One of the vital striking observations from these calls is that no two data science freelancer journeys were the identical. Just to present a way of this, listed below are the academic backgrounds of the ten freelancers I spoke with Biomedical Engineering, Industrial Engineering, Biostatistics, Electrical Engineering, Computer Science, Finance, Physics, Data Science, Marketing, AI, Economics, Math, MBA, and DS Bootcamp.

Notice there are more backgrounds here than interviews, that is for 2 reasons.

1. Most had training beyond a bachelor’s degree, and
2. No 2 out of the ten freelancers had the identical exact training

The latter point is certainly one of my favorite points of knowledge science. It’s a field that pulls a big selection of perspectives and experiences, which makes for very interesting conversation and collaboration.

This is significant to consider when reading this text. The range in backgrounds extends to how freelancers operate and where they’re headed. Put simply, different is the norm here.

While each freelancer’s start was unique, there was a typical starting strategy that got here up just a few times. Within the early days, many freelancers tended to have a strong concentrate on learning and repute constructing.

There’s more to data science freelancing than simply the “hands-on-keyboard” work. Not only do you have to do data science, but you furthermore may must sell yourself, juggle clients, manage your financials, etc.

A standard way freelancers navigated this was to tackle a (relatively) high volume of small projects within the early days. Not only does this provide several repetitions to learn from, but having an extended list of successfully accomplished projects (with testimonials) creates credibility and makes it easier to get recent clients.

While this “small-and-wide” strategy was great for getting began, it didn’t appear to be a typical (or good) long-term strategy.

In line with the “different is the norm” theme, there was a large mixture of how these freelancers currently worked and got paid. Listed here are just a few examples to present you an idea of this.

• Freelancing full-time
• Freelancing part-time while pursuing a side enterprise
• Working full-time role while freelancing on the side
• Full-time contract role (1099)
• Transitioning out of freelance right into a full-time role (W2)

This highlights the pliability of freelancing. It allows professionals to tailor their work to what works best for them.

For individuals who weren’t searching for full-time work, it was common to limit the weekly time commitment for every client. 10 hr/week per client appeared to be a sweet spot, with a typical variation between 5–20 hr/week. With this time allotment, freelancers would typically have 2–3 clients at a time.

There have been 3 common ways the freelancers got recent clients. The first and most typical way was applying for contracts on Upwork or other sites.

The second way was via inbound leads (i.e. clients found them) on Upwork or other platforms. This occurred most frequently for those with an incredible repute, an inventory of testimonials, or a powerful presence on social media.

Finally, the third way (which was common for essentially the most successful freelancers) was getting work from referrals alone. This appeared to occur when there was far more demand from clients than the freelance could supply (which also naturally drove up prices.)

Each freelancer had a novel vision for his or her future. Nevertheless, to make this more digestible, here I partition the long-term goals into 3 buckets.

Keep Freelancing & Scale Up Consulting Business

The primary bucket includes those that may see themselves freelancing ceaselessly. They enjoy it, and it gives them a pleasant life. They work after they want, on what they need, with who they need, and where they need.

Also, on this bucket, I put those who need to scale up their consulting business. This tends to occur organically for many who have an excessive amount of work than they will do alone and who enjoy project management. For a lot of, this is so simple as having subcontractors that they work with steadily and even full-time employees.

Generate Passive Income & Construct a Product-Oriented Company

Although freelancing provides tremendous freedom and may be lucrative, it still mainly consists of trading time for money e.g. I pay you an hourly rate to do a job. While this isn’t so bad, most would somewhat trade a bit of time for loads of money e.g. you construct a product once and sell it again and again.

That is the second long-term goal bucket which lumps together generating passive income with constructing a product-oriented business. While these are technically different, they each can serve the identical purpose: generating more value in less time.

Some freelancers planned to do that by creating online courses or other digital products. A handful of freelancers were actively constructing trading bots or other trading tools for private use.

Others considered constructing software solutions tailored to mid-size firms or specific industries by leveraging their freelance experience and clientele. While I haven’t yet personally seen a successful realization of this latter idea, I’m optimistic about it.

Transition to a Full-time Role

While freelancing offers flexibility and independence, some freelancers may eventually transition into full-time roles. Some even consistently cycle out and in of full-time roles. Just a few reasons for this from people who I interviewed were: you possibly can make an even bigger impact at an enterprise, more social interaction and collaboration, more certainty and income stability, greater opportunities for profession growth, and a client becomes an employer.

These calls fulfilled the promise of mentorship that I used to be searching for in that they helped speed up progress toward my goals. While it’s hard to say how things will prove, I even have a sense this will be probably the greatest investments I made in my entrepreneurship journey. I’m looking forward to putting these learnings into practice and continuing to construct relationships with others on this space.

To wrap things up, listed below are the 4 key takeaways that I’ll keep top of mind for future freelancing endeavors.

1. Do good work so you possibly can operate on repute and referrals. If people come to you, you may have greater leverage and optionality to assist make sure the work and clients you are taking on are aligned together with your goals.
2. Find a distinct segment. Selecting a distinct segment can assist make you a giant fish in a small pond. Listed here are some niches that got here up in my interviews: finance, crypto, energy, OCR, LLM applications, and data strategy.
3. Form alliances across the tech stack. Data science work alone may be limited in its business impact and value generation. That is why forming relationships with other specialists (e.g. SWE, web dev, UX/UI, etc.) can aid you provide greater value to your clients.
4. Develop a private brand. Having a powerful brand presence on social media platforms could make it easier to land freelance contracts by providing you with credibility. Moreover, sharing beneficial content and showcasing your expertise can assist ideal clients find you (versus you having to seek out them).