Freelancing is a great way to make money and gain experience. With the millennial workforce cracking the traditional corporate model, the freelance economy is paving the way for better work-life balance and higher incomes.

Freelancers have a wide variety of skills and talents, so make sure you’re not missing these essential skills below if you want to be successful in this growing market.

Here are the five essential skills you need to know and develop if you’re launching a freelance career.

Time Management Skills

Time is money, and the latter isn’t worth as much without the former. Time management is an essential skill for freelancers because there’s enough work to go around. If you’ve got your time in control, you’ll maximise your earning potential. You’ll have to learn time management skills on your own. This means that you will have to manage your time effectively all by yourself.

Negotiation Skills

Being able to negotiate well is essential if you want to be a successful freelancer. You should get in touch with at least three companies or individuals before you start work. Learn exactly what to do in different situations and how to negotiate every type of deal. What to say, when to say it, and how to get what you really want.

Do your research on them and decide who can offer you the best deal. Then start calling up each potential client and ask how much they would be willing to pay for your services. If you have multiple bids, pick the highest one!

Financial skills

Freelancers muster understand at least the basics of finance, such as how accounting works, how to manage their books and taxes and how to write an invoice.

Since there is no large finance department taking care of your finances when you are a freelancer, you must acquire the necessary skills to tackle these for yourself.

Soft Skills

Soft skills are about better managing your business relationships, from maintaining a productive and healthy mindset to raising your profile with the right people. They bring your abilities as a freelancer into focus, giving you the confidence to know you can produce the work your clients need.

Decision Making

One of the most important skills for a freelancer to have is good decision-making. Having the ability to make good decisions is important in any field or industry. The world of freelancing is no different, and while it might seem like freelancers are simply flying by the seat of their pants, they are probably more prepared than the average person.

With so much of your career depending on your own decisions, it makes sense to understand the basic skills and processes of making good ones.

Conclusion

To make your first paycheck as a freelancer, you need these essential skills discussed above to compete on the market. You don’t have to be a math genius or natural writer. You just need the right tools, market competitiveness and ideas that work.