Want a talented developer for your next project? Need someone to handle your company's social media?
There's a strong chance you're thinking about hiring a freelancer. It makes perfect sense – freelancers bring specialist skills without the commitment.
But there’s a catch: everyone else has the same idea. With demand intensifying and freelancers getting pickier, it’s not as easy as posting a job and watching the applications roll in.
Get it right, though, and you can unlock long-term partnerships that add tremendous value to your business. Read on as we reveal four secrets to finding, winning, and keeping top freelance talent.
Here’s a crazy stat: by 2027, nearly 50% of the US workforce could be freelancing.
It’s similar to the story in the UK, which is now home to 1.7 million gig workers. Nearly half of full-time workers now collaborate with freelancers in some capacity.
This isn’t solely driven by workers seeking more flexibility and autonomy (although that's certainly part of it). It’s about demand, too.
Businesses have truly realised the value of freelance talent, with 78% of CEOs stating their top freelancers deliver more value than traditional, degree-holding employees. 48% are looking to increase their investments in freelance resources.
There's also the matter of how quickly business skill requirements change. Most freelancers live and breathe what they do – it's their bread and butter to adapt.
Sometimes businesses need people who can jump in with the right expertise at the right moment, and that's exactly what strong freelancers can provide.
The freelance market is a complex beast. You've got a smorgasbord of skills out there, some of which are easier to verify than others. Your jobs will often be exposed to the full scope of talent, from keen newcomers to industry veterans – rates can be all over the place.
And let's not forget the element of risk. When you're bringing an outsider into your business, how can you be sure they'll deliver the goods? How can you secure mutual commitment and trust?
It’s tempting to dive in without a plan, but that can lead to costly mistakes. The right freelance partnerships can bring huge value over time – but only if you’re clear on what you need. Thinking ahead will help you avoid setbacks and keep everything running smoothly.
So, how can you maximise your success in the freelance market?
The fastest way to derail a freelance relationship? A vague brief. When the project scope is ambiguous, no one wins. Freelancers won’t be able to quote accurately, deliver what you need, or plan their time.
Conversely, great briefs truly describe what needs to happen and why, with non-cryptic expectations for deliverables. It protects your interests while setting the freelancer up for success.
First, define internally exactly what you’re looking for. This could be straightforward (e.g. some marketing support) or complex (e.g. a strategist to help you with a product release).
Most projects involve deliverables or milestones (what actually needs to get done), which need to be properly defined – as these will dictate commitment levels and how people bid.
When you post your job, take time to accurately spell out:
The more transparent you are about these boundaries upfront, the less likely you are to face awkward conversations later.
Good freelancers appreciate clarity – it helps them decide if they're truly the right fit for your project and how to price their services accurately.
The etymology of the word ‘freelance’ is derived literally from ‘free’ and ‘lance’ – used to describe mercenaries by Sir Walter Scott in the 1819 novel Ivanhoe. Back then, freelancers would work for the highest bidder.
Now, it’s more often a case of how low you can go. Fiverr and Upwork alone are home to over 20 million freelancers and counting, and the market is flooded with tempting ultra-cheap offers.
AI hasn’t helped – authentic human work is often pricey, but the alternative may have no value at all – or even damage your business in some way.
That’s not to say cost always mirrors value – you can find excellent freelancers at great rates. But, without being cliche, businesses should ask – do you just need a job done, or do you need it done well?
Brilliant freelance relationships are built on mutual respect and fair value. Top freelancers invest heavily in their skills, tools, and expertise. They often bring years of experience to the table – it should be valued appropriately.
This doesn't mean you need enormous budgets. It means being honest about:
The bottom line is freelance platforms aren't an excuse to drive down rates or exploit talent. They're tools for connecting businesses with skilled professionals. Of course, everyone wants good value and that’s fine – it just pays to be aware of the potential trade-offs.
You've found the perfect freelancer. They're skilled, they're enthusiastic, and they're ready to go. But before you let them loose on your project, there's one step you shouldn’t skip: onboarding.
Why is onboarding so important? Over a third of HR pros say remote onboarding is weak despite it having a known impact on productivity, engagement, and retention.
Granted, the question of whether to onboard or not does depend on the nature of the project and the relationship you want to strike. If you’re advertising a small project with a single deliverable, there’s little need to launch a full-blown onboarding process.
However, if you want to bring someone into the team and your systems, then it’s worthwhile putting thought into the process. In most cases, having at least some semblance of an onboarding plan in place is smart.
Effective onboarding isn't about drowning someone in docs or cc'ing them on every single email thread. Provide context and make systems easy to use.
The non-negotiables include:
Be active in communication – freelancers often have a lot to learn in a short space of time – so stay open to questions. The sweet spot? Making a freelancer feel like a valued collaborator, and not totally isolated from the business.
Freelancer pay doesn’t just revolve around rates anymore. While cash pay is obviously important, smart businesses think out of the box, especially when it comes to high-value hires such as fractional CFOs or strategists.
Attracting and retaining freelancers for business-critical roles means building alignment, trust, and structuring compensation in a way that reflects their impact.
One strategy that’s gaining momentum? Equity.
Equity represents ownership in a company. By granting equity, you grant a (usually small) stake in your business in receipt for incentivisation and commitment. It's a way of saying, "Your contribution matters beyond this immediate project”.
There are two main ways to offer equity to non-employees:
There are so many ways to design and structure growth shares and unapproved options. They can vest over time, be tied to performance targets, have different share classes with varying rights, and more.
When equity vests, the freelancer earns the shares or options gradually rather than receiving the full amount immediately. This encourages them to stay engaged and contribute to your company's growth over an extended period.
When structured well, equity acts as a compelling and exciting incentive, giving critical fractional, part-time, or project-based relationships stability and continuity.
Retaining top freelance talent is key to building lasting, mutually rewarding partnerships.
When implemented effectively, equity can be the secret sauce for converting one-time freelance engagements into enduring, win-win relationships.
On the practical side of things, Vestd makes granting equity to freelancers a breeze.
Our platform streamlines the entire process, from creating growth shares or options to setting up vesting schedules that align with your goals.
Freelancers can watch their ownership grow through their very own personal dashboard, making their stake feel real and meaningful.
Ready to explore how equity can help you build thriving freelance relationships? Book a free chat with our friendly experts.