5 Myths About a Freelancing Project

Prejudice doesn’t spare even the highly sought-after freelancing industry. In our 11 years of existence, we have allocated over a thousand IT talents to various projects, so we know about the fears that initially and unnecessarily slowed down their careers. Here are the top five myths about freelancing project we’ve encountered.

Myth 1: Freelancing is financially unstable

Sometimes you may be swamped with work while freelancing, and other times you may not be able to get any projects. You may even need to keep a traditional job to maintain a steady income in the early stages of your freelancing career. According to a report by the Independent Economic Council, up to 74% of freelancers don’t get paid for their services on time. More than half of them said they have worked with a client who didn’t pay them at all.

Still, control over their financial future is the main reason why 72% of those working in the U.S. favour freelancing. That’s because they set their rate, or earnings, and work hours. In addition, IT specialists that are outsourced by companies through TITANS send invoices to us, a third party, so it is impossible that the client doesn’t pay for a project or is late with a payment. If their service order is not renewed by the company, we can look for a new opportunity before the end of the project. But if they long for a change, they are free to set aside time to travel or relax.

Myth 2: It is difficult to find an interesting IT project

If you search on your own, finding clients is bound to take up a lot of your valuable time and energy. Some people find it helpful to send out a few cold emails, some a dozen, while others find word-of-mouth referrals among friends are enough. The duration of your wait is unpredictable, but it could range from about one week to five months.

However, the Titans who have joined our database have had vastly different experiences. They regularly receive project tips from us, both on domestic and foreign markets, allowing them to choose according to their preferences. The supply mostly follows the market requirements and also sets trends. However, the Titans are guaranteed a variety of programming, testing or design jobs to choose from. If the Titans excel in legacy technologies, they will find clients who are building multi-year comprehensive solutions using stable technology.

Myth 3: Freelancers are isolated and on their own

Indeed, as many as 66 % of the projects that our Titans worked on in 2023 were off-site, that is, anywhere away from the client’s office. However, many of them prefer to work from home. On the other hand, some clients are looking for IT talent that will be present in their office daily and are happy to include them in team buildings and company parties. It all depends on the specific collaboration and the preferences of both parties.

There is no need to worry about accounting either. If you are unfamiliar with it, we at TITANS will provide you with contact details of reliable accounting firms that will handle all the paperwork for you.

Myth 4: Freelancing provides fewer opportunities for professional growth

This belief couldn’t be further from the truth. Freelancing will enrich both your work portfolio and your personality. Every project presents an opportunity for you to learn new skills and gain valuable experience. By working on various assignments in different teams, you’ll improve your communication skills, gain a new perspective on development, build interpersonal skills, develop resilience to the stress of change, and achieve a clearer understanding of what you’d like to focus on in your career.

It is up to you how much time you invest in your personal development and how fast you grow. But as a freelancer, you have the opportunity to work with multiple brands around the world and expand your professional network. On the other hand, in a permanent position, you would typically be limited to working with one company. In addition, freelancing presents an opportunity to specialise flexibly in a specific industry.

Myth 5: The freelancing project is only a short-term experience

How long a project lasts depends on the specific case. Short-term projects usually last from three to six months, while long-term projects last one to two years. The average length of the initial allocation requested by our clients last year was 7.58 months.

However, Titans bring such significant value to projects that they often stay on projects even longer. In 2023, the average length of collaboration increased to 23 months. Generally speaking, the more stable the market, the longer firms can afford to keep external reinforcements on projects.