Put yourself at ease by protecting those you love
02 August 2022
As technology evolves and more job opportunities are created, so do work setups. Before, workers were limited to cubicles in traditional workspaces. But the advent of new technologies now allows employees to work anywhere, paving the way for new work setup arrangements.
Today's generation of workers has more flexibility compared to the past thanks to more collaborative work environments like open floor plans and perks that include flexitime and working from home. Besides these niceties, digital tools have encouraged the rise of freelance work—reshaping work practices and relationships.
In 2018, a study showed that there are roughly 1.5 million freelancers in the country. Fast-forward to when the COVID-19 pandemic hit, this number may continue to increase as more traditional workers and unemployed Filipinos look for remote work opportunities as freelancers.
If you're one of the many Filipinos looking to make the switch, it's important to understand that being a freelancer is no easy feat. Thus, planning is crucial to ensure you thrive as an independent worker. Continue scrolling through for an in-depth guide to freelancing
The Rise of Freelance Work
Even before the COVID-19 global health crisis, many corporate employees switched to freelancing for different reasons. A 2019 report found that the Philippines ranked sixth in the world as the fastest-growing market for the freelance economy.
Some prefer the more flexible work arrangements and the significant savings and earnings that freelancing provides. For instance, freelancers don't spend hours commuting to work, allowing them to save time, transportation costs, and cash spent on food.
Freelancing has allowed many professionals from different fields to take back control of their work and life and earn a higher income to sustain themselves and their families, especially during the pandemic.
Popular Types of Freelance Work
These days, many types of work can be freelanced. Below are some of the most common types of freelance jobs you can get started on.
Benefits of Freelance Work
If you feel freelancing is a good match for your lifestyle and needs right now, have a look at the upsides of freelancing below.
Limitations of Freelance Work
There are always disadvantages regardless of the type of work you do. Here are some drawbacks that come with freelancing.
5 Tips to Win Big as a Freelancer
With appropriate steps and planning, you can set yourself up for freelancing success. Below are some useful tips to help you thrive as a freelancer.
1. Identify your expertise
Many freelance writers can write, but not many workers can express their expertise about specific subjects like legal or medical, or beauty and skincare topics. Determine what your expertise is in your field, for this can give you an edge over other candidates.
2. Build a website or portfolio to showcase your work
A professional website will act as your portfolio for your freelance work. You can also utilize it to build your authority and reputation in your field. That's why it's crucial to ensure that your site highlights your skills and expertise as a professional.
Alternatively, you can use social media to showcase your portfolio and experience. For example, you can post some of your work and personal art on Instagram if you're a graphic designer.
3. Request referrals from satisfied clients
Once you start working with happy clients, don't be afraid to request referrals when you're done with the project. Simply let them know that you're looking to gain more experience, and if they know someone looking for a similar service, you'd appreciate their recommendation. Also, don't forget to ask for feedback or reviews you can put on your website.
4. Budget properly for emergencies and slow months
As mentioned previously, work can be unpredictable in freelancing, especially during lean seasons. That's why it's important to allocate a portion of your earnings for emergencies and months when work is scarce. Whenever you get multiple, steady projects, use it as an opportunity to build your finances.
5. Establish your professional rate and adjust as necessary
When pricing your rate, account for the tools, software, supplies, skills, and experience—basically everything you use to perform your tasks. You can study the average rate in your field and establish your rate from there. Depending on your agreement with the client, you can adjust your rate to hourly, per-project basis, or packaged services.
Most importantly, always have a contract that details the scope of the project, deadlines, cancellations, rate, and other factors you negotiated with the client.
Freelancing: A Job that Works for You
Regardless of whether it's full-time employment or freelancing, there are ups and downs to both types of employment. However, many workers are shifting to freelancing because even though the work may be challenging, the flexibility and work variety it offers can be rewarding. Hopefully, this article could help you gauge if freelancing is right for you.
As a freelancer, it's important to have a concrete understanding of your finances and to plan for your future. BPI AIA offers comprehensive health insurance plans in the Philippines that give freelancers peace of mind as they tend to their careers and income streams. Get in touch with a Bancassurance Sales Executive today to help you take control of your finances upon preparation in making the shift.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.