Get An Ultimate Guide On How To Build A Freelance Marketplace.

Get An Ultimate Guide On How To Build A Freelance Marketplace

3254 Views | 8 min | June 30, 2021

In recent years, Freelance work has risen in popularity and it is projected to continue to rise in the future years. With such rapid growth, it is estimated that by 2030, freelancers would make up as much as 80% of the global workforce. A freelance marketplace is an online platform where organizations may discover and hire remote workers. Upwork is a prominent website among digital enterprises that are operating as a middleman, allowing you to hire distant specialists for one-time assignments in a secure and in easiest manner. 

According to an Accenture study, 

Freelance marketplace like Upwork is used by 100 of the Fortune 500 firms. Similarly, freelancing work is becoming more popular as more people discover it to be rewarding and convenient, implying that there are more skills available to organizations.

The job sector has been severely impacted by the COVID-19 epidemic, which has resulted in a broad economic shutdown that has pushed the workers to search for new job possibilities online. This was made feasible by freelance marketplace websites and applications, which made it simple to assist freelancers by offering a platform for earning money.

One reason for its rapid growth is the realization that traditional 9-to-5 office employment is clearly incompatible with today’s digitally linked worldwide globe. Another factor driving this global trend is the evolution and complexity of freelance marketplace platforms. This is why we’ve prepared this blog to provide you with a detailed analysis of the top freelance platforms in the market today.

Both employees and companies benefit from freelancing platforms. According to an Upwork survey, 80% of major businesses intend to boost their usage of freelancers. In fact, there has been a 30 percent rise in the number of work projects completed using these platforms. You’re in for a surprise if you assume freelance platforms are exclusively used by tiny firms. 

In this blog, you can learn how to create your own freelance marketplace like Upwork, you’ll need to determine what sort of marketplace you want to create, what style of development to use, and what features to include while making your own freelance marketplace platform.

What Is Freelance Marketplace?

A freelancing services marketplace is an online platform where organizations may discover and hire remote workers. Upwork (formerly known as Elance) is a prominent website among digital enterprises. They operate as a middleman, allowing you to hire distant specialists for one-time assignments in a secure and easy manner.

As a consumer, you may utilize a platform to find freelancers and agencies who provide a variety of services, including design, marketing, copywriting, and software development. Before you press the Search button, Upwork analyses a job you’ve placed with big data algorithms and presents you with a list of potential applicants.

Type of Freelance Marketplace

The freelance Marketplace platform trends are growing day by day and the variety of these platforms increases accordingly. There are various kinds of marketplaces for different kinds of specialists that have appeared. Here are some common types of freelance marketplaces:

Type-of-freelance-marketplace
  • Global Freelance Marketplace

The global marketplace is used as a platform to look for a freelancer and any organization that delivers a wide range of services like designing, marketing, coding, and etc. One of the best examples of global freelance marketplaces is Behance

  • Local Freelance Marketplace

If any project requires work in a specific region. The best solution is to find the employee on the local freelance marketplace. For example, TikkTalk is a freelance marketplace to find interpreters, particularly in Norway

  • Commercialize Freelance Marketplace

The commercialized marketplace is considered as creating a freelance marketplace specialized in a specific area. For example, 99designs.com, a freelance marketplace is only for designers. 

  • General Freelance Marketplace

In the general marketplace, if any project concept implies various areas of knowledge, consider building a general freelance marketplace. It connects a wide range of different specialists, like Freelancer.

  • Marketplace For ShortTerm Process

The marketplace for short-term processes includes those that have more focused on an affordable budget for the clients. Some of the platforms like Fiverr, offer help with single jobs. 

  • Marketplace For LongTerm Process

In the long term, the size of your customers’ projects will mainly depend on the opportunity your marketplace is going to operate in. The best example is marketplace apps like Upwork which is specialized in long-term projects and has high costs. 

Features Must Include In Freelance Marketplace

Developing a freelance marketplace website or app like Upwork necessitates extensive research to ensure that the new website or app outperforms the competition in every way. However, as the number of features on a website like Upwork grows, so does the expense of developing it. 

Most of the freelance marketplace websites have rich features. So, first and foremost, the essential elements that allow the website or app to work effectively must be included. There are some common features that must include in every freelance marketplace site.

Here are some common features for freelance websites :

Features-in-freelance-Marketplace

1.Easy Registration 

Freelance marketplaces usually have two types of users: the first is customers and the second is freelancers. Additionally, anyone can introduce one more profile type which is agencies. Apart from the photo, bio, skills, and a list of completed projects, a freelancer profile can also add other information like:

  • Rating & Reviews:  It is critical to have a trustworthy and clear rating system. This will provide the total satisfaction rating, the number of completed tasks, and other statistics that will be extremely useful when selecting freelancers or bidding on projects.
  • Portfolio: In Portfolio the freelancers demonstrate their experience through code samples, product screenshots, or through another medium.
  • Skills tests: It is another way to prove your expertise as a freelancer and to make the right choice as a customer.
  • Verification: You need to make sure the person behind the account is not a scammer and can be trusted. Thus, you need to implement a mechanism that will allow you to identify the freelancers and verify their identities. This can be done with the help of ID and/or video calls.

2.Advanced search

One of the most important elements that may be included in a freelancing marketplace site is the search tool. The advanced search features allow users to browse through any available projects/freelancers using different types of filters like domain, specific skills, charges, etc.

3.Job Catalogue

In this feature, users (customers) should be able to post their projects on the platform to let freelancers know they are looking for specific skills.

4.Bidding System 

In the freelance marketplace platform, the Freelancers should be able to reply to the relevant job postings and offer their services. A freelance marketplace platform that links buyers and sellers, where sellers bid or compete for the goods or service, is known as bidding. The difference from a traditional marketplace is that instead of a predetermined price, the seller sets a low bid.

5.In-App Chat 

In-App chat features allow the customer to talk with the preliminarily selected freelancers and discuss the details about the project. It can be used as a project communication tool, if necessary. The freelance marketplace platform has a communication feature that allows users to contact any files that can be uploaded and downloaded by the user and freelancer.

6.Project Management Tools

A popular solution for the service of a freelance marketplace is the addition of a time logging feature to ensure transparency of the freelancer’s work. It is also a convenient way to track the time worked for hourly projects.

7.Payment Option

All transactions between the consumer and the contractor are generally handled through the online freelance marketplace. An escrow payment option is a common alternative. Integration with the most common online payment gateways, as well as credit cards, should be available.

However, you may provide premium services (pro features) to those who are ready to pay for them. Upwork, for example, provides personalized services that include pre-screening applicants from a select talent pool of experienced professionals. It would also be beneficial to include a mobile app on your website so that freelancers may stay in touch with their clients at all times.

Strategies For Your Freelance Marketplace

If you’re intending to start a freelancing marketplace, you should be aware that the industry is already crowded. Your product should be able to compete with the best.

Here are some pointers on how to build a competitive and economically successful freelance website:

  • Conduct a comprehensive market study. To stand out from the crowd, you must first understand who you are up against. Learn about your rivals’ advantages and disadvantages. If you perceive a need for it, you may use them to improve your product or create something totally new.
  • Learn as much as you can about your target audience and their requirements. The ideal method is to target a specific issue that your consumers are having and assist them in resolving it. Is there a segment of the industry that the other freelancing services marketplaces ignore? Small-niche platforms for designers, copywriters, or specialist developers, for example (e.g. Blockchain, a certain programming language, etc.) often turn out to be more popular than the all-purpose websites like Upwork.
  • Find your unique selling point. What makes your product different from the rest of the freelance marketplaces? You can find a specific niche to target or add a certain twist to your product to make it stand out.
  • Take a look at several company models. There is no single business strategy for freelancing marketplaces. You can choose to create an exclusive platform with 100% paid access, but be sure you can provide something truly exceptional in exchange. A more popular alternative is to deduct service fees from funds received through your platform.
  • Experiment with new technologies and features. The list of features available on freelancing services markets is never exhaustive. You may always add something new. You may, for example, integrate with some of the most popular project management systems, add a service chatbot to assist your customers with everyday chores, and implement AI-based applicant screening features, among other things.

How Much Does It Cost To Build Freelance Marketplace

Although the cost of developing any freelance marketplace site is different and can range from a few hundred dollars to several million dollars, there are certain components of the development process that are universal and have a substantial impact on the final project estimate:

cost-factors-freelance-marketplace
  • Site type: Freelance marketplaces are further divided into three types. The first is based on the geographical location of customers, such as TikkTalk, which helps to find translators in Norway. The second relies on a specific target group, like 99designs.com, focused on designers and their clients. Third are “all for all” projects like Upwork, Fiverr, Freelancer, and Behance.
  • Domain & Hosting: Since this web address is the public face of your project, it’s best to pick one that’s most appropriate to the direction of your site (freelance + specialty). Although hosting is crucial, the quality and pricing of this service are nearly the same across all providers.
  • Technologies Used: All websites rely on software that is hidden from the average user’s perspective. These can be simple PHP or HTML files, marketing management systems such as Joomla, Drupa, and WordPress, or something else entirely.
  • Components: You may need to add numerous more components to the core technologies, such as one or more payment gateways, a cloud service for storing data, a rating system, social media integration, and so on, depending on the needed functionalities of your site. It also takes money to design and/or integrate such components.
  • Customization: The creation of the website is not only the purchase of the necessary templates and components but also their assembly and configuration. You can do it yourself by spending a lot of time, or hiring a specialist, paying extra money.
  • Service: The cost estimate of the project should also include the cost of ongoing site maintenance (including marketing) until the time when you plan to become self-sustaining. Usually, it takes from 6 to 12 months.

The cost of developing a freelance marketplace platform is an issue worth debating. The cost of development is determined by the features that are included, the platform that is utilized, and the technologies that are employed.

The company’s rate determines the cost of producing a freelance marketplace platform. But don’t go for the cheapest choice. however, ensure that the consistency of the finished product is satisfactory.

Final Words

Step by step the freelance market is expanding. This kind of work is becoming an everyday thing. Fiverr, Upwork, Freelancer are some powerful examples of freelance marketplaces that became discovered in the freelance industry. Undoubtedly, a number of freelancing marketplaces are popping up.

If you wish to start your own freelance marketplace platform, enlist the help of established IT specialists. Apptunix has extensive experience and a great track record in creating an online marketplace site and mobile apps for businesses and startups all around the world.

Structure your development approach if you want to create a freelancing website. Create a type for your future platform, identify the characteristics that are required, and select the best technique for developing your freelance marketplace platforms. The fact is that every project is unique, and you can’t just duplicate someone else’s successful strategy.

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