March 2020 saw the start of a global pandemic which would shake the UK workforce to the core. While rainbows adorned windows and we clapped for carers, many of us not working in the care industry were either furloughed or out of a job. With the economy in tatters, UK firms have been forced to make over 100,000 job cuts either before lockdown or after the furlough scheme has ended.
With many seeking alternative employment whilst industries hope to recover, the option of self-employment has been an appealing beacon of hope for many people who have been out of work during the UK’s nationwide lockdown.
While the outbreak of the COVID 19 pandemic saw many adopt a freelance side hustle, channel a creative outlet or launch a new business venture the UK online freelancer platform People per Hour reported an “unprecedented rise” in the number of freelance users. London saw a 500% increase in the number of people signing up for freelance gig work.
How to keep ahead of the curve amid rising freelancer competition
But with so many taking up the self-employment mantel (seemingly temporarily), freelancer fees are being driven down as competition is rife. So how can long-time freelancers and small business owners continue to stand out from an even vaster crowd?
Invest in yourself
Upskilling and personal development became a key part of life during lockdown, whether it was learning how to bake banana bread (yes, let’s admit it we all jumped on that bandwagon!) or taking an online photography course, many people made the most of their free time by investing a little in themselves. Online learning platforms such as Coursera reported more than 25 million enrolments since mid-march (an increase of over 500% compared with the same period last year).
If you’re looking for a number of different strings to add to your bow, or specific skills to add to the portfolio, online learning app Skillshare is a good, budget friendly option. Check out courses from The Open University for more comprehensive, academic distance learning or to learn a little more specifically about learning how to market and grow your new venture, hubspot academy is a handy resource.
Break the mould
While venturing into a totally different industry might seem daunting, it can be easier than you think if you spend the time to think strategically. Designers of writers might want to set up a separate portfolio for a different business area they’d like to break into, or business owners might think about a b2b strand alongside their consumer customer base.
Embracing a new side hustle is also a great way to gain traction into a totally different realm to the nine-to-five, whether it’s writing a novel, taking up pottery or setting up as an online language teacher, taking a leap of faith in a new industry can give a little variety to your daily routine and can also prove profitable in the long run.
Take care of your tech
Getting organised and streamlining your day-to-day processes is timely and sometimes, lets face it, the last thing you fancy doing on any given day. But remember- you only have to get your ducks in a row once, then if you’ve chosen wisely your clever technology does the rest for you. For example, trim down your tech by investing in tools designed specifically for the self-employed.
Applications such as FreeAgent combine project management, invoicing, and time logging software so that you can amalgamate all your daily processes without the need for a patchwork of technological tools. Applications such as Coupay can help you to streamline the payment process too, allowing you to receive payments online free (or at approximately 20p per transaction). Simply generate your unique Coupay link and add it to your invoices to take payments online as an easy, secure, smart business transfer, saving you and your clients time on extra admin and reducing the risk of late payments.
For an introduction on how our smart bank transfer works for your business venture, take a tour of Coupay or get in touch with one of our helpful experts to learn about a new way to take payments.