A $2.5 billion opportunity

The freelancing economy plays a huge role in the digital economy. It does this in various ways, such as creating opportunities for people to earn income, grow businesses and participate in the global marketplace across sectors.

In Pakistan, freelancers currently generate around $1.7 billion, which is a great achievement. However, there’s room for more improvement. The main question is not just how to maintain this pace, but how to increase it to about $2.5 billion in the current financial year. It may seem like a huge figure, but it is possible with the right strategies.

Reaching that ambition requires putting in more effort. It is not just about increasing the number of people offering services online, but also a shift in freelancer thinking. This shift should be towards their thought process, skills, technology, market, services, products and creating opportunities for others as well. Here are some important areas that can drive that transformation.

First, unlearn, relearn, reinvent. We have to recognise that the digital economy is constantly changing. Skills that were valuable in the past are less competitive today. This is mainly driven by technological evolution, changing client expectations and the emergence of new tools. Therefore, freelancers need to unlearn the past and learn more. They need to keep learning new skills and build on what they already know. Upskilling is really important so as to meet market trends and market demands.

Second, as a freelancer, you shouldn’t fear AI; instead, be AI-native. At the moment, artificial intelligence is transforming how work gets done. This can make freelancers anxious about AI replacing certain services or reducing what clients are willing to pay. However, the answer isn’t to fear AI but to be AI-native. AI is not the enemy; it is revolutionising how work is done and how output is produced. AI should help freelancers research, create, analyse information, communicate with clients, automate repetitive tasks and deliver services.

Third, it is key to create unique digital assets you can resell, use to provide services, or use to automate repetitive tasks. As freelancers, you need to move beyond simply selling time. Previously, the model was to find a client, complete a project, get paid, and look for another project. These could include SAAS, online courses, digital channels, software, digital products, intellectual property, communities, content libraries or other online platforms. Unlike a service that may require you to work every time you want to earn, a digital asset can continue creating value after the initial work is done.

Fourth, as a freelancer, you need to realise and solve local problems. Another major opportunity freelancers need to recognise is the problems around us. Too often, the global freelance market is viewed primarily as an opportunity to find clients in Europe, North America, Asia or other international markets. While international clients remain important, enormous opportunities exist within our own communities and countries.

Fifth, the next shift is on ambition. Most freelancers measure success by the number of clients at a time, the projects they have completed, or monthly earnings. Yes, those are good measures, but they should not limit ambition. Goals should be to build companies that can scale to extraordinary levels.

Sixth, freelancers should transform their services into products. Services are very important but dependent on individual effort and time. A freelancer can manage multiple projects at once. However, having a product introduces the possibility of scale.

Finally, success should not stop with the individual freelancer. One of the greatest economic impacts of freelancing occurs when one person’s success creates opportunities for others. A freelancer who begins alone can eventually hire another freelancer, outsource work, build a team, mentor someone, or create training opportunities. This creates a multiplier effect. One successful freelancer can become two people earning. Two can become five. Five can become a company.

Growing from $1.7 billion to $2.5 billion is possible if the right steps are taken. It is not just about adding more freelancers, but about making them more productive, innovative and entrepreneurial. Freelancers must fundamentally unlearn, relearn and reinvent themselves. This means embracing AI rather than fearing it, creating digital assets and solving real problems. It also means moving from services to products and turning individual success into opportunities for others.

The writer is the chief digital officer and director of the Centre for Information and Communication Technology (CICT) at IoBM and president of the Pakistan Freelancing Association (PAFLA).

He posts @imranbatada