Internet Entrepreneur Ideas | Is Freelance A Good Option?

There is absolutely no doubt in my mind that Internet Business is not only here to stay, it will increase at an astounding rate in the years to come. Although, in September 2010, the National Bureau of Economic Research, along with a panel of Academic Economist based out of Cambridge Massachusetts, announced that the longest recession endured by our country since WW2, which started in December 2007, had officially ended in June 2009, people all over the country are still feeling the effects of a Recession. Millions of American’s are either out of a job or looking for ways to make ends meet and those very same people are now looking to the web for Internet Entrepreneur Ideas. One of the most common of the Internet Entrepreneur Ideas is Freelancing. However, this may or may not be a good option for you depending on what your income goals are!

 

The Freelancer

There is definitely no shortage of Internet Entrepreneur Ideas on the web aimed at helping people build streams of income. With the rapid increase of virtual business (Internet Entrepreneurship) more and more Internet Entrepreneurs are also going to the Internet to hire virtual assistants to outsource tasks that can be accomplished by someone else. The people that raise their hands to work for these Internet Entrepreneurs who are looking to outsource are commonly referred to as freelancers and usually work on a contract basis.

Note: If you read my article on Entrepreneurship or Contract Work? you know that this is also a practice that is largely increasing in popularity among big corporations. See any issues with this?

Personally, I am convinced that people all over the country are still feeling the effects of a Recession simply because when I look to outsource some of my work, I am inundated with people willing to help with whatever it is that I have to offer. Unfortunately, I have to reject a majority and can only hire 1 or 2 people. Of the ones hired, I’ve learned that most are looking for ways to make more money, as their paychecks simply do not meet their family’s consumption demands.

 

The Ideal Freelancer

Internet Entrepreneur Ideas and Internet Entrepreneurship can be found in my forms on the Internet. Depending on what your income goals are, freelancing could be for you. An Ideal freelancer may meet the following criteria:

  • Works full-time
  • Wants to make a few extra hundred dollars in spare time
  • No real ambition in building a business to make substantial income from home
  • Does not want to invest too much time into developing a large income stream
  • Does not plan on quitting  job to work from home indefinitely

The list above details just a few characteristics of an ideal freelancer. Personally, I would not recommend leaving your full-time job to become a freelancer on the Internet, unless you have established a long list of potential clients and can make an average of 33% more income per month as a freelancer than you could working at your job.

Freelancing certainly would not fall into my category Internet Entrepreneur Examples. According to CNN Money’s recently published article titled The True Cost of Being Your Own Boss, the following are things to remember when deciding to become a full-time freelancer working from home.

  1. Longer Hour – If your home is your office you never really leave work.
  2. No paid vacation days
  3. No paid sick days
  4. Paying for your own health insurance
  5. Funding your own retirement
  6. Minimal income earned
  7. Expenses of membership for industry organizations

 

My Expert Advice

Freelancing is a very real way to make some extra income working from home. If your goals are aligned with the criteria that describe the ideal freelancer and are only looking to make a few extra hundred bucks working from home part-time, then by all means, make some extra money and do some freelance work for those taking Internet Entrepreneurship to a higher level. The opportunities are endless!

However, if you are simply not satisfied with making a few extra hundred dollars from home and your goal is to build a six and even seven-figure business, DO NOT settle for freelance work. Look for Internet Entrepreneur Ideas on the internet and find Internet Entrepreneur examples that offer opportunities to build significant or multiple income streams. You can do so by searching for Internet Entrepreneur Topics in Google regarding Network Marketing, MLM, Affiliate Marketing and even building an income through blogging. For examples of ordinary people who have built substantial incomes working from home, read Internet Entrepreneur Success Stories.

7 Responses to “Internet Entrepreneur Ideas | Is Freelance A Good Option?”

  1. June Young says:

    Hey this is really insightful. I have been freelancing and it’s a very nice feeling to know that there are a lot of people out there who need your skills to build their own business but of course I am still looking for a more concrete job. I might pursue serious blogging but still look for a job outside. Sometimes the downside of freelancing is that I don’t get much physical activity from staying at home all day. I just hope the government will provide benefits for freelancers. Do you think there is a way to achieve that?

    Stay focused and more power to your blog!
    June Young recently posted..Why You Should Have a Credit Card with Return Protection

  2. Hector says:

    Hi June and welcome to Internet Entrepreneur Connection! It’s great to have you hear.

    I definitely think freelancing is a good way to become an Internet Entrepreneur but it’s definitely not the best way.

    Personally, I feel that the reason most people decide to venture into Internet Entrepreneurship is because they are tired of their 9-5 jobs and simply want to be able to have more control over their time and their freedom without having to worry if they are going to be able to pay the rent at the end of the month.

    If you’re familiar with Robert Kiyosaki’s Cash Flow Quadrant then you probably know that being self-employed or being int the “S Quadrant” is not the best way live a life of more time freedom. Why?

    Well, simply because being self-employed can quickly turn into just another job. What self-employment lacks is Passive Income (Income that that is generated every month regardless of whether you decide to work or not). My idea of being an Internet Entrepreneur is building business or multiple income streams of passive income. Now that doesn’t mean that you never work ever again but after your passive income business or passive income streams are established you significantly reduce the amount of time that you would dedicate to that business so that you can concentrate on the things that matter most in your life.

    Of course, starting a business requires money invested into the business so if you dont have a stable income at the moment, there is nothing wrong wit h looking for a job so that you can have the extra income to invest into your business. What you want to do is develop a plan to strategically move from the Wage System to the Profit System. As a good’ol mentor of mine says:

    “Profits are better than Wages! Profits are ownership, Wages are given in exchange for time!” And time is your most precious, “non-renewable”resource!

    I hope this helped June and don’t forget to join my Connected Entrepreneurs community if you think you can benefit from community of Entrepreneurial Minded professionals!

  3. Agus @ Kiranatama says:

    Making money through internet is one of the sophisticated or reliable idea from these you got many aspects of marketing techniques but before learning you should know more about internet worlds and how they are work as a marketing device, even if many learning sites are provided but self learning is definitely brings a lot more towards your knowledge.

    • Hector says:

      Hi Agus and welcome to Internet Entrepreneur Connection.

      Becoming an Internet Entrepreneur and succeeding at it is no easy task. But you’re absolutely right. It’s another way to learn a new skill, become more marketable and be more knowledgeable! Do you ever plan on becoming an Internet Entrepreneur?

      • Agus @ kiranatama says:

        maybe for the next year I have plans for that. but now I just want to focus at my job on outsourcing company as developer

        • Hector says:

          That’s great Agis! To be honest though, if you conduct any of your business online I consider you an Internet Entrepreneur already! :) If you don’t, I am sure you will move to the model soon!

          Thanks again for stopping by Agus and I look forward to seeing you around here on IEC more often!

          By the way, what kind of developer work do you specialize in?

          • Agus @ kiranatama says:

            Thank you for accepting me to commenting on your blog. to be honest I get a lot of additional knowledge by reading your blog

            by the way, I am just a web developer at kiranatama.com

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