Personal Experience Essay: Freelance Work

My chosen business model within the digital media arts is a freelancer. Also known as someone who offers their services for a fee and without expecting a permanent individual client, although the working relationship may be continuous. It is a form of self-employment, similar to running a home business versus telecommuting (Duermyer). There are several reasons I choose freelance as my business model: I can do it on the side around my full-time job to generate extra income, it’s affordable to start, seeing as I have the skills and equipment to do the job efficiently, it allows for greater independence over a job and it’s flexible allowing me to work part-time or during off-business hours (Duermyer). However, there are downsides to the freelance business. It takes time to build a full-time income, work can be irregular, managing multiple clients requires excellent organization and pay for new freelancers is lower than those more experienced (Duermyer). My business plan is to use my time at college to freelance so I can secure employment after I finish my degree. With this in mind, I use my experience with this business model to analyze my future success. 

I am a part time, experienced freelancer with an income of an average of $527 per job. I have a good reputation, excellent people skills, and a steady position in the local market, but have had difficulty maintaining healthy finances (Bellis). I have been working in freelance for over six months, while also working toward my degree in Filmmaking. Over half of my freelance jobs have been commercially based, while less than half were creative projects. 

In order to succeed with this business, I will research the market, plan ahead, evaluate my options for seed funding and consider how I will make my business financially viable. 

Freelance work is built on the assumption that you work for yourself, taking on clients for film shoots or creating and selling your videography. Businesses are going to need videos at some point, whether professional commercials or product videos for their online website. As a freelance videographer, I get to choose what types of work I take on and turn down work which doesn’t align with my style or interests (Format Team). I serve my clients by providing multi-camera shoots and professional video and lighting equipment. I make sure my clients have what they need in order to produce a high-quality, professional video (“Video Production Services”). Many of the jobs are time-sensitive, so I assure my clients I’ll get the job done when it needs to be (Bellis).

Of course, business goals are a proven way of getting my business on track. Business goals are objectives a business is expected to achieve within a specified time frame. Goals represent the larger intention of a business and aim to establish an end target which I can work towards (Indeed Editorial Team). I have specific short-term goals for this business involving communication and income goals for years 1,2 and 3. 

Using the information effect, network effect and timeliness effect as reference, I will increase social media postings to three times a week within the next year, while also increasing the number of followers I have (Indeed Editorial Team). By analyzing my page view, bounce rate, conversion rate and keyword analysis, I will increase the traffic on my professional blog by 30 percent in the next two years, while also updating my professional portfolio every month (Indeed Editorial Team). By focusing on my strengths, my primary customers, and my underlying core values, I will increase income by 20 percent in the next three years, while also improving the gross margin on income and cash management (Bellis). I have specific long-term goals for this business containing sales and revenue goals for years 5 and 10 and exit strategy goals. 

It is the intention to develop sales and broaden the client base by 50 percent within the next five years to become a full-time business (“Pet Photography Business Plan”). During the time of 10 years, I will increase the total income of my company by 40 percent over the next 10 years (Indeed Editorial Team). Upon retiring from the freelance business, I will liquidate all my assets at market value and use the revenue to pay off any obligations and keep the rest for investment (“Exit Strategies”). Using seed money, I plan to fund this business efficiently.

I have a history in successful freelance jobs. As a student at Wichita State University, I have access to a variety of equipment; therefore, no financial outlay is required for videography equipment. Because I am the business, overhead is low. Funding will be provided from various sources: personal savings, investment from family and friends, and a short-term loan. It is my intention to keep overhead to a minimum, even as my business grows. By beginning on a smaller scale, my freelance business has the foresight to grow at a rapid pace to keep up with demand. I wish to maintain a steady rate of growth; however, I understand income will vary in different months. I expect a rapid increase during summer that will boost income, then allow growth to level off at a steady rate. My cash position is optimal for my current situation. Although my freelance business begins with limited extra cash, my increased growth allows my business to gain financial ground quickly. The cash flow is negative only five months in a year, during the school season; I am prepared for this change with cash reserves, and will maintain positive cash balances (“Pet Photography Business Plan”). To fund my business, I will use my short and long-term goals to gain income. 

I expect a 20 percent annual growth rate for the first three years because of my already established reputation and contact. The break-even point will appear more rapidly for me than other types of business models, since start-up costs are limited and there is no staff to pay. I am set up for business. There is a steady accumulation of cash and assets. No major capital investments are expected throughout the early years, so the liabilities remain limited. New worth steadily grows (“Pet Photography Business Plan”). By focusing on the overall strategy, and not just specific tactics, I plan to market my business and gain more customers.

Word of mouth is extremely important for me. It is important that clients feel so strongly about their experience working with me that they talk about it to other businesses and contacts. These referrals are extremely helpful in generating business. Customers among small and medium-sized businesses seek low prices, but will not sacrifice quality. The best quality is obtained in the controlled environment of a studio, with well-trained photographers and high-quality equipment. Customers choose between freelancers based on their websites and portfolios of work, as well as the personal assurances of the recommendations (“Commercial Photography Business Plan”). The only way to differentiate myself is to present my customers with the information as a trusted source in production work. I need to offer a real alliance that feels personal. The intangible benefits I include are determination, trustworthiness, proficiency, respect, and so much more. In this industry, there is complex equipment which requires serious knowledge and experience to use, which I have, while my competitors may not have these advantages. Unfortunately, I cannot rate myself at a higher price simply because I offer these services; the market has shown it will not support that concept (Bellis). While my business has many opportunities to outperform, there are also many reasons my business could fail or underperform. I must account for these reasons in my planning and overcome them before they are an issue. 

I am one of many videographers in the metropolitan Wichita area that specializes in freelance work. I am an expert in working with clients to make the most quality project in a timely manner. Although I am a new business, I am not a novice to videography. My scheduling and flexibility are geared to be client friendly. However, there are critical threats to this business venture. The sudden negative change in my access to equipment is a threat to my business. I can combat this threat by keeping good relations with Shocker Studios to further my use of the professional equipment. Increased competition in the metropolitan Wichita market is also a threat to this business. By maintaining good communication with my current clients, I can prevent other freelancers from securing positions I was guaranteed. However, unsuccessful partnerships with clients can negatively affect my business. Therefore, venturing to other target markets would prevent the loss of income (“Pet Photography Business Plan”).

To summarize, I seek to serve businesses for all of their studio videography needs by creating beautiful videos to serve the client's needs, offering excellent service and flexibility with a personal touch, and offering value-added services related to photography. I intend to offer personalized service to make it easy for businesses to outsource their videography needs (“Commercial Photography Business Plan”).