A Complete Guide of Freelance Marketplace industry

"Earning money online." This phrase has caught a lot of eyeballs of the young generation. The freelance economy is currently rising, and plenty of entrepreneurs are looking forward to investing in this industry. The developing industries in India, China, and Brazil are ideal platforms for the freelance sector, but doubts still continue when you talk about the long-term sustainability of this economy.

Freelance economy and its continues growth

Currently, 34% of Americans works as a freelancer. More than 70% of the current freelancers believe that technology has made their job easier to grow in their niche field. This is partly because of increasing web application development. There are a lot of Freelancer websites allowing freelancers to specialize in a specific segment. The number of freelancers is expected to grow by 50% by the year 2020. This means freelance work will soon replace the traditional 9-5 jobs.

What's a general freelance marketplace?

A general freelance marketplace is a broad term which is commonly used these days. General freelance marketplace websites are the biggest and fully-fledge platforms. They have a lot of features like web content development, design, and marketing. As these are the first choice when it comes to trendsetters, these marketplaces got early established brand recognition. Slowly, with the help of funds, a lot of business organizations built huge platforms which are sufficient to cater to the client and freelancer needs. The initial Freelancer websites used bidding concepts to let the businesses and common people to hire the best professional for their projects. But elance clone implemented the idea which helps entrepreneurs develop a niche Freelancer platform.

Characteristics of Elance Clone script

• Continuous expansion of the user base with a varied of skills sets
• Establish a platform with a firm brand recognition
• Definitive financing option
• A basic freemium business model which will help you in monetizing the existing user base

What does freelance marketplace mean?

A lot of people have a misconception regarding most of the service-related market comes under a single-category. However, this is completely wrong. After some time, some of the services become more specific, which helped entrepreneurs to become the main reason behind the growth of the niche marketplace.

Common business models included in Elance Clone

1. Transactional Model:
   For all the transactions, the marketplace takes a cut for each transaction generated from the platform. It also tends to scale well; more the sales made, more the revenue is also gained. The company charges a service fee for successfully matching buyers, hosts, sellers, guest, and borrowers. Generally, the fee varies from 5% to 40% depending on the value of the transactions and the service rendered.
    
2. Lead-based model:
   Generally, in this model, professional or service provider sends the quote to the customer. On the basis of the specific needs of the projects, the Freelancer software helps the communication between the customers and service providers. The professionals who are available and willing to work make a bid for customers to choose from.

This was all about the freelance marketplace industry. If you are planning to enter this industry, this is the perfect time to start. MintTM is the best place to get an outstanding website development service. Developers at MintTm have developed a robust Elance Clone script. This Elance Clone script has got all the features which are needed for developing a Freelancer Script.