The Rise of the Freelance Economy in South Africa

Currently, the freelance market is on the go and developing dynamically, especially in South Africa. More and more people are working as independent contractors, and more and more small businesses are turning to freelance services. Are you part of the freelancing economy? Whether you are acting as an employer or a job seeker, you should know that the nature of the relationship between employer and employee is changing. Are you ready for this?

Freelance and Economy

Welcome to the freelancing economy! In 2019, 34% of South Africa’s working population was freelancing. Some experts believe that by 2022, the number of freelancers will reach 50%. According to recent research, the number of independent workers in the world has grown by 82% since 2000.

There are many reasons for this. In the current state of the economy, finding a permanent job is becoming increasingly difficult. Some people just love that they are free to choose with whom, when and where to work. For others, freelancing is a great way to balance their career and personal life. In any case, for whatever the reason, the nature of the relationship between employer and employee changes. What does this mean? Read on to know the truth.

Features of Freelance Work in South Africa

If you decide to become a freelancer, you will have to take on all the responsibility. Apart from doing your direct work, you have to do some other things, which include payment of taxes and insurance, performing the work of an accountant, and many more. Let’s consider these in more detail.

  • Payment of taxes – You will have to pay taxes and keep records of profits and expenses. If you are not sure how to manage it all by your own efforts, get professional advice on tax issues.
  • Paying for insurance – Even if you are in good health, you cannot be sure that nothing will ever happen to you. Therefore, we strongly recommend that you get and pay for insurance.
  • Do the work of an accountant – Billing, budgeting, and pricing are all part of the job of any freelancer. Save time and money with good accounting, time tracking, and project management tools. The right instruments can make your job a lot easier.
  • Finding customers – Now, you are the boss. However, each of your clients is also your boss to some extent. After all, it is the customers who hire you and pay money to you. So, working with clients is your responsibility. You have to not only find but also retain good customers and make them contact you again and again.

For example, Forex trading can be considered a freelance job. It is associated with all the above points and requires you to pay taxes, cover insurance, and do the work of the accountant. You can review this at no cost by creating a Forex demo account, where you are the only boss and there is no need for you to find customers. This saves you from multiple problems.

Features of Working with Freelancers in South Africa

If you are a small business owner, hiring freelancers may be the best option to get the job done on time without the need for hiring full-time employees. It is especially a good approach if you are just starting a business and do not have money to maintain a team of full-time employees or you need a specialist for a short-term project. Are you going to hire freelancers for your team? There are some aspects to consider:

  • Freelancers don’t work for a fixed fee – Their “salary” depends on the time they spend working on a particular task/project. When hiring a freelancer, you will not always pay less than a full-time employee. In some cases, you will pay even more.
  • Freelancers need to get on-time payment for the work they do – Hiring freelancers will certainly save you from tough paperwork. However, you are expected to pay them on time. Otherwise, your company’s reputation will be damaged, and no one will want to work with you.
  • Freelancers can be a great team – You can make up a dream team of multiple remote specialists working together. To make it happen, treat them like the virtual team they are, regularly share insights and discuss current issues with them, and create a general communication channel for all.
  • Freelancers can also quit – Try to build long-term relationships with freelancers working with you. Try to keep abreast of their ambitions and intentions for a long-term relationship.
  • Freelancers can work for anyone – They can even be part of the team of your competitor. However, having friendly relations with people working remotely for you will save you from potential problems and will ensure you reach the top performance of your freelance staff.

There is nothing bad about the freelance economy. It allows both parties to make money in a way that is the most convenient for them. What’s important in this business is that you keep in mind all the nuances of the occupation before you go for it. Good luck!

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