Financial Management

1. 36th MID-CAREER MANAGEMENT COURSE
CURRENT ISSUE PRESENTATION
ABDUL JABBAR SHAHANI
Ex-Cadre
Dated: 20TH February, 2023
“Freelancing as an Economic Development Tool for Pakistan:
A Comparative Analysis with Regional Countries”
Faculty Advisor: Dr. Jawed Zia, D.S (MCMC)
NATIONAL INSTITUTE OF MANAGEMENT,
KARACHI
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2. Sequence Of Presentation
 Definition of Freelancing and Freelancer
 Research Questions
 Introduction
 Currency Of The Topic
 Objectives
 Characteristics Of ‘Freelancing
 Types Of Freelancers
 Why Freelance?
 The Importance Of Freelancing For PAKISTAN
 Government Policies/ Interventions
 Issues And Challenges
 Comparative Analysis With Regional Countries
 Analysis/ Findings
 Conclusion
 Recommendations
 Workable Strategies
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3. Definitions of Freelance & Freelancer
Freelance:
Freelancing refers to a work arrangement in which an individual offers their services to clients on a
project basis rather than being employed by a company or organization. Freelancers typically work
independently and are self-employed, offering their skills and expertise to clients who need specific
tasks or projects completed. Freelancers are not bound by traditional office hours or work
schedules and have more flexibility in their work arrangements. They are responsible for finding
their own clients, setting their own rates, and managing their own finances.
Freelancer:
A freelancer is a self-employed person who offers services to clients, and often to multiple
clients at a time. Freelancing can be a fast and affordable way to get started working as your own
boss, often from the comfort of home. Set your own hours. Freelancing is flexible.
1. Source: https://www.erozgaar.pitb.gov.pk › freelancing-in-pakistan
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4. Research Questions
What is freelancing?
Why freelance?
What should you freelance in?
Starting smart
Finding clients?
Your freelance strategy
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5. INTRODUCTION
 In recent years, the gig economy has grown rapidly and has become a
popular way for people to earn a living and gain financial independence.
 The rise of the gig economy and the widespread use of the internet and
digital technologies have made at easier for individuals to offer their skills
and services to clients around the world.
 This has created new opportunities for people in developing countries to
participate in the global economy and earn a living through freelancing.
 Freelancing has the potential to be an important tool for economic
development in countries like Pakistan.
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6. Currency of the Topic
Future of Freelancing in Pakistan
By Daily Parliament Times December 22, 2022
Freelancing is rapidly becoming one of the most
sought-after and preferred jobs for people in
Pakistan.
In Pakistan, People from different lines of business
are now considering freelance jobs as their
continuing career option. A large number of people
started freelance businesses to earn their bread and
butter.
2. Source: https://www.dailyparliamenttimes.com/2022/12/22/future-of-freelancing-in-
pakistan/
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7. 7

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9. Objectives
 One will leave with some understanding of the pros and
cons of freelancing
 One will feel empowered to make a choice as to whether
he wish to pursue a freelance career.
 Freelacer will leave the session with tools for building his
own freelancing strategy as well as a clear sense of his
freelancing purpose.
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10. Characteristics of ‘Freelancing’
 Self-employed
 Service driven business
 Solopreneur (ie; a one person show)
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11. Types of Freelancers
 Professionals
 Diversified workers
 Contractors
 Micro-firms
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12. Why Freelance?
 Freelancing & the Future of Work
 The economy needs more freelancers
 Societal values towards ‘work’ are shifting
 Businesses prefer to hire freelancers
 Portfolio careers will become the new normal.
 Technology is bridging the flexible working gap.
 The skills a freelancer learns are synonymous with those
needed in the future of work (‘knowledge worker’ vs ‘creative
worker’)
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13. 3.Source: https://blog.payoneer.com/freelancers/industry-tips-fl/6-countries-capitals-freelancing/
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14. Fastest Growing Freelance Markets
4.Source: https://flexiple.com/freelance/freelance-statistics-and-trends-2020/ 14

15. What should you Freelance in
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16. 16
5.https://www.upwork.com/resources/highest-paying-freelance-jobs

17. THE IMPORTANCE OF FREELANCING FOR
PAKISTAN
Pakistan has a large and growing workforce, with a
large percentage of the population being young and
educated.
However, the country faces significant economic
clanges, including high unemployment rates and a
lack of job opportunities.
Freelancing can help address issue challenges by
providing individuals with the ability to earn the
incomes through the gig economy.
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18. THE IMPORTANCE OF FREELANCING FOR
PAKISTAN
This can increase the number of people who are able
to participate in the formal economy and reduce
poverty Freelancing also has the potential to increase
the level of entrepreneurship in Pakistan.
By allowing individuals to start their own businesses
and work on their own terms, freelancing can help to
create a more vibrant and dynamic economy.
This can lead to increased innovation and growth, as
well as a more diverse and resilient economy.
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19. Government Policies / Interventions
 The government has prepared an incentive-based package for freelancers. The package is
aimed at fast-tracking and simplifying the opening of foreign currency bank accounts for
registered freelancers, exempting from taxes and establishing a free centralized VPN gateway
service to be white listed by Pakistan Telecommunication Authority to provide services to
verified freelancers registered with Pakistan Software Export Board (PSEB).
 This will help create thousands of new jobs for freelancers in different sectors in line with the
current government policy of creating high-end and well-paying white-collar jobs for youth
employed in the digital economy.
 As per the official document released in this regard, “Tax exemption for IT/ITES firms and
freelancers for five years to be implemented through amending the Income Tax Ordinance
2001 by April 2022.”
 As per the Ministry of Information Technology and Telecommunication (MoiTT), Pakistani
freelancers alone generated $216.788 million by exporting their services in the first half of the
fiscal year 2021-22 (July to December 2021), an increase of 16.74 per cent from the same
period preceding year.
 In September 2021, the IT ministry launched an online portal for the registration of
freelancers
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20. Issues and Challenges
5 common challenges for freelancers
 Finding clients.
 Increasing pay rates.
 Maintaining productivity.
 Meeting unrealistic demands.
 Getting paid on time.
 Working alone.
6. https://gocardless.com/guides/posts/5-common-challenges-for-freelancers/
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21. COMPARATIVE ANALYSIS WITH REGIONAL
COUNTRIES
 Pakistan is not the only country in the region that is facing
challenges in terms of economic development Many countries
in the region are also struggling to create job opportunities and
grow their economies Freelancing can be a tool for economic
development in the regional countries as well.
 For example, India has a large and growing freelancing
industry, with many individuals offering their skills and
services to clients around the world.
 The country has a large and highly educated workforce, and
the growth of the gig economy has created new opportunities
for people to participate in the formal economy.
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22. COMPARATIVE ANALYSIS WITH REGIONAL
COUNTRIES
 As a result. India has been able to leverage freelancing as a tool for
economic development and has seen significant growth in its economy.
 Another country in the region that has leveraged freelancing as a tool for
economic development is Bangladesh. The country has a large and growing
freelancing industry, and many individuals are able to earn a living through
the gig economy.
 The growth of the gig economy has helped to create new opportunities for
people to participate in the formal economy and has contributed to the
country's economic growth.
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23. Analysis / Findings
Freelancing has become increasingly popular in recent years due to technological advancements
that have made remote work possible and the rise of the gig economy. Here are some key points to
consider when analyzing freelancing:
 Advantages: Freelancing offers many advantages, including flexibility, autonomy, the ability
to choose projects and clients, and the potential to earn more money than in a traditional job.
Freelancers can work from anywhere with an internet connection, set their own hours, and
have more control over their work-life balance.
 Challenges: Freelancing can also be challenging, particularly for those who are just starting
out. Freelancers are responsible for finding their own clients, setting their own rates, and
managing their own finances. Freelancers may also have to deal with inconsistent income and
a lack of benefits such as healthcare or retirement plans.
 Market demand: The demand for freelancers varies depending on the industry and the type
of work being done. Some industries, such as web development and graphic design, have a
high demand for freelancers. Others, such as healthcare and education, may have limited
opportunities for freelancers.
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24. Analysis / Findings
 Competition: Freelancers must compete with others in their industry for work,
which can be challenging. To succeed as a freelancer, it is important to have a
strong portfolio, good communication skills, and a solid understanding of the
industry and market trends.
 Future outlook: The future of freelancing is likely to continue to grow as more
people seek flexible work arrangements and businesses look for cost-effective ways
to complete projects. However, there may be challenges such as increased
competition and changes in the global economy that could impact the demand for
freelancers.
 Overall, freelancing can be a rewarding and lucrative career path for those who are
self-motivated and have the skills and knowledge to succeed in their industry.
However, it is important to carefully consider the advantages and challenges of
freelancing before pursuing this type of work arrangement.
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25. CONCLUSION
 Freelancing has the potential to be an important tool for
economic development in Pakistan and other countries in the
region.
 By allowing individuals to earn an income and start their own
businesses, freelancing can help to create a more vibrant and
dynamic economy.
 As the gig economy continues to grow, it is likely that
freelancing will become an increasingly important tool for
economic development in the region.
 By leveraging this opportunity, countries in the region can
create new opportunities for their citizens and contribute to
economic growth and development.
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26. Recommendations
If you are considering freelancing job, here are some recommendations to help you get started
and succeed in this career path:
 Develop a strong skill set: To succeed as a freelancer, you need to have a strong set of skills
in your chosen field. Take courses, attend workshops, and practice your craft regularly to
improve your skills and build your portfolio.
 Define your niche: Identify your area of expertise and the services you want to offer. This
will help you target your marketing efforts and attract clients who need the skills you have to
offer.
 Build a portfolio: Create a portfolio of your best work to showcase your skills and
demonstrate your value to potential clients. Make sure that your portfolio is easy to access
and includes a variety of samples that demonstrate your range of skills.
 Network: Building a strong network is essential for finding clients and growing your
business. Join professional organizations, attend industry events, and connect with others in
your field on social media.
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27. Recommendations
 Set clear boundaries: Freelancing can be unpredictable, but it is important to set clear
boundaries around your work hours, rates, and scope of work. This will help you to manage
your workload and avoid burnout.
 Manage your finances: As a freelancer, you are responsible for managing your own finances,
including invoicing, taxes, and expenses. Make sure you have a solid understanding of your
financial responsibilities and consider working with a financial professional which help you
to manage your finances effectively.
 Communicate effectively: Communication is key to building strong relationships with
clients and delivering high-quality work. Make sure you communicate clearly and regularly
with clients, and always be open to feedback and suggestions for improvement.
By following these recommendations, one can build a successful freelancing career and enjoy the
many benefits of this flexible and rewarding work arrangement.
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28. Workable Strategies
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Here are some strategies that freelancers can use to build a successful freelance career:
 Develop a niche: Identify your area of expertise and focus on developing your skills and knowledge
in that area. This will help you stand out from the competition and attract clients who need the
specific services you offer.
 Build a strong portfolio: Create a portfolio of your best work to showcase your skills and
demonstrate your value to potential clients. Make sure your portfolio is easy to access and includes a
variety of samples that demonstrate your range of skills.
 Network: Building a strong network is essential for finding clients and growing your business. Join
professional organizations, attend industry events, and connect with others in your field on social
media. Make sure to be active in your community, and maintain relationships with former clients,
colleagues, and peers.
 Use freelance marketplaces: Consider using freelance market places such as Upwork, Freelancer,
Fiverr, and others to find work and build your client base. These platforms can provide a steady
stream of projects and help you build your reputation as a freelancer.

29. Workable Strategies
 Set clear boundaries: Freelancing can be unpredictable, but it is important to set clear
boundaries around your work hours, rates, and scope of work. This will help you manage your
workload and avoid burnout. Make sure to communicate these boundaries clearly with your
clients.
 Continuously improve your skills: Continuously learning and improving your skills is
essential for staying competitive as a freelancer. Attend workshops, take courses, and practice
your craft regularly to improve your skills and stay up-to-date with the latest industry trends.
 Manage your finances: As a freelancer, you are responsible for managing your own finances,
including invoicing, taxes, and expenses. Make sure you have a solid understanding of your
financial responsibilities and consider working with a financial professional to help you
manage your finances effectively.
 By implementing these strategies, you can build a successful freelance career and enjoy the
many benefits of this flexible and rewarding work arrangement.
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30. THANK YOU
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