Make a competitive freelance marketplace, like Upwork or Fiverr
31% of freelancers earn more than $75,000 in the whole year.
The pandemic has impacted nearly every industry, although independent contractors suffered the least. With the introduction of Covid-19, huge businesses, even those who had never hired freelancers, began to trust them more and occasionally gave them the most challenging assignments. As a result, many companies now recognize the advantages of remote employment.
When you view the number in the US, it’s clear that many employees will choose to freelance over alternative job arrangements; this proportion is expected to reach 50.9% of the workforce. This indicates that there is a substantial current demand for freelance marketplaces.
Even though several websites, including Upwork and Fiverr, provide freelance work, they could be better. Businesses can join the freelance market, grow it and fill existing shortages.
You should keep reading this article if developing a freelance marketplace is in your business’s best interests. The main characteristics of websites like Upwork and Fiverr will be covered in this guide, along with our professional advice on creating a platform from the start.
Freelance market overview
National surveys have demonstrated the global scope of the freelance industry's continuous changes. For instance, a study of over 7,000 working Americans conducted by the American Freelancers Union and the Upwork online exchange provided insight into the importance of the new work model known as freelancing. It also demonstrated the size of the independent workforce and the implications of its growth for society and the economy.
Thanks to the above research, the modes, staples, and procedures of freelancing work have been determined. The key findings of the independent market research have been outlined and summarized below:
Freelancers are millennials and Gen Z
The people born between 1981-1995, <35, and Gen Z are the ones modern freelancing relies on. It's because, unlike the earlier generation, the mentioned category people want to do something they can enjoy. With their skills in social networks and connections, these generations look for temporary, part-time work and actively participate in projects that benefit them.
Want to balance work and life
The 8-hour working system is now becoming old-fashioned. Part-time jobs bring top-notch projects requiring creative solutions and less time than typical, old-fashioned jobs. Also, the performers get more pay compared to the 8-hour job workers.
Though having a stable job, people are now opting for risks as they want to work for themselves and want no one to blame for the outcome. Because of this, experts claim that this reduces labor market competitiveness and alters how people approach learning new skills and knowledge, making working practices more adaptable.
Changes the thinking process of people
The businesses accepting the freelance-friendly environment observed shifts in hiring and employee enthusiasm. If the management provides a deadline and viewpoints, it can make the employee's self-development suffer. On the opposite side, independent contractors have time for themselves and their families and can adequately develop their personal and professional lives.
Employers now have their hands on people and abilities that completely fits their requirement because of the expansion of freelancing. As a result, the risk posed by market volatility to businesses generally, and employees, in particular, is decreasing.
The attitude of independent contractors differs significantly from that of typical workers, which strongly influences their motivation and degree of involvement. Due to the challenges of discovering employment and the absence of a steady income, most freelancers opt for this work.
Types of Freelancers
Here, we’re going to go through some of the fantastic types of freelancers:
The side hustler
This kind of freelancing is typically a full-time profession. While side hustlers have full-time jobs, they also work as freelancers to boost their income. You might work full-time for a company or organization and pick up some positions on the weekends and during long weekends. The most common sort of freelancing is this.
The self-employed individual
The self-employed individual takes on employment on an as-needed basis. They don't work on a regular job; instead, they take on long-term projects that last between 8 to 12 months.
The freelancer business owner
Businesses run by freelancers are considerably different from other sorts of freelancing. Those who own small, independent companies as freelancers often combine their expertise in freelancing and entrepreneurship and hire numerous additional freelancers to help with the company's job. This particular type of freelancer can be described as the entrepreneur of the freelancing sector.
The temporary worker
Although this freelancer may hold a full-time position, their employment is only temporary. The projects they operate on can occasionally be short-lived or go on indefinitely. This typically occurs when huge organizations take on large-scale initiatives and employ a few temporary workers to support their existing workforce.
The flexible worker
Many independent contractors have a variety of jobs. Flexible workers are renowned for utilizing various job methods to the fullest. They have the unusual ability to switch between many roles as needed. They split their time between freelance employment and part-time corporate jobs.
The freelancer consultant
A freelance consultant is an independent contractor who receives payment for advising customers who are individuals, businesses, or organizations. They offer their professionals or subject-matter expert opinion in a particular area. As fascinating and lucrative as a freelancer consultant's role, it isn't easy to land. Finding clients and juggling a full schedule are challenges for freelancer consultants.
The experiential freelancer
A person who frequently tries new things is referred to as an experimental freelancer. An experienced freelancer offers services in various niches, some of which may be related to one another or not.
Freelancers make up one-third of the workforce in the US
Exciting statistics from the survey demonstrate the rise in interest in freelancing. Nearly 34% of American employees are freelancers. Additionally, the number of semi-workers who make an annual economic contribution of over $715 billion is rising by 700,000 yearly.
Freelance infrastructure is growing.
Experts claim that the new workforce, which generates enormous revenues, necessitates the development of a unique infrastructure. This infrastructure is continuously developing in the US and includes remote job exchanges, coworking spaces, teams, and freelance cooperatives. Due to the rise of freelancing as a recognized profession, it has grown increasingly appealing to employers and workers. It offers social benefits like the Freelancers Union for this group of workers.
Expansion of freelance platforms:
As the freelancer market keeps expanding, so do freelancers’ and employers’ demands to locate the best freelancers for their organizations. In such circumstances, a platform for the freelance market comes into the center.
What exactly is a freelancing marketplace platform, then?
The freelancing marketplace’s internet resource compiles data about independent contractors with various qualifications. While some platforms specialize in a single sector, others are more adaptable.
Now, let’s go through the benefits achieved by hiring a freelancer
The benefits received by freelancers:
Freelance Marketplace examples
The two top freelance marketplace examples are:
In essence, Upwork is a traditional freelancing marketplace with free membership. Their user interface is simple. Even though Upwork is entirely in English, rudimentary language skills are sufficient.
Freelancers can apply for jobs on Upwork for free, but their chances of landing the job rise if they spend a few extra cents on other services.
Another website where independent contractors can market their service is Fiverr. Here, the freelancer performs the role of a salesperson by pitching the benefits to clients. They develop their service, which the site refers to as a “gig,” and it appears in the list of services. Customers can look at these and select a qualified freelancer.
Effective ways to monetize freelance marketplaces
Here we’re going to go through some of the ways to monetize freelance marketplaces:
Features of freelance marketplaces
You must understand the particulars of the freelance sector to create a marketplace company like Fiverr. You should also become familiar with the essential attributes of this kind of platform. Of course, market-based freelance platforms have many more capabilities.
The features of freelance marketplaces like Fiverr are as follows:
Ensure that you make the registration process easy.
A user profile should also display a person's current services, comments, and reviews. Both service providers and customers can be users. Therefore, a user's review as a service provider and a client may be included in a user profile.
Typically, a user can enter a keyword to search for a service. By placing popular requests next to a search bar, freelance marketplaces occasionally assist users in their searches.
In addition, the home page is crucial for learning about the platform's categories and services. You'll see a bar on Fiverr's home page that displays the significant types and subcategories.
Moreover, remember to incorporate filtering and to sort while building a freelance website.
One of the four ways to monetize your marketplace is by asking for a service fee. Based on the type of marketplace, a service fee differs. Additionally, Fiverr charges a service fee and a set rate for the service itself.
Review and feedback
With such a hype of freelancers, developing a freelance marketplace can be a successful business plan.
Thus, this is the time to put your foot on the freelance marketplace and get the best opportunities.