Data is the new oil. In the world transforming at breakneck speed, from government, startups till corporations, everyone is evaluating data to reach solutions. Not only do giants like Google, Facebook, Microsoft rely on data but even in the sports, medicine industry, data analysis is needed to create a viable impact and sustain. As a result, data has become almost like a global language that cannot be ignored anymore. And professions like that of freelance data analyst have become important more than ever.
How to Become a Freelance Data Analyst?
Let’s begin by understanding who are freelance data analysts.
Who is a Freelance Data Analyst?
Data analysis deals with processing, evaluating and fine-tuning data to derive information that is useful and aids faster decision making for businesses, sciences, and society at large. Companies, governments, organisations are now relying on data more than ever before. Data aids them in cracking the next big product, policy, making an investment or reaching the target customers. Also, they can reach pathbreaking solutions for all those problems. A data analyst drives these operations. His/her job is not limited to just studying numbers. But it thrives on using the data to make decisions that help in achieving concrete results for the companies. Data analysts have a proven knack of extrapolating data by gauging it with the help of various analytical and statistical tools. R, Python, Microsoft Excel, SAS and others are a few of the tools that are used by data analysts. They design, create data systems, fix them. Simultaneously, data analysts also mine data, use tools to evaluate data sets, work as per global trends, make predictions by working together with engineers, programmers and others. Unlike working at a company, as a freelance data analyst just like a freelance UI/UX designer, you get the opportunity to explore a plethora of industries that you might not have thought of in the first place.
Hacks for Becoming a Freelance Data Analyst
Data analysis jobs have undoubtedly become lucrative, at the same time, there is no dearth of freelance data analysis assignments as well. Yet, there aren’t many freelance data analysts out there! Want to breakthrough as a freelance data analyst? Then start by building a solid portfolio for yourself and put yourself out there by making a basic website for yourself on Wix or WordPress with a custom domain. Simultaneously, start leveraging LinkedIn to interact with the industry veterans, network and get leads to reach out to businesses. Also, create a presence across the freelance job sites like Upwork, Fiverr to keep an eye on relevant international as well as local projects.
One of the holy grails of working as a freelance data analyst is also the surge of recurring projects that you keep getting from your previous clients. So, try to have an honest rapport with all your clients, deliver on time and also ask for their recommendations. Because word of mouth is one of the best ways for you to get those coveted clients. Additionally, always know your target clients. For instance, small businesses, growing startups need consistent services of freelance data analysts. Make sure that you reach out to them through cold emails and detailed proposals.
Lastly, if you also manage to hone your communication skills, general knowledge, business acuity, domain knowledge, bigger picture analysis then you would always have an upper hand over other freelancers. Also, knowing the basics of entrepreneurship like writing, personal branding, networking, finance, lead generation, resource allocation will separate you from the crowd.
Why Choose a Career as a Freelancer
With COVID-19 redefining our work-culture, it is indeed the right time to pivot as a freelance data analyst as a plethora of remote working opportunities and projects have opened up! Also, one of the positive sides of working as a freelance data analyst is that you would be a solopreneur and be your boss. You would work as a consultant or on a contractual basis with companies. At the same time, you would adapt to cope up with various aspects of a business like accounting, insurance, cold pitching, managing resources, time and have a lot of say on your productivity and time. By 2025, remote work culture will become mainstream and as a freelance data analyst, you would not only make a living for yourself but also succeed if you keep at it!
However, there is a flip side to everything and freelance data analyst jobs are no exception. Freelancing may seem unpredictable to you if you do not strategise or plan eight moves ahead. However, if you constantly learn about the latest development in data analysis, data science and fail fast, you would become a seasoned freelance data analyst before you know!
Majorly, most of the data analysts have a STEM degree and they have quantitative know-how. To succeed as a freelance data analyst, you would have to master the process of creating valuable data dashboards, churn reports using content and also be great with tools like Microsoft Excel, Tableau, SQL and programming languages. But, most importantly, have a passion for numbers and information. Do not be discouraged if you haven’t studied data science/analysis, because there are umpteen courses available on Springboard for mastering data science and data analysis that will spearhead your career.
When to Take the Plunge as a Freelancer?
The mantra of 2020 and for the decades to come is to hustle hard and succeed. Till the time you have a solid set of clients, you might just test the waters and manage with a full-time job as a data analyst. Smartly save for your runway as a freelancer till then, fix your office at a co-work or work out of a soothing home office and keep meeting new people. Create a self-supporting plan and you would do more than just fine as a freelance data analyst.
Average Freelance Data Analyst Salary
The retainer for your services would vary as per your experience and expertise. Before you send across a quote, always check for what other freelancers are charging. Try to understand your client’s budget and try to graciously negotiate to reach a mutually beneficial quote.
Going by the figures on Upwork, freelance data analysts charge ₹2500-₹30,000 per hour. Whereas, on Fiverr, the quote ranges from ₹300 -₹15,000 per hour according to the complexity of the analysis.
Also, once you have a decent lineup of clients in your portfolio, you would be in a way better position to quote and reject the projects that do not show any potential. With all of that foundation laid, keep reading books, relevant blogs on data analytics, follow industry trends, experts and explore our data analysis course that come with a 1:1 mentoring-led project-driven approach along with a job guarantee to get on your feet and succeed as a freelance data analyst.