Real Life Resource: Elance

Elance_0As promised in last Wednesday’s Real Life Resource, this week we’ll take a look at Elance. While Elance has a similar premise to Fiverr, I prefer Elance for more in-depth projects. Elance is a global, online staffing platform where companies, organizations and individuals can hire freelance professionals and use online collaboration tools to manage teams and projects. Independent contractors create online profiles and portfolios, submit proposals for jobs, and collaborate and receive payment through the Elance website.

If you’re seeking to hire a freelancer, the first step is to join Elance and link a credit/debit card to your account. Then, you can post a job. Within that job post, you can describe job requirements, set a budget range, and request specific skills. Within a matter of hours, you will start receiving proposals. The sheer volume of responses can be a bit overwhelming, but the good news is at least you’ll have plenty of options. If appropriate for your job, most, if not all, freelancers will provide an online portfolio, so that you can check out their work. For flat rate projects, once you have selected someone to hire, you must actually “fund” the project by paying Elance the agreed upon rate. The money is held in escrow and doesn’t go to the freelancer until the project is over and you authorize release of the funds. Elance also has an hourly rate option, but I have yet to try it.

 How-to-get-started-with-elance-for-entrepreneurs

Once the project has been funded, the fun begins. Elance will provide a virtual workroom for your project through which you and the hired freelancer can set milestones and terms, send messages, and upload documents. The freelancer can also track his or her time and provide status reports. Once you approve the final product, funds will be released, and you can leave a public rating and feedback for the freelancer.

 Elance Workroom

A few tips that I’ve learned along the way:

1. You don’t have to set a budget when posting your job. If you don’t know what your project will cost or simply want freelancers to compete on price, select “not sure” as the budget option. You will receive proposals at every price point imaginable.

2. Elance is a global website, so you will hear from freelancers far and wide. Don’t shy away from independent contractors in another county. They do equally great work, if not better, often at lower rates. One word of caution – sometimes there is a language barrier that can prolong the process. You should be beyond explicit in describing what you need and get as many details as possible hammered out ahead of funding the project.

3. Don’t settle for “take it or leave it” proposals. Most Elance freelancers offer multiple, if not unlimited, revisions on graphic and website design projects. Take advantage! Chances are you won’t be completely satisfied with the first version.

4. Feedback and ratings rule the day. Freelancers want to make you happy.  I have found that if a project is not progressing as expected, it’s usually due to miscommunication. So, if you have an issue, speak up and get it resolved instead of waiting until the project is over and leaving  negative comments.

5. Do not under any circumstance authorize the release of funds until the requisite milestone(s) or final project has been delivered. As you can expect, part of what motivates freelancers to get things done efficiently is wanting to be paid. Once payment has been sent, you’ll have a hard time tracking them down to fix things or finish up. Take my word on this one.

Elance has pretty much replaced Craigslist for me in terms of hiring. It’s more secure, and I’m just happier with the end result in general. I’ve had logos and a brochure designed, as well as two websites built (including this one). There are over 2 million registered freelancers on Elance. You can find programmers, marketers, admins and the like. I’d definitely call it the leading site for sourcing online work. One final thought – if you’re a freelancer yourself, sign up as an independent contractor to start offering your services. Happy hiring and/or job hunting!

Monday Morning Move: Outbox in Overdrive

EmailIn case you were wondering, I’m still utilizing exercise and clean eating to help jump-start my week. But for this week’s Monday Morning Move, I’ve moved on from health and wellness to the business side of things. Working in both the legal and start-up industries, I do a LOT of networking, actually more than I’d like to most weeks. It feels like someone is constantly shoving a business card in my hand while giving me that “what can you do for ME?” hard stare. Although I don’t always enjoy the schmoozing and laughing at jokes that aren’t funny, I recognize the importance of building an influential Rolodex over time.

I will not lie to you. Networking can be exhausting, and you may make only one worthwhile connection after standing in uncomfortable shoes for three hours. But, you never know how many other important people that one connection may introduce you to. Long story short, it doesn’t matter what your interests or goals are. Networking WILL produce opportunities. Most of my “wins” in life all started with someone I met via networking. Also, it is worth noting that a large number of my clients met me at networking events or were referred by people who met me at networking events.

So what does this have to do with my Monday Morning Move? I can’t possibly be networking at 7:00 AM…except I can, thanks to the almighty follow-up email. Email is one of the greatest things to ever happen to networking. It is a non-intrusive way to keep the conversation going and build on the initial encounter. I will admit – despite knowing all of the benefits, I do not always follow up with people in a timely fashion. With countless other action items on my to-do list daily and three email accounts that I can barely keep up with as it is, sometimes networking emails get pushed off the radar completely. This week, I decided to put my email outbox at the top of the list and get to drafting.

The result of last week's networking alone. Remember, Networking = Opportunities.
   The result of last week’s networking alone. Remember, Networking = Opportunities.

My networking event calendar was jam packed last week. This probably seems like the most logical reason why I chose follow-up email as this week’s MMM. Confession – my greatest motivation was actually the fact that it required very little Sunday prep. I was out of town again this past weekend, and by the time I got home, I had a one track mind: “Couch. Now.” Needless to say, I wasn’t really feeling some elaborate preparation for Monday morning. Thankfully, the only prep this MMM required was gathering all the business cards that I’ve collected recently and leaving them next to my computer. Done.

I was in bed by 10:00 PM once again, and this time slept a full  6 hours  (*fist pump*). This may seem awful for some, but if you know my sleep struggles,  you know it’s a win for me. This morning, I was in front of the computer bright and early. While I did not get all of the emails out as planned, I did make significant progress. I’ll take it. Remember – the MMM does not have to be done perfectly. It just has to be done. Now, I get to focus on this week’s tasks, knowing that next week’s big opportunity may already be in the works.

Here's to 6 hours of sleep.  (I love this kid)
                                              Here’s to 6 hours of sleep. (I love this kid)

If you’re thinking of sending some networking emails of your own, here are a few tips:

1. Email is not only good for follow-up networking. It also works for introducing yourself. Don’t hesitate to email someone you’ve never met. You’ll be surprised by how often you  get a response.

2. Studies show that people open the most email between 8:00 and 9:00 AM and 3:00 and 4:00 PM. So, make sure your message lands in their inbox early morning or mid-afternoon.

3. If it is impossible to send email at the ideal times listed above, draft the emails when you can and schedule delivery for later! Most email platforms have this functionality. For Outlook, see here. If you’re a Gmail user, check out Boomerang. Boomerang not only allows you to schedule an email to be sent later, but also will remind you if the email recipient has not responded after a specified time period.

4. Be intentional in your follow-up. In the email, indicate that you enjoyed meeting the person and make it clear why it’s beneficial to keep the conversation going. If it makes sense (and it almost always does, by the way), request an in-person meeting over coffee or lunch. Connect with them on LinkedIn, Twitter etc. The more they see your name pop up, the greater the probability that they will respond.

5. Store their contact information! There are a number of phone apps that can capture a photo of a business card and convert it to a contact. I’ve been using CardMunch for this purpose.

Feel free to steal my MMM and dust off those business cards you’ve collected over time.  Or, come up with your own MMM. Whatever you decide, just get started!

Legal FAQ: What Is the Difference Between an Angel Investor and a Venture Capitalist?

Angel Investors are generally interested in the very early stages of company formation. They are willing to invest money to help get ideas off the ground and/or bridge the gap in start-up financing between “friends and family” who provide seed funding and formal venture capital. Investment amounts can range from a few thousand dollars to a few million. Although Angel Investors make seek to offer advice or support to the business,  they do not necessarily require any control over operations or a seat on the board of directors. Angel investments bear an extremely high risk, so they will often require a very high rate of return. However, an investment agreement is often reached without extensive investigation.

A Venture Capitalist is usually an entity that pools the funds of several investors to invest in growth companies. Venture Capitalists typically get involved in a start-up once an idea has been proven. They tend to invest at least $3 million and look for a large potential market and a unique product or service with a strong competitive advantage. They also look for opportunities in industries that they are familiar with, and the chance to own a large percentage of the company so that they can influence its direction. Before making a decision, Venture Capitalists will engage in exhaustive examination and analysis of the company and conduct multiple meetings with company executives. Once an investment agreement is reached, the Venture Capitalist will likely hold a seat on the company’s board of directors.

Real Life Resource: Fiverr

Fiverr_LogoWhen I discovered this week’s Real Life Resource, I didn’t take it too seriously. It is called Fiverr. Fiverr is a global, online marketplace where people sell services starting at $5.  Just that simple. I was skeptical at first, thinking that the $5 price tag was just a tactic to lure me to a site where I’d actually end up having to spend $500. But I must say, I have been pleasantly surprised. You can find any and every type of service on Fiverr – from wacky singing telegrams to legit website design.

The process is pretty easy. You can search for “gigs” being offered by freelancers on the site (known as “sellers”), or you can commission a service and receive messages from those willing to do the work. You then order the gig, pay the fee, send the seller any necessary info, and voila! The work is delivered to your inbox in the agreed upon time frame. So, what if you don’t like the final product? This is where it gets tricky. Make sure you’re clear on whether revisions are included. The answer might very well be “no,” in which case you will be taking a risk, albeit a cheap one.

fiverr

I have used Fivver mainly for graphic and web design needs. I have had a twitter background created, website glitches fixed, and even a ten-second animated video intro made – all for five bucks each! I can only think of one instance when I just didn’t like the work…but I just spent another $5 and found someone else. Still a win in my book, considering that the work would have cost me at least $50 bucks elsewhere.

A few other tips for using the site: If you find a gig that appeals to you, message the seller first explaining exactly what you want! This will give you a better idea if they are the right fit, and if it will really only cost $5. Speaking of cost, a lot of sellers offer add-ons for an additional fee. Add-ons will likely be things you could use, but didn’t think about it. Pay a few extra bucks and take advantage of this. Lastly, look for Top Rated Sellers. They tend to respond a lot more quickly and the quality of work is also better.

fiverr1

I don’t use Fiverr for everything. For more in-depth projects, I prefer Elance. More to come on that! But, if you find yourself saying “I just don’t have the time” or “I just don’t have the resources” for certain smaller projects, check out Fiverr and get it done!