Technology is constantly evolving, creating new business opportunities for all. For freelancers, the introduction of remote technology has made it easier to secure jobs, collaborate in a team environment, and create a profitable business.
With each passing year, new software solutions make freelance work easier and more engaging. Here are five software trends entrepreneurs and freelancers should know for the future.
Fintech— the portmanteau for financial technology— is the use of software solutions to conduct financial planning and transactions. It's making waves in both business and personal finance and revolutionizing how we spend, save, and invest money.
What does this mean for freelancers?
With corporate debt on the rise after the global pandemic, many companies are implementing hiring freezes to offset costs. While this creates an opportunity for freelancers to step in and offer services, it also creates a highly competitive environment that leads to freelancers making cuts of their own.
Improving financial literacy is paramount for freelancers navigating these unprecedented times. Fortunately, the rise of fintech can help. Freelancers should capitalize on these trends by taking ownership of their debit and credit scores by using credit repair business software and saving for retirement using Robo advisors to invest.
The Fintech software trend also presents an opportunity to mitigate banking fees through online-only bank apps and money transfer software.
On-Demand and Versatile Payroll Options
With so many businesses shifting to a mixed model, using both full-time staff and freelancers, there's a new need for versatile and on-demand payroll.
There's an average of $100 billion in unpaid, accrued payroll each week in the USA. This inefficient, archaic system contributes to the consumer debt issue, as consumers are forced to use credit to pay for things between pay periods. The pandemic has exacerbated this issue.
Freelancers typically rely on an invoicing structure rather than traditional payroll. As businesses move toward a mixed model that incorporates more freelancers and independent contractors, they're forced to rethink the efficacy of conventional bi-weekly payroll and move toward on-demand payroll software. Freelancers need to know about this software trend to negotiate payment and set terms that suit their invoicing schedule, rather than remaining dependent on an archaic business model.
Prioritizing Gamification in Business Platforms
Gamification is one of the most compelling software trends in recent years. This concept introduces game-like features to non-game apps and software— for example, rewards, competition, and point-scoring. Using apps that incorporate gamification contributes to better productivity— an integral focal point for freelancers.
Stay productive in your business by using software that incorporates gamification into planning and task management. WaterDo is an excellent example of gamification in software. This app is an immersive to-do list that presents tasks in bubbles that you pop as you complete your goals. WaterDo incorporates traditional productivity techniques like setting a Most Important Task (MIT) and conducting daily reviews. Successful completion leads to rewards within the software to create motivation.
Digitization Meets Augmented and Virtual Reality
While remote work is nothing new for freelancers, the pandemic made it more widely accepted. Since then, there's been a push toward creating the metaverse: a digital world that emulates real-life experiences while people remain safe at home. This shift requires the use of augmented, virtual, and mixed reality.
Many businesses are already using augmented reality in their marketing— IKEA is a prime example. Freelancers should familiarize themselves with the terms and prepare for a digital future that requires knowledge of these software applications.
Stemming from this shift is the movement toward no-code software solutions. This presents an opportunity for freelancers to build their own platforms and solutions to enhance their marketability with no coding experience.
New Focus on Cybersecurity in Software Applications
As software evolves, cybersecurity must also evolve. Freelancers have benefitted from the shift toward cloud storage and remote network access. However, there are risks involved with using an unsecured network while pursuing the digital nomad lifestyle.
One of the burgeoning trends is the normalization of virtual private networks (VPNs). The need for freelancers to invest in protective software is also exacerbated by using the Internet of Things (IoT) in a work environment. I.e., using smart assistants and automation.
Staying ahead of software trends is a must for freelancers who want to not only survive but thrive in the modern business world. Implementing software solutions can help increase productivity, scalability, and success.