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How To Thrive As A Freelance Data Scientist And Earn The Big Bucks

Freelance data scientist
Career Tips / Data Science

How To Thrive As A Freelance Data Scientist And Earn The Big Bucks

Data Science as a discipline revolves around making data useful and seeks to unify statistics, data analysis, machine learning, and their related methods in order to understand and analyze actual phenomena with data.

More and more are embracing freelance work, and the pandemic just made it even more popular than ever before. According to a new study on Upwork, over two million Americans shifted to freelancing in the past12 months.

Working as a freelance data scientist pays highly, especially in this era where statisticians and analysts need the help of data scientists.

Data Scientists are in high demand partly due to the rise of problems that data analysis can solve and also due to applications like Facebook by Meta, Amazon, and Google. All these use data science to create algorithms that improve customer satisfaction and maximize profits.

How to become a highly paid freelance data scientist

Make your presence felt

Having a strong online presence as a freelance data scientist is a critical step to creating an online presence because it reinforces your brand and what you offer to your prospective customers or prospective employers.

A web presence also helps portray why your skills and services are so great – because that’s the next stop for the majority of your potential customers.

Use your website to showcase what you have that sets you apart. Remember this is more like your personality portfolio but more career-defined in professional terms. You also want to be careful to attract the right persons who’ll match your credentials with just the right job.

Progress and amplify your skills

Statistics, programming, data visualization, machine, and deep learning, and software engineering are all part of Data Science basics. Ensure that you are well acquainted with these. They help dilate upon already existing skills and knowledge.

Data understanding is a big part of this as well. Know how to juggle all these up and form a flow system to stay open to new skills since this is a fast-paced growing industry.

Due to the pandemic, the world saw a shift to online learning, and such could actually help freelancers to retain more, save time used during face-to-face learning and even increase different intelligence quotients thanks to different types of interactions.

Be a Jack-of-all-trades

A benefit to this is that it applies to all sectors. You can literally be employed by any industry since is a vital part of the operation within the walls of businesses and companies.

It could be a startup, an already established company, or a crumbling company. The secret here is to keep your eye open for options since they are all over. You just need to look carefully.

Major your focus on places like telecommunications, banking life science, health insurance, medicine, and even transportation.

Technology is an ever-changing aspect of globalization, meaning you could be employed anywhere and work nearly from anywhere.

Activate Online Resources

The world is becoming a global village and data scientists from any given part of the world can now link together via resources that bridge the gap like Upwork, LinkedIn, Facebook, Instagram WhatsApp, and Twitter among others.

Such also help employers find suitable employees for jobs across the globe. Therefore, just as stated earlier, an online presence and a good social media representation could make you be better placed in terms of opportunities as a freelance data scientist.

Straighten your details

After your first few successful projects as a freelance data scientist, your rate will start to grow imperceptibly.

However, freelancing isn’t a secure sector and rates will be hit by an influx for sure and so work may get overwhelming causing a drop. As soon as you go back, it will rise again.

The key is to test drive it until you get an equilibrium that you can be able to work with comfortably otherwise your ability to provide professional services might be jeopardized by the greed for more money or the hunt for work or even trying to balance more than you can handle.

Make sure you know your worth, Data Science pays highly.

Why Become A freelance data scientist?

There are many reasons as to why becoming a freelance data scientist is a brilliant move. We explore a few below:

There is no in-house staff hassle

Part of being a freelance data scientist is that you are your own boss, you call the shots, you make the decisions, and work at your own convenience.

You run the world! This is what many people yearn for but circumstances or situational challenges are in the way. Plus, a Freelancer has more independence, flexibility, power, and monetary returns.

Cheaper, so most companies can afford this option which means more work opportunities for you

Freelance data science is less expensive in infrastructure, operation, and management as there is one sole owner and in some cases a sponsor.

Regardless, it means that the money used to manage the business shall be less compared to a business or a corporate.

Flexible Timings

This helps especially with meeting deadlines due to different time zones.

Working with different clients especially from different geographical time zones requires that a freelance data scientist strikes a balance between resting hours and working hours so that one does not forget about any aspect of living life away from work itself.

Opportunity for career progression

Working as a freelance data scientist offers space for career growth as you will be able to work with different clients who have different demands and needs or commands for you to execute.

Such will enable you to have more experience in different areas of Data Science.

What Are The Possible Losses To Becoming A freelance data scientist?

Well, it’s not always all-merry. As a freelance data scientist, you are bound to experience challenges, some of which are:

Unreliable income rates

Freelance has never been stable and being a freelance data scientist exposes you to this risk: unstable income.

The stability of rates heavily relies upon your efforts in putting yourself out there along with your sales initiatives to increase presence.

In addition to that, clients will want to negotiate rates and due to such, you may not have steady rates when you set out for this.

Unlimited liability

Freelancers have unlimited liability in that, if they borrow money, say, from a bank and they fail to refund it on time, their businesses might be disrupted.

If you make a loss as a freelance data scientist, it affects your sole proprietorship as well.

Limited Interactions

Freelancing is lonely. You have no team to interact with, no seniors to take commands from, no colleagues to receive email from.

This might lead to stress or demotivation and burnout. Therefore, take time out for self-care.

Wrap up

Being a freelance data scientist gives one a lot of space to grow and define their area of expertise. It is ideal for beginners who are looking for practical experience in a way that they will benefit monetarily and professionally.

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