Jun 22, 2018
How to do Market Research to Build the Freelance Business
DigiSciFi TechnologiesGuest
Full Bio
The entrepreneurs usually spent time and effort in conducting market research before starting a new business. They know how to reach the target audience. As they develop new products they ensure that their existing customer base will be as happy with them and try to win new customers.

The process of building the business should be similar for Freelancers. You may be designing logos for brands or maybe writing the contents for publications, you should be able to establish an ideal client base for your talents. But if you forge ahead without taking time to think through the market for the work you perform, then you may end up with the client that isn’t the right fit. You should thoroughly study the market ahead of time, then you can design or build the exact type of freelance career you want.

In addition to these benefits and many other benefits of market research, studying the industry will help you to maximize your earnings. You will know the type of businesses that are looking for the expertise of your kind and you will be able to aim your job search in that direction. This will help you to avoid wasting time applying for work that is outside your pay range or above experience level.

For freelancers, not only market research for work is important, competition is also important. This means that whatever roles you are hoping to fill, there will be many others competing for the same. So you need to study the competition and average rates, then you’ll have more chances to land the kind of work you want to do.

One of the biggest reason that makes you individual entrepreneur is that you fail to set a strategy based on research. The best business will have a plan in place on the front end and work towards putting that plan into action. You need to conduct thorough market research by using one of the many tools available until you know target audience well. The business strategy should address marketing in-depth, which includes your plan to create a website, social media presence and network to gain more business.

Here are few tips that will help you to create a winning strategy for your freelance business: 

• You should have a solo brainstorming session that is before you create a formal document, you should make a list of what you wish to achieve and know how your business should look like. 
• You should start with a mission statement. The mission statement in place should describe what sets you apart from others you’ve examined in your niche. 
• You must set a deadline. Your business plan may include both long- and short-term goals. To reflect this and to reach various objectives create a timeline. This will help you to reach your objectives. You need to be realistic but aggressive. 
• You should regularly revisit. It is very important to review your business plan on a regular basis. Make sure that you’re staying true to the goals you originally set. 

Thanks to the internet, it has made the research easier. You can also join industry-specific groups and search job boards to learn more about the audience for services you provide. Even better? You can get help from the Vulpith expert to do the research for you.

Vulpith is a freelancing and outsourcing platform for freelancers and clients. Freelancers and clients collaborate at a single point where they are able to fulfill their requirements. We would also like to know your side of the story as we would love to more about it.


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