Why Create a Two-Sided Freelance Marketplace: Benefits and Challenges
Do you belong to the business industry and looking to reap benefits? Focusing on a two-sided freelance marketplace model can bring you tons of opportunities and profits. Read to explore why creating a two-sided freelance marketplace is essential?
Freelance work is growing immensely, and by 2030, it will cover 80 percent of the entire workforce. The freelance marketplace business model is becoming popular nowadays. Secondly, every leading business is leveraging it to garnish profits.
By bringing sellers, service providers, and clients together, freelance marketplaces are boosting business growth. Thereby, this is what brings enterprises at the front to adopt the model. But as it is said, nothing comes as viable as you wish.
To thrive and survive within the business by adopting the freelance marketplace isn't a piece of cake. Here is a post providing valuable insights into benefits, challenges, and what the freelance market is all about.
What Is Freelance Marketplace?
A freelance marketplace is an online platform that brings together businesses with independent contractors; these businesses lookout for individuals who can work for them remotely on a contract basis. The platform serves as a medium for both companies and individuals to work together and grow together.
Some of the leading freelance marketplace platforms that are booming in the industry are Fiverr and Upwork. Both platforms by providing a secure way to contract individuals to work remotely on their one-time projects.
Perks Of Freelance Marketplace Making It A Wise Option for Businesses
Freelance marketplace being the one-stop destination to connect clients help both business and individuals to make money. Check out the benefits that such platforms offer to boost their popularity. Here we go!
Detailed User Profile
In contrast to other mediums to gain business and clients, freelance marketplaces are more effective. Such a platform with detailed user profile and information make clients rely on the contractors and give their work. All the past work, samples, and history are being shared on the platform by the sellers to make their profile effective. With this, it becomes easy for them to attract clients, and clients, on the other hand, feel the platform is reliable.
Number Of Communication Channels
With any medium, there are limited channels to communicate with the clients. Isn’t it? But not anymore! Freelance marketplace in the contract as different going beyond to the effectiveness. The platform offers various ways to come across potential clients. As a seller, one can advertise, make profiles, send messages, bid to their requirements, and have direct communication.
Easy Payment Processing
Undoubtedly, when you are involved within the two-sided freelance marketplace, payment processing is a common thing. Instead of complex ways of processing payments, such a marketplace offers easy modes. Be it Upwork, Fiverr, standard freelance application, or the Fiverr clone app, direct transfers are being made. By setting the fixed prices on an hourly basis the direct payment transfer can be arranged. Sellers can easily contact clients, invoice them and track the earnings.
One the top growth and profits are what everyone looks for. And freelance marketplace in that scenario is best. With several clients across the globe, it brings sellers to choose the best and build their businesses. You will find several companies dealing with clients and making money directly. By collaboration and opportunity to invest, the platform is boosting the growth of small to mid-sized businesses.
Leading Freelance Marketplaces Businesses Can Try Out
With immense benefits, several freelance marketplaces are growing popular. Such marketplaces with next-level features help businesses to generate profits and magnify their businesses. Some of the top players within the freelance marketplace are as follows:
- P.E. For Hire
- Hubstaff Talent
- Challenges Within The Freelance Marketplace Platform
Now, if you know what the freelance marketplace is, you must be aware of much more of it. Although the freelance market is quite popular still there are challenges. Have a closer look at some of the common issues that one can face when dealing with the current freelance marketplace platforms.
Choosing Unskilled Professionals
The biggest challenge within the freelance marketplace is not choosing the right professional. Since the platform is all about selecting contracts and doing contingent-based work.
Sometimes things do not work as expected. With several individuals providing the same service, it becomes difficult for businesses to choose the one. As a result, they end up hiring the unqualified one. Finally, what one can do is to have thorough research when choosing the contractors.
Another most significant challenge you will come across is the additional charges for hiring. Besides the number of freelancers available on the platform, hiring gig workers must pay a premium. These added costs and fees are what prevents many of the enterprises from leveraging the freelance platform.
Also, the price at times quoted with the required work does not correspond with the quality provided. As a result, no business wants to pay hefty charges for the standardized process and outcome.
Chances Of Frauds And Scams
Security and reliability at times become questionable in terms of freelance marketplace platforms. Besides a lot of verification and information being gathered during registration still, fraudulent activity occurs. And with wrong and intelligent verification, even several sellers have registered are not genuine.
As a result, many businesses become prey to such fraudsters reducing the reliability of the marketplace.
Last but not least, the major challenge you will find is the communication gap. Although the platform offers a direct channel to clients for communicating within the sellers, it still does not go smoothly.
The difference in time zone, unavailability, honesty, and reliability are factors that boost the communication gap. This challenge makes the freelance platform less likable for businesses. However, reducing the communication gap can make the platform best for all the audience.
Another biggest challenge you will find within the freelance marketplace like Upwork and others is the fake reviews. There are times sellers post fake reviews about themselves. This in turn causes clients to choose them to end up having work that is not up to the mark.
The clients sometimes get confused about the seller and are not able to choose the right one. Here is where checking and verification of reviews before posting the content is important. This will make the freelance platform more reliable and increase the effectiveness of the clients.
Build Your Own Freelance Marketplace And Get Started To Reap The Benefits
Are you ready to dip your toes with this ruling trend? In summary, the freelance marketplace is a great way for businesses and individuals to increase their earnings. And launching your own platform will be icing on the cake.
Building a clone app solution of leading freelance platforms like Fiverr is a great opportunity for baby boomers to start with something trendy. In order to accomplish the dream of having a freelance marketplace platform, there is a need to have proper knowledge and expertise.
And connecting with the right clone app development company to have robust solutions in that scenario can work for you. Start your journey before it’s too late!
Two-way markets are fantastic. At the moment, marketplaces are the most successful consumer businesses in the world. There isn't an industry that doesn't have its own version of another app.
What is it about the platform that we find so appealing? Every transaction in the market is given a personal touch.