Here are the top tips before you start freelancing
Israa Sultan wanders the streets of Cairo with a small wooden box containing a set of handmade accessories, but she has not been unsuccessful in selling her products as an intermediary in some “exhibition” And discouraged, so she decided to go on her own, producing and marketing entirely on her own.
Israa is an Egyptian girl in her twenties who studied art education, started her own project as a college student with few resources, and worked in the design of handicrafts and accessories.
She told the Sky News Arab Economy website that at first she spent only the raw materials to make her products, and later gained wider production and marketing experience through contacts with people on the street, after which she identified her strengths and weaknesses, and Customer demand for new ideas.
“Projects grow as they are realized. It is not necessary (not a condition) that every aspect of the project is completed at the beginning. It does not make sense to me to start a project. I may lose a large amount of money s project.”
Isla is one of many young people who have decided to pursue the experience of “self-employment”, which has been gaining momentum in recent years, especially given the pressures on the global economy and the general upheaval caused by successive years of economic turmoil. experienced significant growth. A chain of events, first the aftermath of Corona, then the war in Ukraine.
freelancing boom
According to Ahmed Moati, executive director of VI Markets, one of the most powerful opportunities created by the economic crisis the world is suffering is to encourage people to become self-employed.
In an exclusive statement to the Sky News Arab Economy website, he noted that major companies have declared bankruptcy, even in the United States, the world’s most powerful economy. It has announced an increase in the number of bankruptcies. In the first half of this year, among American companies.
“These conditions predispose people to seek the nearest self-employment opportunity, so the crisis increases reliance on it.”
- The S&P Global Market Intelligence report shows that the number of bankruptcies in the United States in the first half of 2023 will exceed the number of bankruptcies during the new crown epidemic.
- According to Epiq data, the number of bankrupt companies in this area reached 2,973, an increase of about 68% over the same period in 2022.
The tech boom has spurred young people around the world to turn to self-employment, Moati noted, noting that most startups are companies that specialize in self-employment, and that most young people have recently gone to work in tech.
He said that following the recent increase in the number of workers in the free sector, especially after fields have become diverse and unlimited, these fields are expected to increase in the coming period, especially as the state supports self-employment by providing viability Research and provide assistance to young people as these programs represent support for productivity and contribute to job creation, reducing unemployment and pressure on state budgets.
precious reminder
Additionally, in an interview with Sky News Arab Economics, VI Markets executive director reflects on a series of key pieces of advice he offers to those considering going into self-employment in order to deal with any challenges encountered along the way. implementation of their projects.
- The main goal is “continuity”.
- Set logical desires, especially since some people set exaggerated and illogical desires before starting a project, so when these desires are not fulfilled and the person does not reach his goals, this can affect him negatively ( ..) Therefore, desire must equal every step of project implementation.
- Crisis Management: Most of the companies that have recently declared bankruptcy in the U.S. have no crisis management, by having plans and other alternatives in place to deal with any obstacles.
- Not heavily dependent on loans. If a person decides to take out a loan, he must be confident in his ability to repay it.
- Research your competitors and respect them.
- Studying professional development, one should study his field and be aware of its every development.
- Diversify your investments, ideally with another profession related to it; for example, a person may specialize in the field of programming, and in addition to that work, he may also work in fields such as design
An analysis released by the Egyptian Economic Research Center in May last year showed that the global self-employment sector is highly competitive, and the demand for self-employment has grown rapidly since 2019. By 2023, 40,000 jobs will be created, worth 60. The investment in the field of software self-employment reached 1 million US dollars, and 34% of the self-employment demand was concentrated in the United States, followed by European countries and India with an increase of 14.13%.
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The future of work and growth
Dr. Mahmoud Anbar, a consultant professor of economics at the World Bank, explained that high inflation has led to a reduction in government investment and listed company projects, which provide employment opportunities, resulting in a decline in employment. become lower, prompting young people to generally seek free work opportunities.
In an interview with the Sky News Arab Economy website, he said that countries have taken the direction of allowing the private sector to play a greater role and investing in one way or another with the aim of absorbing the largest private sector. Employment and reduced unemployment.
The global economy is facing many risks, leading to instability. Chief among them, the war in Ukraine, but also the U.S.-China dispute and attempts by some countries to build economic systems that are not based on U.S. hegemony have deterred some from investing, Anbar said. .
He affirms that the growth of self-employment and the sharing economy reflects that it has become the future of work and growth, especially as it is redrawing the global workforce as it is bringing about changes in the global employment landscape. Reality. Accordingly, an economics professor at the World Bank has a series of advice for those who are considering taking the step towards freelance work:
- This person must fully understand the nature of the project and conduct a feasibility study on it, which includes four basic pillars, marketing, technical, financial and financing studies.
- He understands the nature of the goods or services he provides through this project, the rate of elasticity is appropriate so that it is a commodity that is closer to the basic goods that citizens need and often consume, and whether it is a luxury or economically The luxury of stress, then save on it.
- He must know the industries encouraged in his country and the investment opportunities available; since every country has its own laws for every sector, be it services or investment, he must have a good understanding of the country’s plans and directions.
- Determine who will fund the project, whether it will be funded individually or through some funding agency. In some countries, there are institutions using free programs, starting with funding and even management.
Experience
Thirteen years ago, Ibrahim Hosni, a young man in his thirties, took his first steps on the road to self-employment, through a small project selling mobile phones, in a self-employed lobby Completed his entrepreneurial journey. employed, until now he owns an in-house travel company, in addition to a few other projects.
Speaking to Sky News Arab Economy, Ibrahim said he has experienced more than one setback as low wages in both the public and private sectors contributed to his decision to be self-employed, given living conditions and the state of the economy in general. Going through some simple projects shaped his personality and enriched his experiences.
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Although he has launched several different projects, he does not admit defeat. He said: “All the trials culminated in a certain margin that I was looking for in order to grow my investments…so all the experiences were stations on my journey.”
Selling mobile phones, opening small restaurants, beauty centers, selling jewelry stores, and setting up contracting companies are all investment experiences that Ibrahim has experienced. Most of them have been successful and continued, and some have ended due to changes in market demand. In this case, he said: I look for new things and work on them for the benefit of the market.
“If you are considering a project, start now and don’t waste a lot of time thinking about it.” Ibrahim advises young people who are considering taking this step in this way. Based on his actual experience, he mainly suggests some other techniques, These include:
A simple plan will be made in the short term at first, as long as the cost is small, then the project will realize its self-growth.
- Don’t get distracted.. isolate yourself from the thought of working within the department. Don’t get busy with government work and build private projects.. In my estimation, distraction will prevent you from realizing your hopes from his projects.
- Research the interests of the street.
- Research the feasibility of the project and set simple and not inflated profit expectations, as it is better not to raise the upper limit of expectations, provided that this is in the short term and the research is developed over time so that it is sustainable and meaningful in the long term Great profit.