Crypto is one of the hottest fields right now. Not only are there are a ton of exciting developments happening, but they’re going on at a rate that has a lot of entrepreneurs finding funding much faster than traditional VC routes. If you’re looking to hop on the crypto train as well, there are a few things you should know moving forward.
Start Saving
If you’re going to start venturing into crypto, then one of the most important initial steps you can take is starting to save up. Not only is this is a good skill to have in general as a freelancer, but especially if you’re diving on the crypto train. Especially considering that there’s still quite a bit of volatility in crypto, it goes without saying that you’re going to want a little bit of protection there in case you end up in a situation where a company goes south.
Start out by looking at what your current overhead is, including how much you might need per month to survive versus how long you might think it’ll take you to get a gig. It’s okay if you’re now getting into savings because as noted by CNBC, with 57 percent of Americans having less than $1,000 in their savings account, this is a practice not everyone makes into a habit. Because you’re getting into crypto, having a foundation you can build from is crucial considering how wild the market can be. All-in-all, be patient with your approach, as this is something you’ll thank yourself for quite a bit down the road.
Get Your Research Going
Once you’ve established your budget, it’s time to start digging into what type of crypto company you’re trying to establish. This will be somewhat a little bit more different than your typical sales approach, especially considering that you’re largely banking on the success of a relatively new technology’s ability to disrupt a field. However, that’s why you need to make your approach one that’s both reliant on what’s already happened versus how you speculate.
To truly get a good grasp on crypto, get in the habit of asking yourself what type of application does blockchain have in this field. For example, according to Coinschedule, 14.8 percent of ICOs thus far in 2018 have been finance-related, which makes sense given the success of Bitcoin and other traditional cryptocurrencies. This is why it’s smart to look at different sectors; for example, how Brian Magierski is disrupting the healthcare industry with Nanovision, a blockchain-based health data network. Applications like these could change the world, which is the impact you should be on the lookout for.
Sell Your Skill Set
A significant aspect of freelancing regardless of the industry is the type of skills that you can sell to someone else. While this might seem obvious, you’d be surprised at the number of freelancers that don’t think in terms of the ROI they’re producing, which leads their sales pitch astray. However, with the right knowledge of what you’re selling and why you’ll be in a much better position to move forward.
An excellent example of this is with something like graphic design. As noted by UpWork, with the average graphic designer making around $45 per hour, it goes without saying that this is one field where that rate could fluctuate dramatically. Depending on the level of graphic design skill you have and what your specialty is, this could be something would cost hundreds or even thousands of dollars.
Don’t Forget To Protect Yourself
Finally, as it goes with a lot of the freelance industry, it’s always key to have some protection in place against bad actors. Not only are there going to be those that try to defraud you, but additionally those that might be in a shaky position, without much going to know if they’re going to raise enough funds or not. Because as noted by MarketWatch, with nearly 50 percent of ICOs from 2017 already having failed, having some protection in place is crucial.
To begin, start looking at the types of services that you offer, as well as how you can package them into rates. Try to get these in place so you can use an automated contract system like that of attorney Aaron Kelly, who can provide you an agreement in no time. The goal is to maximize your time, so make that your primary mission over anything else.
What are you most excited about for freelancing in crypto? Comment with your answers below!