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Ben Huffman, CEO and co-founder of Contra, is aware of what it takes to run a profitable freelancing side hustle. Huffman received firsthand expertise within the freelancing house as a music producer, working with small labels and, in the end, Sony Music. The work was enjoyable however “did not pay nicely,” he tells Entrepreneur, so he began designing apps, pitch decks and web sites. Huffman grew to become a “energy consumer” on Elance and Odesk, which might merge to change into Upwork, and shortly “grew to become fascinated” with the thought of constructing a staff globally.
Picture Credit score: Courtesy of Contra. Ben Huffman.
“I’d discover initiatives domestically in New York after which hire freelancers from all around the world to assist me with the talents I did not have,” Huffman recollects. “I beloved the liberty and autonomy of working independently, however much more, I beloved working with folks from completely different cultures and backgrounds. Early on, I spotted the failings within the enterprise fashions of the platforms I used.”
The world was turning into extra linked, Huffman explains, and the “take-rate mannequin” eBay delivered to the fore “did not make sense for folks and dealing relationships,” particularly as employees more and more sought flexibility and employers wanted extra niche expertise. So Huffman got down to create a platform that might tackle these ache factors, and after interviewing 1000’s of impartial employees, found they want to consider three issues to achieve success: creating their id and credibility, managing their enterprise and finding new leads. Contra, which has raised $45 million from enterprise capital companies, gives help in all of these areas.
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“Contra is commission-free, so our customers can hold 100% of their earnings.”
“Unbiased employees can create a profile that showcases their expertise and what they’ll really do as a substitute of their roles at previous corporations,” Huffman says. “Specializing in initiatives and expertise permits independents to spotlight the precise problems they’ve solved and the worth they’ve delivered. Independents can discover new initiatives from high-quality, vetted shoppers, handle their enterprise with our free invoices, contracts and proposals, and, most significantly, they’ll receives a commission. Contra is commission-free, so our customers can hold 100% of their earnings.”
These days, practically two in 5 U.S. adults have a side hustle, and one in three of them say they use their side hustle earnings to cowl on a regular basis bills, in line with a Bankrate survey. Freelance initiatives could be an accessible, versatile possibility for folks hoping to capitalize on their ability units, however essentially the most profitable will likely be those that keep away from the frequent pitfalls of the job.
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Huffman shares 4 errors that might hinder any side-hustler‘s success:
1. Underpricing your providers to draw your first shoppers
“Taking place this route can devalue your work,” Huffman explains, “and make elevating costs rather more difficult sooner or later. Earlier than solidifying your costs, get to know the market you are getting into, monitor trade charges, contemplate your years of expertise and description your distinctive experience; these variables will enable you decide a value that works for you and your shoppers.”
2. Not prioritizing your initiatives the suitable manner
“It is vital to prioritize initiatives that absolutely align along with your ability set and politely turn down projects that could possibly be a greater match with another person,” Huffman says. “Whereas many first-time freelancers might remorse turning down new initiatives, taking over an excessive amount of work can typically result in being overwhelmed and subpar work.”
3. Not studying new in-demand expertise
“Proper now, we’re seeing a ton of demand for expertise like Framer for constructing web sites, video animation and social media administration,” Huffman says. “There’s additionally an enormous alternative to upskill within the newest AI tools. A lot of the world of labor is altering due to AI, and there’s a enormous alternative to get forward of all of it.”
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4. Not going the additional mile to your shoppers
“Going above and past with shoppers can result in referrals, extra initiatives sooner or later and a fame that may enable you construct longer-lasting relationships,” Huffman says. “To arrange any challenge for achievement, you want a well-scoped out set of deliverables and challenge timeline. Upon getting this, it’s best to get the whole lot put right into a contract so that you’ve got a framework to your settlement and safety if issues get off monitor.”
And one final piece of recommendation for side hustle success? Whereas rising your community of shoppers is vital, remember to domesticate a community of different impartial consultants, too. “Having a neighborhood of fellow freelancers to bounce concepts off of and get recommendation from is invaluable and may result in new leads sooner or later,” Huffman says.
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