Being competitive as a freelance business owner

UNICORN BLOG

In the fast-paced and ever-evolving freelance industry, being competitive as a business owner is essential for long-term success. With an increasing number of independent professionals entering the market, it is crucial for freelancers to continuously adapt and innovate in order to stand out from the competition. Embracing new technologies, staying updated on industry trends, diversifying skills, and actively networking with potential clients and colleagues are just a few strategies that can help freelancers remain competitive.

Standing out amongst the crowd

Growth in the freelance industry

The freelance industry is experiencing significant growth worldwide. As more individuals seek the flexibility and autonomy that freelance work offers, competition in the industry has become increasingly fierce. It is crucial for freelance professionals to remain competitive in order to stand out in a crowded market.

There are numerous reasons driving people to seek freelance work, including the desire for work-life balance, the opportunity to pursue their passions, the potential for higher income, and the ability to work with a diverse range of clients.

The Great Resignation, a global trend of employees leaving their traditional jobs in search of more fulfilling and flexible opportunities, has contributed to a surge in freelancer numbers. This further amplifies the need for freelance professionals to distinguish themselves in a competitive landscape.

Facing increased competition

One way for freelance business owners to face the challenge of increased competition is to develop high-demand skills. Putting extra focus on niche expertise, and exceptional customer service can also differentiate them from the competition.

Attending industry events, joining professional organisations, and actively engaging in online communities can enable freelancers to showcase their expertise and expand their reach to a wider audience.

Collaborating with other professionals in the industry can also open up opportunities for larger projects, as well as provide support and mentorship.

Formulating a pricing strategy

Implementing an effective pricing strategy

To start a successful freelance business, it is crucial to dedicate time to marketing and promotion. While it may seem daunting and time-consuming, investing in these activities can be really rewarding.

By consistently creating valuable and insightful content, you can attract potential clients and build credibility. This can be achieved through blog posts, informative videos, or engaging social media posts. It is an opportunity to give your prospective customers a peak behind the scenes, to see the person beyond the brand. People relate to people not businesses.

In addition to producing content, actively promoting your services on social media platforms is equally important. Utilising social media to share your expertise and engage with your target audience can significantly boost your online presence and attract potential clients.

Social media platforms attract different audiences. It is therefore important to maintain an active presence on platforms where your target audience is most likely to be found, irrespective of your individual preferences.

It may be tempting to solely focus on client projects, but neglecting your own business's content marketing can hinder long-term growth. By investing time and energy into your own marketing efforts, you can experience a steady flow of prospective clients and ensure the sustainability of your freelance business.

Attend workshops and conferences to stay updated with the latest trends

Continuously improve and update skills

Setting competitive pricing for your freelance services is crucial in order to attract clients and generate a steady income.

Here are some considerations to keep in mind:

Research the market: Take the time to understand the current rates in your industry and region. This will help you determine a competitive price range for your services.

Assess your skills and experience: Consider your level of expertise, years of experience, and any specialised knowledge you bring to the table. These factors can influence the value you offer and justify a higher price.

Determine your worth: It is important not to undervalue yourself. Consider the value you provide to clients, the quality of your work, and the results you can deliver. Setting a fair price that reflects your skills and worth is essential.

Price by project: Instead of charging hourly rates, consider pricing by project. This allows you to provide a clear and upfront price to clients, based on the scope of the work. It also gives you the opportunity to showcase your efficiency and the level of service you provide.

Communicate clearly with clients: Be transparent about your pricing structure and the factors that influence it. Clearly outline what is included in your services and any additional fees or expenses. This helps manage client expectations and ensures there are no surprises down the line.

By setting competitive pricing for your freelance services, you position yourself as a professional in the industry and attract clients who are willing to pay for your expertise. Remember to regularly evaluate and adjust your pricing strategy based on market trends and your own growth as a freelancer.

Stay ahead of the competition!

Tips for freelance business owners to maintain a competitive edge

1. Specialise to stand out from the competition

To stand out from the competition, it is important to specialise in a niche and craft a unique personal brand. Start by identifying a specific skill or expertise that sets you apart from others in your industry. Whether it's a particular technique, a specialised area of knowledge, or a unique perspective, honing in on this skill will differentiate you from the crowd.

2. Understand your target audience

Understanding your target audience is key. Take the time to research and identify who your ideal clients are, what they need, and how you can provide value to them. Tailoring your personal brand and messaging to appeal to this specific audience will help you to connect with them on a deeper level.

3. Position yourself as an expert

Positioning yourself as an expert in your niche is essential. Consistently share your knowledge and insights on industry specific forums, and social media platforms, to build credibility and trust with your audience.

Regularly engage with your followers, provide valuable content, and showcase your expertise to establish yourself as a go-to professional in your field.

4. Build a strong online presence

Building a strong online presence as a freelancer is essential for attracting potential clients and growing your business. Actively participate on professional platforms such as LinkedIn, Upwork, or Freelancer by sharing relevant articles, engaging in discussions, and connecting with other professionals in your industry.

To boost visibility and attract more clients, optimise your LinkedIn profile, regularly update your website, publish blogs, and share success stories and testimonials from your previous clients.

5. Network and build relationships

Attending networking events can be a great way to meet prospective clients and establish a professional connection, but they aren't for everyone. Sometimes walking into a room full of strangers can feel quite intimidating.

Thankfully, in today's digital age, there are various online platforms that can help you build relationships and connect with potential clients. Join a relevant online community or forum, related to your business niche where you can interact with industry professionals, and potential clients.

Participate in discussions, offer advice, and showcase your expertise to establish credibility and build valuable relationships.

6. Deliver great customer service to retain clients

Building strong relationships and demonstrating excellence in customer service can set you apart as a freelancer and boost your reputation.

Satisfied clients are more likely to provide repeat business, leading to a stable client base and consistent income. Happy clients are more inclined to refer new business, expanding your network and potentially leading to further growth.

7. Stay updated with industry trends and technology

Staying updated with industry trends and technology is crucial for freelancers to remain competitive in the ever-evolving marketplace. Regularly reading sector-related material such as industry publications, blogs, and research reports can provide valuable insights into new developments and best practices.

Networking with other freelancers and professionals through events, online forums, and social media can also provide valuable information and connections.

Freelancing at Unicorn Studios

Unicorn Studios has members across a wide sector of industries. Our friendly working environment and supportive community can provide opportunities for you to share what you do with like-minded professionals. Our members frequently enjoy collaborating on projects.

If you'd like to find out more about freelancing at Unicorn, book a tour of the studio below.