplenty. 

1. Independence

The first advantage of freelancing is that you are the boss, the master of your domain. You can decide which assignments to pick, when to work, and where you want to work. It allows you to avoid 9 to 5 schedules and rejection of leave applications. Anyone wondering how to earn money from home will find the answers in freelancing.

2. Control over income

There would be a limit to your working capacity, but in freelancing, you can choose to slog or slow down, depending on your income needs. In the IDFC FIRST Bank’s MyFIRST Partner Program, freelancers can aim to generate as many referrals as they want and earn the incentive. There is no upper limit to your online earnings.

3. Save taxes

Freelancers can file the ITR-4 return where they don’t need to pay taxes for an income of up to Rs 10 lakhs. This is because this return allows you to claim up to 50% of your income as expenses, thus keeping you under the Rs 5 lakh slab. 

Dos and don’ts of freelancing

While working as a freelancer, you must stick to the expectations set by your clients. It is the best way to ensure a good reputation as a freelancer and landing repeat jobs. You must choose discretion while selecting your clients, as not all of them may be good to work with or punctual with payments. 

Don’t make promises you can’t keep while taking up assignments. Don’t defer the mutual agreement on terms and conditions, including payment terms. Also, always remember that time is your only raw material, so use it judiciously. Don’t waste your time on unproductive tasks and clients. Instead, try to build a portfolio of valued clients and enjoy a fulfilling freelancing career.

While we are still on the topic of freelancing, it is worth mentioning that you can enjoy an easy earning app onboarding procedure with the IDFC FIRST Bank’s refer and earn app and carry on with your day job. With zero investment, you can earn money weekly, build a professional network, and offer seamless services to your clients with minimal paperwork. To sum up, it has all the attributes that you can wish for from freelancing. Simply download the IDFC FIRST Bank's MyFIRST Partner App and start your alternative career today.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.