Freelancing is undoubtedly one of the highly paid professions in the world nowadays. It totally depends upon the skill set of an individual and the experience they hold along with the field they choose to freelance in. Around 60 million Americans were recorded to freelance in 2017 and it is predicted through an article of Forbes that half of the country will be earning through freelancing in the upcoming decade by 2027.
There are various types and standards of freelancers. Some individuals work as full-time freelancers at an expert level whereas some still hold a 9 to 5 job while managing to freelance at an intermediate level in their corresponding fields. These fields include project management, software development, optimizing data of medical and health, content writing, customer service, analyst, accounting and finance, etc. With the continued trend, freelance work has extreme proliferation and is said to become a new and innovative labor market.
Apart from that, it carries a different kind of influence and advantage. A freelancer is the one who possesses complete control of his workload which is deemed as the best part of this job. It’s like being your own boss and managing time and schedule according to the responsibilities, chores and mood swings. You can get as many breaks as you want. Besides that, you are supposed to motivate and encourage yourself by staying in your comfort zone and performing your assigned task.
Nevertheless, different freelancing fields have different requirements. For example, content writing and copywriting require a lot of research work whereas graphic and instructional designing demand a whole lot of creativity. Just like that, an accountant is supposed to work on a particular software or platform of the organization itself.
However, in this article, we will discuss the different kinds of freelancing options a person can choose from. In addition to it, we will share a few templates every freelancer must have in order to excel in their career by exercising it accordingly.
Choosing The Right Templates
When proceeding into the field of freelancing, few beginners consider bureaucracy. Generally, it means ensuring to handle different sorts of documents that are considered as part of a freelancer’s job, however, they must be well prepared for it. This surely seems intimidating at the start, but once you start to manage the workload it not only becomes easy but you also get aware of the right type of systems to save your time.
For this reason, the majority of freelancers go for the option of using templates.
Templates make it quite convenient and manageable to continue with the tasks. They are very general documents but cannot be used for every situation or type of work. Although, there is no doubt in it that they are of great help for an individual who has a huge workload. And that is why, in the majority of cases, freelancers go with this alternative.
The Contract Template
Contract templates are the ones that vary a lot. They usually seem like a blank and standard form that needs to be filled in with the particular information to utilize it as a contract between two or more parties. Oftentimes, they have repeated terms and phrases on them that can be used in various different contexts. However, it is recommendable to freelancers to pick the important ones that are suitable for them in this regard.
The main aspects that must be addressed in any contract template by a freelancer are:
- Payment schedule
- Copyright, etc.
The Invoice Template
Similar to the contracts, invoices also differ hugely based on the freelancer’s requirements. The main things that each and every invoice template must-have are the area for the company’s logo as well as their contact details and if possible then a watermark on the page.
In addition to that, the template must also contain a specific place for an invoice number and the date. Along with that, a freelancer must not forget to write the total amount due along with the complete payment method and the deadline.
Various freelancers and small businesses choose to create the invoice templates for word to impress the clients with their professionalism in the field. They minimize the amount of time by managing to account effectively. It is significant to ensure that full customization if offered in the template so that your client or the person using the template can utilize it accordingly.
The CV Template
To some, this seems a bit strange, but CVs are treated as a template as well. They have proper formatting, alignment, description, and method of introducing everything. This important template must be considered without getting disregarded. However, the same template should not get delivered to each potential client, ensure to change and tailor it to their requirements.
Being a freelancer, consider the key qualifications and skills that are most important in this field for freelance projects. Make sure to keep track of all the things you’ve done that could be helpful and relevant for you to find a more suitable opportunity.
Avoid mentioning irrelevant information as no one will ever acknowledge it. This extra effort can land up your CV or the template to the paper bin if not found attractive enough after a quick glance by the employer.
The Proposal Templates
An individual has to create the proposal templates in order to send them to the clients once they found out about the freelance services they offer online. A well-written, professional proposal template leaves a good repute of your services to the client.
However, the proposal must indicate the work, skillset, and tasks that you can provide along with the prices you charge for your services. Moreover, you will need to enumerate your proposal by adding your client’s contact information as well as their name, etc.
Having a well-managed proposal template that you can update and use at various platforms for several clients will be helpful in minimizing your time and efforts along with increasing your productivity each time.
New Initiative to Strengthen Cross-Border Investment in the Digital Economy
A pioneering effort to facilitate cross-border investment in the digital economy was launched this week at the World Economic Forum Annual Meeting 2022.
The new initiative on digital foreign direct investment, the Digital FDI initiative, will implement projects in several countries to help grow Digital FDI, as the reforms to attract such investment must take place at a country level. The first digital FDI project will take place in Nigeria.
Over the past few years, the Forum has worked to find the right partners to guide the work, develop principles published in the white paper launched in 2020 and share the potential for cooperation at the G20 and other platforms of corporation.
Attracting Digital FDI requires creating digital-friendly investment climates through targeted and country-specific policies, regulations and measures. These investments involve new business models, often based on data and technology, and platform economies, as well as using non-traditional assets. The Digital FDI initiative will aim to identify and implement enabling reforms through public-private projects in emerging markets and developing countries.
“Global FDI is rebounding, following the COVID-19 pandemic, and investment in the digital economy could not come at a better time. These country projects will help grow FDI into the digital economy, which is key for long-term growth, competitiveness and sustainable development”, said Børge Brende, President, World Economic Forum.
The Digital FDI initiative will be delivered as a joint effort between the World Economic Forum and the Digital Cooperation Organization (DCO), a new international organization that seeks to enable digital prosperity for all.
“As the first and only global multilateral focused on enabling digital prosperity for all, the DCO is partnering with the Forum on a Digital Foreign Direct Investment initiative to help countries develop digital FDI-friendly investment climates. We invite digital innovators with a commitment to economic development and inclusion to join us,” said Deemah Al Yahya, Secretary-General, DCO.
Post-COVID, Latin American Leaders Say their Countries Are Open for Business
Rising food and energy prices and a migration crisis are posing significant economic and social challenges in Latin America, according to several leaders from the region speaking on a presidential panel at the World Economic Forum Annual Meeting 2022. However, they remain confident that investing in their economies will remain attractive.
“We cannot be indifferent in front of this humanitarian tragedy,” said Colombian President Ivan Duque, referring to challenges linked to Venezuelan migration to his country, which has seen close to 2 million cross the border over the past several years after fleeing economic hardship. Duque announced that Colombia would issue over 1 million temporary status cards to Venezuelan migrants.
Rising food and energy prices also pose threats to Latin American populations. President Luis Rodolfo Abinader Corona of the Dominican Republic noted that his government would soon authorize subsidies for corn to offset rising food prices and the increasing cost of poultry. The nation has already implemented fertilizer subsidies and support for wheat prices would likely follow.
While the region has experienced economic growth in recent years, the combined effects of the COVID-19 pandemic and supply chain and price shocks linked to Russia’s invasion of Ukraine have raised questions about future growth for a range of countries. Despite the challenges, many Latin American countries continue to tout their economies and to encourage foreign business for investment and “near-shoring”.
“Not red tape, but red carpet,” said President Rodrigo Chaves Robles of Costa Rica, on his nation’s readiness to welcome foreign investors. “Costa Rica is open for business. I will break all bottlenecks…. I will open all doors.”
Likewise, Dina Ercilia Boluarte, Peru’s Vice-President and Minister of Development and Social Inclusion, stressed the nation’s readiness for outside investors. “We will welcome you with a stable economy and legal guarantees.”
The focus of many Latin American nations is now on climate and environmental sustainability. In tourism-intensive nations, such as the Dominican Republic, the sector constitutes an essential part of GDP and employs 20% of the population. Diversifying beyond “sun-and-beach” tourism could ensure the sector remains resilient even in the face of intensifying climate change.
In addition, the region can accelerate investments in climate mitigation and renewable energy. Chaves said: “We’re improving our electricity grid to more renewables even though we have over-invested in the power generation with fossil fuels.” Transitioning energy sources in a time of rising prices poses serious challenges, he added, so the nation will need to proceed with its reforms in a way that balances current growth with sustainability goals.
Educational reform is another way Latin American leaders are preparing for digital and green energy transformations. Colombia recently completed training for 100,000 programmers, and Costa Rica is working to improve the efficiency of its education spending. Currently, the country spends twice as much as Viet Nam to educate students. While Viet Nam ranks eighth in students’ math scores, Costa Rica ranks near the bottom in terms of students’ maths performance.
Peru is promoting social inclusion by transforming how the state delivers social services to rural communities. One programme involves putting state services – such as vaccines, health supplies and training materials to reduce violence against women – on boats so officials can reach hard-to-access communities in dense Peruvian forests and remote villages. “We are bringing services of the state to our brothers and sisters to improve their quality of life,” Boluarte said.
Outlook Is Grim for Global Recession
As the war rages on in Ukraine with no end in sight, central bankers and economists are increasingly fearful that the world may be headed for recession. Supply chains remain choked as many of China’s factories are still shuttered over COVID, markets are panicky, with technology stocks in particular distress, and inflation is running high across much of the developed world.
“We are not in a recession yet, but the signs are not good,” said David Rubenstein, Co-Founder and Co-Chairman of Carlyle. “The war is not likely to end tomorrow and it will be a precipitative factor.”
“We have downgraded projections for growth for 143 countries, accounting for 86% of GDP,” said François Villeroy de Galhau, Governor of the Central Bank of France. “The horizon has darkened.” In addition to China’s COVID lockdowns, he cited the appreciation of the dollar and commodity price shocks in fuel resulting from the Russo-Ukrainian war.
But fuel isn’t the only commodity experiencing precipitous price increases – food may prove to be even more critical. “We can shrink use of petrol,” he said, “but we have to eat every day.” He added that with inflation running at 7.45% in Europe and rising, “We will have to mobilize monetary policy. There is an increase in consensus about this. In the short run, our priority is fighting inflation.”
He was speaking on The Global Economic Outlook session. His comments come as the World Economic Forum’s Community of Chief Economists warned of “dire human consequences” from the fragmentation of the global economy.
Jane Fraser, CEO of Citi, also emphasized the significance of food. While acknowledging some bright spots – including a Middle East that, she said, is stronger coming out of lockdown and exudes optimism – she warned: “Food is, I think, the big worry because that could be the wild card, when people are hungry around the world, and there’s going to be one-and-a-half-billion hungry people without the means or the access to food, particularly in Africa.”
The grim outlook was highlighted in the World Economic Forum’s quarterly Chief Economists Outlook, published today. Its key findings include declining real wages in both high- and low-income countries; political divisions creating geo-economic and supply chain fault lines; and persistent inflation in the United States, Europe and Latin America.
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