The country with the highest number of freelancers is the USA whose number lies somewhere around 50 million. Many people all over the world are working as a freelancer and this industry is growing every year. Some freelance websites like Upwork, offer the easiest way to find talent globally and this is the only reason why it becomes so popular. In a freelance marketplace, job provider connects to a job seeker through the help of a platform like Upwork and they talk to each other on the platform itself. If he likes the profile of the job seeker, he will hire him for a one-time project or build long term professional relations depending upon the work.
People from all over the world create a profile on a freelance platform so that the job providers can recognize and hire them easily based upon their skills and experience. It is very easy for job seekers to find a job that suits them online. If you dare to stand out among all the competitors in the market, you have to know exactly which platform you want to start and how. Many freelancing platforms are earning great from the last few years and it is expected to have more freelancers joining this industry in the coming 2-3 years. As we all know that almost every individual is searching for some work online because when you are taking projects directly from the clients, you will be independent by becoming your own boss. Let us see what you should do to start this online platform:
Searching a niche market: Niche market comprises of limited individuals in the market looking for similar needs, interests, and requirements. You should target that segment of the market who want to earn online or is proficient in doing online projects.
Know your competitors: There are many entrepreneurs in the market who are running an online freelance industry and contributing a large amount of money in the country’s overall income. Some of the online platforms are Fiverr, Upwork etc. which are working for short term projects, long term projects, and many more. Study their business model thoroughly and try to add some unique features which make it easier for seekers and providers to work.
Marketing strategies: Planned marketing and attracting more people towards your platform is the most important thing to do while starting a new business. It doesn’t only benefit the online freelance marketplace but it is essential for every business because, through your plans and strategies, people will come to know about your market presence.
Various features included in the freelance marketplace are as follows:
Registration: Before starting a platform, registration is a must for both job seekers and providers. Job providers cannot hire seekers until they enter the marketplace and for that, you need strong marketing strategies.
User profile: These profiles are generally made and used by the job seeker. He/she can add short descriptions on the cover page to attract the job provider. The user profile should be updated from both sides.
Customized search: Search is one of the main features for both parties because it gives an option to search for a suitable job and apply for it. It is more beneficial to the job seeker as it gives him multiple options after entering a particular keyword in the search bar.
Payment system: Freelance marketplaces have their own payment sources as some of them adopted PayPal, some adopted debit, credit, or local cards. When a job provider is paying the employee, a certain amount is deducted from it in the name of a convenience fee which directly goes to the owner who created the platform in the first place.
In-built communication feature: Every online business has its own communication system where people can easily talk to customer care via message or call. In the same way, the freelance marketplace also offers an in-built chat system where communication-related to a particular job happens.
Review and feedback system: This feature should be there in every business while operating online. When we are talking about the freelance marketplace, both job seekers and employees should be able to review each other and comment if any.
These are some of the important features which should be there in a marketplace platform. Now you must be wondering about the monetization strategies adopted by owners to gain profit out of the platform they created. Let us look at how people monetize their online platform:
Commissions: Whenever a job provider gives salary to the freelancers, a certain amount of money is deducted as decided by the owner and it directly goes into the pocket of the owner. It implies to every transaction happening on the platform.
Subscriptions: In almost all online platforms, owners try to give every possible convenience to the customers as much as he can. There are some of the special services for which job seekers pay so that their profile comes on top or he can have some special privileges.
Promoted profiles: Some of the employers pay an extra fee to increase their profile’s visibility on the platform. It helps them to get more applicants who are willing to do the project.
All these kinds of fees go directly into the pocket of the owner and this is how he increases overall revenue through online platforms. There are so many things to keep in mind before starting any business because reality is way different from what we imagine.
When you think of starting a new online freelance marketplace, you should be very clear about the objectives and strategies which you will be implementing in the market. The most important part is developing a platform that is full of modern features and functionalities. We, at Suffescom Solutions, have a skilled development team that can help you in creating a feature-enriched application that will work on all the platforms regardless of the size of devices.