Our current marketing strategy focuses on creating an efficient and connected tech community where users can find gigs and tools to upgrade their skills.
Brief us about your business model like how did the idea come to the start and how does it work (step by step procedure)?
We are an ecosystem that connects enterprises with quality tech freelancers. The business model is unique and simple at the same time. We work with gig workers to meet their unmet needs by establishing an environment tailored to their demands rather than being a platform that merely connects.
Back in 2018, I used to hunt for side gigs on the internet. I remember the hardships and long wait I had to endure before finally getting my first break. I used to visit internet forums and discovered that this is a common problem confronted by many first-time freelancers worldwide. During the pandemic, it was a no-brainer that the number of opportunities would increase and that a hybrid work model would be a concept that everyone would embrace. People have the opportunity to work from the comfort of their own homes, choosing where and when they wish to work. Cracking the first gig would have lower barriers to entry.
From previous roles, I knew that the demand had always been there, but with the rapid digital transformation of the companies, the need for niche talent revolving around innovative technologies such as cloud, machine learning, AI will also increase. A demand-supply gap existed prior to the epidemic, and that figure swelled many times afterward. So we thought that if the talent pool is limited, companies will choose to hire tech professionals on a project basis rather than full-time.
Getting the first project is an enormous challenge on freelance platforms. But we have made this simple and intuitive for freelancers. Here are the steps they need to follow:
Step 1: Register for free and create a profile
Step 2: Upload resume, and our AI engine automatically populates the profile
Step 3: Get recommended and relevant gigs and bid on the ones you like
Step 4: The enterprise will select you based on your profile and the bid
Step 5: Discuss project milestones and get started with the work
What are the unique key points of your company?
Our USP lies in the fact that we are focused on building an ecosystem rather than just a marketplace for supply and demand. The remarkable fact about BeGig is that, unlike other freelance marketplaces, we don’t charge freelancers to register on our platform. There are no additional hidden charges. It ensures that BeGig has enough talent right away and from the very start.
The tech companies can hire a freelancer in less than two days, plus the freelancer and the companies get a dedicated account manager and support at each step of the process. While this flexible profession has already existed, BeGig is taking it to a whole new level.
How are you different from the existing competitors?
As per the quote by Howard G. Hendricks, “Experience is not the best teacher, evaluated experience is.” Being a freelancer and going through the pains of untimely payments, service charges eating into my commission, and several needs which full-time workers get, like health insurance. My goal here was to create something that would serve as a one-stop-shop for all freelancer needs.
From an enterprise perspective, I realized that adhering to deadlines and budgets was critical. As a result, we offer project management tools for customers on the platform to ensure that these requirements get fulfilled.
What is the funding status and monetization model?
Our largest investor is one of India’s largest IT services companies. For monetization, we work on a percentage basis for each project on our platform.
What challenges are you facing in running your business?
The biggest challenge confronted in running our business today is to ensure data privacy and intellectual property protection. We are exploring alternatives like VDI, smart contracts, and more to ensure that when freelancers are hired from BeGig, there is a way through which IP remains retained by the client.
How has been your partner’s/ customer’s response so far post lockdown?
Initially, in our early days, we were getting more full-time employee requests, and it was always the same skill sets such as Java, Python, front-end development, and we had to convince folks to try gig. But, nowadays, organizations are more open to hiring a talent pool of freelancers. Some enterprises prefer freelancers over full-time salaried workers to handle their non-core development job.
Earlier, we struggled to get the right talent on board, but now it’s no more the same. “Stay with BeGig and find good opportunities with us.” Finding a gig or posting a gig or any transaction that happens on our platform is super-easy, super intuitive, and it’s straightforward.
What are the traction details (achievements of the company)?
We have so far achieved and, in fact, crossed a revenue of $100,000. We have over 5000 registered freelancers on our platform, but the metric we are proudest of is 100% gig completion.
How do you look at expansion?
Expansion for me currently includes onboarding talent from tier 2 to tier 3 cities.
What are your marketing plans?
Our current marketing strategy focuses on creating an efficient and connected tech community where users can find gigs and tools to upgrade their skills. The goal is to build a self-sustaining environment in which freelancers and enterprises benefit from each other.
What has been the biggest learning so far?
The most important lesson that I’ve learned so far is that ensuring a particular level of talent and gigs on the platform benefits both supply and demand. With quality checks in place, the transaction time between posting a gig to hiring a freelancer gets reduced significantly.
What is the market size and opportunity?
The total addressable market is $45.5 billion. The opportunity is tremendous because this market space is growing at 17.7% cagr, and we have just scratched the surface, and I think there is a more extensive play here.
Source: Business World
