How to find more profitable occupation for a freelancer?

How to find more profitable occupation for a freelancer

Analyzing of projects on freelance labor exchanges

Let us suppose that you want to choose a high-demand occupation and have to choose from several different spheres. You want to understand which services are more of high-demand and which sphere will be more profitable.  Freelance labor exchanges will help you to find answers to your questions.

There are more than a hundred of projects being published on popular freelance labor exchanges every day. Simple analysis of projects published there will let to gather valuable information. See titles and budgets of first hundred of projects offered in any labor exchange. Record following data on a sphere you are interested in:

  • Number of projects of this sphere. The more projects are the more this sphere profitable is
  • Average number of views and responses on projects. The more views and responses are the more competitive a niche is
  • Budgets of projects. High budgets mean that there are a small number of performers and lots of clients in the market. Low budget means the opposite situation
  • Requirements to freelancers described in projects. If you see that a certain skill comes up more frequently among other requirements, there is a need to obtain this skill. In the list of requirements sometimes you also can find the following requirement: you should know how much time is needed for you to make an order. Using of a time tracker will help you to define it.

There is no need to calculate everything accurately; you just need to understand the main tendencies of the market. However, you should pay much attention to projects with high budgets. Analysis of requirements to freelancers will let you understand which skills are most valuable. While recruiting some employers need to know how much time is needed for an employee to accomplish a task. That is why it is better for you to make calculations of time needed for you to make your work. For more detailed calculation it is better to use a time tracker. But very often those who work remotely do not have such opportunity to use a time tracker. But you can easily do that manually.

How to estimate the prospectivity of a niche?

  • If there are lots of projects in a desired sphere but most of orders have low budgets and if there are lots of responses and views, it means that it is the market of a customer. That means that there is a high level of competitiveness among freelancers. And you should have enough skills and perfect time tracker indexes and, what is the most important, have an experience to be chosen by a client.
  • If there are a few projects it means that the sphere is low-demanded. You can choose this sphere only if clients are ready to pay good money and offer long-term projects. They can monitor your effectiveness by installing of a time tracker on your computer and can calculate your wage according to data gathered by it.
  • If there are lots of projects of certain sphere, projects have good budgets but there are a few views and responses – you have found a perfect niche. There is a low competitiveness and it is difficult for a client to find a performer. The demand is high and you can find projects easily.

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