In this ever-changing business landscape, project management plays a vital role in ensuring the success of internal and external projects across all companies of various sizes and industries. Demand for project management has been on the rise hand-in-hand with software, but now an increasing number of professionals are exploring freelance opportunities in this field.
Considering project management is such an involved job within the company, one might think it might be tricky to do it as a freelancer without knowing the nooks and crannies of the work. This comprehensive guide aims to provide freelance project managers with the knowledge, skills, and strategies necessary to thrive in this new ordeal. From understanding the role of a project manager to building a strong portfolio and managing the financial side of your freelance projects, this guide covers all the essential aspects of becoming a successful freelance project manager.
What is a Project Manager?
Project managers are highly-skilled professionals responsible for planning, executing and monitoring projects to achieve specific objectives within predefined parameters. They are expected to manage resources, timelines, budgets, and teams to ensure project success. Project managers are expected to possess exceptional soft skills such as leadership, communication, and problem-solving skills, making them indispensable even in the face of the AI revolution.
The Growing Trend of Freelancing and Its Impact on Project Management
Temporary employment has been around for a long while, from seasonal workers in agriculture to the gig economy that we are currently in. This rising trend of the gig economy has changed the way we understand employment. Freelancing offers individuals the freedom to pick and choose which projects to work on from the comfort of their own home and have greater control over their schedules. This rise in freelancing also affected areas like project management. Companies are increasingly shifting to freelance project managers especially for extraordinary projects to leverage specialized skills and be more flexible. As a result, the demand for freelance project managers has grown substantially in recent years.
Benefits of Pursuing a Career as a Freelance Project Manager
Becoming a freelance project manager comes with several enticing benefits. It enables professionals to work on a variety of projects of different sizes, markets and industries which in turn allows them to flex and expand their skill set while diversifying their experience. Freelancers also have the freedom to choose their own working environment and even work while traveling. In fact, freedom might be the biggest selling-point of freelance work but it can also provide higher earnings and take project-based contracts globally.
Developing Essential Project Management Skills
Before getting to the freelancing part there are some crucial skills to develop and hone to excel at project management:
Core Competencies Required for Freelance Project Management
- Leadership: Carving the path to success by inspiring and guiding remote teams with strong leadership skills is essential for freelance project managers. It is especially challenging as a freelance project manager because you must inspire respect and trust from the team as a freelancer.
- Communication: Managing and aligning expectations of all stakeholders, ensuring clear communication, and resolving conflicts effectively are must-have skills for project management.
- Time Management: The ability to plan and schedule efficiently and keep up with the deadlines these plans and schedules entail is vital for project managers. Harnessing the ability to multitask is common for any project manager, but it will be extra important as a freelancer.
- Problem Solving: At times, you might feel like all you do is put out fires as they come. This is not a bad sign, as identifying and resolving current and potential issues will result in a smooth execution of the project.
- Adaptability: No matter how much planning there is, there will be unexpected changes and challenges, so the ability to adapt and go with the flow of the project is key.
Project Management Certifications and Training
Earning respectable certifications and training can considerably boost prospects especially for project managers lacking prior experience or other credentials. Certifications such as the Project Management Professional (PMP) and Certified ScrumMaster (CSM) demonstrate a solid foundation in project management methodologies while attending other workshops, courses, webinars etc. can provide valuable insights to discover your niche and keep up with the industry trends and best practices.
Scope Management, Risk Assessment, and Stakeholder Communication
Project scope creep is an appalling reality in any project manager’s life. Embracing the ability to constantly re-assess the project’s risks, managing requirements and expectations of stakeholders and updating the project deliverables as needed is crucial. This also involves, developing mitigation strategies for common risks, addressing any changes and feedback to stakeholders clearly to manage their expectations.
Crafting a Strong Freelance Project Management Portfolio
A strategically-crafted portfolio is essential for freelance project managers to showcase their expertise and attract potential clients. The following strategies can help create a compelling portfolio:
- Selecting Projects and Achievements: Carefully showcase projects that highlight your personal triumphs, skills, industry expertise, and successful outcomes. Include a brief description of each project, emphasizing the challenges faced, solutions implemented, and the impact on the client's business.
- Highlighting the End Results: Emphasize successful project outcomes and measurable results achieved through your project management expertise. Include client testimonials that highlight your professionalism, leadership, and ability to deliver exceptional results.
- Demonstrating Expertise: Showcase your proficiency in different project management methodologies, such as Agile, Waterfall, or Scrum. Discuss your experience with popular project management tools and software like Jira, Trello or Asana while demonstrating your adaptability to different project management software stacks.
Building a Personal Brand and Online Presence
Establish a strong personal brand and online presence to stand out in a competitive market and let work come to you with these strategies:
Professional Website or Portfolio: Create a professional and attractive website or portfolio that spotlights your skills, experience, and projects. Include a short biography, testimonials from previous work and contact information to make it easy for potential clients to understand your value and get in touch.
Social Media: Harness the power of social media, especially LinkedIn and Twitter, to establish your expertise, share your story, network with fellow project managers, industry leaders and recruiters. Engage in public and private conversations, join relevant groups, and be active in discussions around project management.
Content Marketing: Create valuable, insightful content, such as blog posts or short-form video tutorials, to flex your knowledge muscles and attract a new audience. Optimize your content with relevant keywords to improve search engine visibility and increase your chances of being discovered by potential clients. After creating a backlog of content, you can also start a newsletter as well to utilize the power of email marketing.
Finding Freelance Project Manager Jobs
Venturing into freelance project management requires determined, proactive strategies to connect with potential clients and tap into relevant job opportunities. Browse freelance platforms like Upwork and Toptal that often list freelance project manager job postings. Find industry specific websites, and job boards for even more specialized job leads. Additionally, joining project management networks and associations can provide valuable networking opportunities and open new doors for project opportunities.
Build connections with professionals in related fields outside of project management, such as software development or marketing, as they often require project management expertise. If possible, attend industry conferences, like regional Scrum gatherings, webinars, and local events to network with fellow project managers and establish relationships with key decision-makers.
Work with the awareness that you are a company by yourself as a freelancer. Maintain strong relationships with your previous and current clients by demonstrating professionalism throughout the project, doing an excellent job and providing great customer service. Client satisfaction will ensure new potential leads with the power of word-of-mouth. Onboarding the clients as the project starts and offboarding after the project ends will be an important aspect of the experience that might determine whether the clients will reconsider and recommend your services.
Finance Management as a Freelancer
Effectively managing finances is crucial for sustainable and lucrative business for any freelancer. Consider the following to unlock your way into financial freedom with freelance project management:
Determining Competitive Pricing
Set your freelance project manager rate based on various factors, including project complexity, time commitment, and the value you deliver to clients. Research market rates and assess your skills and experience to ensure your pricing remains competitive.
Project Complexity: Balance your rate with the complexity of the project. Complexity of the work may rise with other factors like additional resources, other skills, and time investment, therefore the rate should rise with it.
Time Commitment: Preserving your work-life balance as a freelance project manager will be a different responsibility than a full-time project manager. In addition to balancing work and life, balancing different projects will also be a factor. Evaluate the estimated time and effort required for each project with consideration of duration, deadlines and level of complexity.
Value Delivered: Track the successful project outcomes and KPIs, ensure that your pricing reflects the value you deliver and the return on investment on the client side.
Invoicing Systems and Tracking Project Expenses
Implement a reliable invoicing system with extensive features like Ruul to streamline the billing process and track project expenses. Utilize accounting software or online tools to generate professional invoices and keep accurate records of project-related expenses for tax purposes.
Taxes, Accounting for Business Expenses, and Financial Stability
As a freelancer, it is crucial to understand your tax obligations and get tax assistance to make sure you comply with the laws. Ruul can also help you with that for over 140 countries. It helps you maximize your earnings while filing your taxes accurately and keep your peace-of-mind. Its smart accounting system will allow you to easily allocate some emergency funds to ensure financial stability.