The Time to get Business-Creative
This Is What You Need To Be Thinking About As A Freelancer During Coronavirus
As we’re all navigating through these uncharted waters together, this forced pause in the world has given us much needed time to reflect and humble down on our basic needs, but it has also allowed us time to think about what we’ll need to know and be aware of in order to be able to cope with what lays ahead.
As Morgan Stanley suggested way before Coronavirus emerged,“ Freelancers represent 35% of the total U.S. working population and could represent more than half of the country’s workforce by 2027”, meaning that the massive layoffs occurring thanks to coronavirus can pull forth this forecasted year even earlier, redefining how freelancers should move in the next couple of months & years.
Below are four pointers based on my experience as a full time freelancer - through the lens of working with brands both as an internal & external consultant. I hope this article gives you things to think about that will ultimately put you in a better position to deal with your future.
1. Learn What Opportunity Cost Means
This is something I believe every human should know early on in life, yet I only found out about it when I took Economics in College. The New Oxford American Dictionary defines Opportunity Cost as "the loss of potential gain from other alternatives when one alternative is chosen." In modern language it basically means to “Get as much value from your decisions as possible”. This is important for freelancers because as the future becomes more and more competitive, learning the value of your time and the value you are getting for it will help you not feel overworked and underpaid.
Example: Imagine that you were invited to a party on a particular Saturday. Moments later, a client calls you and offers you a photoshoot gig for that same day (Saturday). Do you take the job or go to the party?
First: Determine your opportunity cost
A) How important is this party?
B) How important is this job in my life right now?
Then: Decide based on multiple factors. This can include:
A) Who will be at the party?
B) Is this a Birthday party instead of a random party?
C) How much is the client paying?
D) How important is this client relationship to me at this time, and can I delegate the shoot to another photographer?
Cost can change decisions drastically. If this party was for your Best Friend’s birthday, and the client wanted to book you for $300 dollars, then you should just go to the party (unless you truly needed the money).
What if the client says your rate for the day is $100,000? Maybe this is enough to tell your friend you might miss his birthday party... but he might get a nicer gift in return ( I hope). Again, this is all up to you and your decision making. The most important thing is to get as much value from your decisions as possible.
Note: everyone’s time value will be different, it’s all a matter of what you consider important at that time. Opportunity cost is everywhere, pay attention when you’re making a decision to book a job!
2. Audit Your Job Resume Skills ASAP
As a freelancer, chances are you are providing your clients with final work based on more skills or time spent than what you initially charged for.
Example: A Creative Agency is hired for a lookbook campaign. They bill clients for everything the team executed on, including (but not limited to); Creative direction, Art direction, Location Scouting, Model Casting, Hair & Makeup, Production, assistants, Image asset management, rentals … Now the question is Why aren't YOU?
Ultimately, the point isn’t to overcharge your clients (like many agencies do), but to educate your client that the rate you are charging is fair for the extra hours of work you will be doing behind the scenes. This creates mutual respect and an understanding that in order to create great work, your skills need to be compensated accordingly. Sometimes these seemingly small or menial tasks seem to require an extra hour or two, but when totaled together, they can equal a couple of days’ worth of work.
At the end of the day, as a creative, you aren't just booked for the final project, but you are in charge of the production and all its inquired costs associated for your assignment, so list all the parameters of work you need to take care of before you decide to say yes to a project. Not doing this can cause massive stress and ultimately leave you feeling burnt out working on a project you aren't passionate about because you are losing money and time on it.
3. Audit Your Positioning on the Market
What does this even mean? Well, Whether you like it or not, you’re part of a market. Essentially you have a price tag on your head. That price tag is determined by a couple of factors such as Brand Positioning (another article on this coming soon), Value given, and experience, amongst other factors.
Begin your audit by thinking about the following:
A) Figure out your price parameters. Be Honest
If you were to rank your work on how good it really is. How much do you think a person would pay for it or for your service? Would your photos go for 20$ or for 20,000? Please be honest here. Price isn't a competition, it’s just an indicator on what you’ve got to work on. If you aren't charging 1,000 for a shoot but want to, figure out what you’re missing from your portfolio, production or strategy and why it’s not letting you charge this price.
This price can honestly stay between yourself and your inside team, but one thing is true: This price will always be shown on how much you ultimately charge your Customers & what services or value you are bringing to them.
Sometimes You have enough value to charge more! you just don’t sell it correctly because you haven't audited your job skills (tip 2).
B) Find/Develop your niche
Look around at your competition. The outliers are usually the people or companies that bring something else or have that “extra spice” in the way they do things. They are known for something. That something is their Niche.
A niche is not a “trend”(the way many people in our generation see it). For me, a niche takes time to develop. It is developed in parallel to your career identity (what do you represent?). My niche is levitation photography. Besides the obvious act of throwing things in the air, Levitation Photography is my way of challenging myself to show the world that “surreal moments” can exist in REAL life and to hopefully inspire the next generation of photographers to challenge themselves in search of their surreal moment. My niche isn’t a marketing ploy. My niche is me. I relate to it artistically, not only marketwise and I think that’s why it works for me.
Remember, a niche is something you must nurture & build slowly, requiring consistent hard work to define & then redefine it into something that is associated with you. Although google defines Niche as “a comfortable or suitable position in life or employment.” I think your niche should always be evolving or expanding otherwise, what will make you marketable when your niche is filled with similar artists or competitors?.
4. Think of Yourself as a Company
Welcome to 2020, where Freelancers are going one-on-one with big agencies for a retainer. It is ESSENTIAL you treat yourself like a company. You are an entity, and you must treat it with the respect it deserves. I would go as far as advising you to create a SWOT analysis. A SWOT analysis is a compilation of your company's strengths, weaknesses, opportunities and threats. The primary objective of a SWOT analysis is to help you develop a full awareness of all the factors involved in making a business decision as an entity. This will help you work on your pitches later on!
Although the freelance creative market has grown exponentially - making some people afraid of what the future holds- I believe this is a revolutionary time for creatives to learn the importance of their role in society, their market & their art. You are crucial to the success of businesses, fashion brands & other artists now more than ever. Don't undersell your vision because you will never grow and never oversell yourself because brands and people can tell, and you’ll be left behind thanks to your ego. The key is being fair with what you provide and what you get back from your clients. It’s a win-win-win for all.
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Thanks for reading and remember; Let’s all win!
— Erick Hercules