Tag Archives: freelance

How will digital payments affect freelancers in 2022?

Written by Paul Mikhaylenko, CEO and Co-founder of Bloom.io

Why Digital Payments Are Trending in 2022

There are four main ways of how freelancers get paid. 50% of freelancers still require checks or cash, outdated methods that no clients appreciate. Many others use Venmo and CashApp, tools that are casual and unprofessional. Merchant tools, such as Stripe or Square are intended for developers or retail shops. Finally, others use financial tracking tools like Quickbooks or Freshbooks, offering an experience that is dated and complicated. There are many invoicing tools, but none of them are built for creatives. In fact, many payment processing platforms keep at least 1.3% to 3.5%, plus the payment processor’s cut. For freelancers, this can add up quickly and leave them with minimized earnings. Digital payments are on the rise as freelancers that use electronic payment systems are getting paid faster. Keeping track of invoices, tax information, and transactions is vital to any business, especially freelancers. The old school payment methods that once prolonged the payment process, and complicated tools are becoming a burden of the past.

Freelance Revolution Predicted to Skyrocket

The pandemic birthed the new freelance revolution that is predicted to grow immensely in 2023. According to CEO of Bloom.io, Paul Mikhaylenko, highly skilled professionals will choose freelance work over traditional employment because technology has matured to give back to creatives. While freelancing has had a negative reputation in the past, often referred to those who couldn’t find full-time work, that stigma is far from true today. In fact, the workforce is now made up of 59 million freelancers in the US alone. With the online working revolution, the need for digital payments is undeniable. 


Freelancers Measure Effectiveness of Digital Payments

Owners of a successful wedding photography studio in New York, Ryan and Heidi, once used old school payments methods. Wedding photography wasn’t always the plan for founders of Forged in the North, a successful collective studio based in NY. What started as architects with cameras turned into professional wedding photographers with a million dollar studio. Today, they are recognized as some of the best wedding photographers in the world by Brides Magazine. Creativity is only a fraction of what makes a wedding photography biz work. Every wedding photographer should have a seamless workflow, especially when it comes to payments. Today, the couple has increased their bookings to 150+ a year with a team of ten photographers. Payments are a significant part of their business success. They use a free invoice generator to send and receive payments. Ryan says “Bloom is a modern, easy to use studio management system. I can send a custom link with an easy ACH payment option for all my clients. It’s the best solution I’ve found for creatives looking to amp up their professionalism and make the best impression on clients.” As of January 2022, the couple has seen incredible growth in their studio. They have a message for all freelancers: leverage modern digital payments and streamline your business professionally because it makes all the difference. Their story wouldn’t be complete without ongoing vision. The true reward for the founders is lifelong client relationships, creating with like-minded artists, and inspiring creatives to succeed. Last but not least, they attribute a portion of their profitable business to robust invoicing and digital technology.

 

About the author

Paul Mikhaylenko, CEO and Co-founder of Bloom.io, the suite of business tools that’s designed to help creative business owners get back to their art and earn more money. Paul started as a musician, photographer, and a singer, earning money on side projects for many years before diving into building tech.

New research reveals the best countries in the world to be a freelancer.

As The Great Resignation spreads around the globe, Tide, has identified the best countries in the world to be a freelancer.
To conduct the study, countries were given a normalised score out of 10 for each factor, including broadband speed, cost of living, strength of workers’ legal rights, happiness index and availability of co-working spaces.

Top 10 freelancer hotspots

 

 

 

According to the data, these are the best countries to live and work in as a freelance professional. They offer the best quality of life combined with great accessibility to the internet and working spaces, as well as robust legal protections.

 

 

  1. Singapore – Freelancer Score: 7.35

 

 

Singapore takes the top spot as the best place to work as a freelancer in 2021, with a score of 7.35. Singapore benefits from excellent broadband that’s both affordable and super fast, as well as having a very high number of co-working spaces available per head. The country performs strongly across the board, although it’s not the cheapest place to live and there’s still room for improvement in terms of its Happiness Index score.

 

 

  1. New Zealand – Freelancer Score: 7.20

 

 

New Zealand takes second place with a Freelancer Score of 7.20, just missing out on the top spot. New Zealand’s slightly higher cost of broadband is offset by its excellent performance on the Happiness and Global Gender Gap indices, as well as having very strong legal protections for workers.

 

 

  1. Spain – Freelancer Score: 6.53

 

 

In third place, some way behind New Zealand with a Freelancer Score of 6.53, is Spain. While Spain does relatively well across the board, its main strengths are its strong performance on the Global Gender Gap Index and the much more affordable cost of living than other top-scoring countries.

 

 

The worst countries for working as a freelancer

 

 

Having looked at the best places to live and work as a freelancer, it’s only natural that we give equal attention to the worst. These countries scored poorly in some or all of the metrics we analysed, painting them in a poor light as potential destinations for the wandering freelancer.

 

 

 

 

  1. Japan – Freelancer Score: 3.99

 

 

Japan is the worst country for freelancers, with a Freelancer Score of just 3.99/10. This is due mostly to very poor performance in terms of searches for freelance work, low strength of legal rights for workers, and a poor performance on the Global Gender Gap Index.

 

 

  1. China – Freelancer Score: 4.52

 

 

China is the second worst country for freelancers, having received a Freelancer Score of just 4.52. While China revealed itself as an affordable place to live, there is little demand for freelance work and the country scored poorly on the Happiness Index, making it a less appealing location for prospective freelancers.

 

 

  1. Italy – Freelancer Score: 4.54

 

 

Italy comes third, just beating China with a Freelancer Score of 4.54. Not scoring particularly well in any category, Italy’s biggest downfalls are the slow internet speed and weak strength of legal rights in the country.

 

 

Freelancer Hotspots

 

 

Here is the full table of all the countries we looked at for our freelancer hotspots index, ranked from the best to the worst.

 

 

 

 

The countries with the best broadband speed

 

 

If you’re working remotely, there’s nothing worse than slow broadband, as it can make meetings and communications very difficult and can disrupt the flow of work. Here you can see the countries where this is least likely to be an issue, as they typically have the fastest internet speeds.

 

 

 

 

  1. Singapore – Broadband Speed: 256.03 Mbps

 

 

Singapore is the country with the best internet speed at 256.03 Mbps. With internet this quick you’ll have no problem running your freelance gigs remotely.

 

 

  1. Thailand – Broadband Speed: 216.16 Mbps

 

 

The second-best country for fast internet is Thailand, where you can expect broadband speeds of 216.16 Mbps.

 

 

  1. Switzerland – Broadband Speed: 214.82 Mbps

 

 

In third place is Switzerland, which boasts impressive broadband speeds of 214.82 Mbps, which is more than enough to get any job done.

 

 

The best countries for affordable broadband

 

 

In addition to speed, your broadband’s affordability is just as important to make your remote working dreams a feasible possibility. We’ve highlighted the countries that offer broadband at the cheapest rates. 

 

 

 

 

  1. Russia – Broadband Cost: $7.50 per month

 

 

Russia is the country with the cheapest broadband, costing only $7.50 per month. With internet this cheap you could be dialing in from St Petersburg in no time!

 

 

  1. China – Broadband Cost: $12.26 per month

 

 

China takes second place with broadband costing only $12.26 per month. Coupled with a very low cost of living, China is one of the most affordable places to work as a freelancer.

 

 

  1. Lithuania – Broadband Cost: $13.35 per month

 

 

Lithuania comes third with internet costing $13.35 USD per month, making the Baltic country an attractive option for the traveling freelancer on a budget.

 

 

The countries with the highest demand for freelancers 

 

 

These are the countries with the highest number of freelancer-related google searches. This shows how much of a demand for freelance work there is in the area.

 

 

 

 

  1. Netherlands – Searches for Freelance Work per 100,000: 1,305

 

 

The Netherlands has the highest interest in freelancers with 1,305 searches being made per 100,000 people. This shows that the Northern European nation is a great place to pick up freelance work.

 

 

  1. United Arab Emirates – Searches for Freelance Work per 100,000: 1,196

 

 

The UAE takes second place in terms of interest in freelance work with 1,196 searches per 100,000 people. If you’re looking for sun and sand on your travels this might be a great option.

 

 

  1. Singapore – Searches for Freelance Work per 100,000: 1,058

 

 

Singapore takes third place with 1,058 searches for freelance work, showing that there’s plenty of opportunity in the single-city nation for digital nomads to set up shop.

 

 

 

 

Here we look at the strength of the legal protections for workers that each country has. The higher the rating, the better protected any freelancer would be.

 

 

 

 

  1. New Zealand – Strength of Legal Rights: 12

 

 

New Zealand has the highest rated Statutory Rights of any country in our study, making it the most secure place for freelance workers to do business.

 

 

  1. Australia and USA – Strength of Legal Rights: 11

 

 

In second place are both Australia and the USA, both of which received a rating of 11 for the strength of their Statutory Rights.

 

 

The best countries for gender equality

 

 

Another important factor when choosing a country to live, travel and work in is the values that they hold. Here we highlight the countries that performed the best on the Global Gender Gap Index, making them great places to work, especially for women.

 

 

 

 

  1. Norway – Global Gender Gap Index Score: 0.842

 

 

The country that scored the highest in the Global Gender Gap Index was Norway, having received a score of 0.842. This singles out Norway as a champion of equality, and a great place for women to live and work.

 

 

  1. Sweden – Global Gender Gap Index Score: 0.820

 

 

Another Scandinavian country, Sweden takes second place with a Global Gender Gap Index Score of 0.820. This shows that Norway isn’t the only Nordic country to offer a fantastic environment for people of all genders to live and work without discrimination.

 

 

  1. New Zealand – Global Gender Gap Index Score: 0.799

 

 

New Zealand takes third place having scored 0.799 on the Global Gender Gap Index, adding yet another string to its bow in the race to be the best destination for freelancers.

 

 

The cheapest countries to live in 

 

 

While there are many factors that can make a country a good or bad place for freelancers to thrive, the cost of living is one of the most important. Here we can see the countries that recorded the lowest monthly cost of living for a single person.

 

 

 

 

  1. India – Monthly Cost of Living: $326.30

 

 

India is the cheapest country to live in on our list, with monthly costs reaching only $326.30. With costs this low, you’ll be able to survive any quiet period between clients much more easily.

 

 

  1. Brazil – Monthly Cost of Living: $459.46

 

 

Brazil is the second least expensive country to live in, with average monthly costs coming to $459.46.

 

 

  1. Mexico – Monthly Cost of Living: $483.09

 

 

The third most affordable country to live in is Mexico, where you’ll be able to live for a whole month on as little as $483.09.

 

 

The countries where co-working spaces are most common 

 

 

Here you can see which countries offer the most co-working spaces per head. These spaces are great for freelancers as they allow them to use an office space that would otherwise have been too expensive to set up for a single worker.

 

 

 

 

  1. Switzerland – Co-Working Spaces per 100,000: 2.50

 

 

Switzerland has the most co-working spaces available per head of any country in our study, with 2.50 spaces per 100,000 people. This makes Switzerland a great place for freelancers who want the feel of a professional setting to work in.

 

 

  1. Singapore – Co-Working Spaces per 100,000: 2.32

 

 

Singapore came second for co-working spaces, with 3.32 spaces available per 100,000 people.

 

 

  1. Portugal – Co-Working Spaces per 100,000: 2.31

 

 

Portugal takes third place with 2.31 co-working spaces being available per 100,000.

 

 

The 10 happiest countries 

 

 

We also looked at the happiness levels in each country to gauge whether they would be good places for a freelancer to live and work. By using the standardised scores of the Happiness Index, we are able to compare these countries in a fair and equal manner.

 

 

 

 

  1. Denmark – Happiness Index Score: 7.65

 

 

Denmark is the happiest country on our list, with a Happiness Index Score of 7.65. Living in such a happy environment would be great for any prospective travelling freelancer.

 

 

  1. Switzerland – Happiness Index Score: 7.56

 

 

Switzerland is the second happiest place in our study, having scored 7.56 on the Happiness Index. Perhaps it’s the breathtaking views or the clean mountain air, but whatever the reason this makes it an attractive place to live and work.

 

 

  1. Norway – Happiness Index Score: 7.49

 

 

The third happiest country is Norway, which scored an impressive 7.49 on the Happiness Index. If you love mountains and cold, crisp weather, Norway is bound to put a smile on your face.