PAYPAL HOLDINGS, Inc. said a study it conducted has found that nearly 70% of freelancers in the Philippines have business plans, signalling their intention to make occasional work assignments become more sustainable over the long term.
In a statement Tuesday, PayPal said: “(N)early 70% of respondents said they have a business plan in place to support their work.”
In the survey, conducted in April, PayPal said 69.82% of freelancers had a business plan, with 65% of respondents believing that having a blueprint for a businesses is a key to success.
“The survey results are reflective of how the idea of freelancer turned ‘solopreneur’ has been gaining traction in the Philippines, given the flexibility and freedom that freelancing offers. But unlike full-time employees, freelancers often lack the back-channel support to manage their enterprises,” according to PayPal General Manager for Southeast Asia Cross-Border Trade Nagesh Devata.
In PayPal’s survey, 39% of freelancers said “Financial Planning” was the most vital aspect in every business plan while 38% cited “having a client-acquisition strategy”.
Other valuable aspects of business plans according to freelancers include a “project pipeline” (12%) and “rate cards” (8%).
Some 95% of the self-employed still believe they need training to further enhance their skills.
Mr. Devata added: “Even if a majority of freelancers already have a business plan, almost all of them see a clear need for additional training in this area. This shows a strong appetite for knowledge and constant improvement, which are crucial in this globally competitive playing field.” — Gillian M. Cortez