Investing in FreelanceDiary

 FreelanceDiary

FreelanceDiary is the freelancer booking, calendar and invoicing platform that provides companies with a dynamic, new way to hire, manage and pay.

Make Freelance Work

The freelance sector is growing 3x faster than the traditional workforce, 50% of millennial workers are already freelance and 50.9% of workers will be freelance within 10 years. Despite this shift, the way we hire, manage and pay has barely changed in the past 50 years.

Companies contact their freelancers individually by phone and email to discover their availability and rates, and they find new freelancers by posting to jobs boards. As busy freelancers are often hard-to-reach and don’t have time to search and apply for work, this process is slow and often ineffective.

Once hired, rates and additional costs become buried in emails, and the booking dates are managed in spreadsheets or calendar apps that are unfit for purpose. Phone and email is then used to communicate and renegotiate changes to the booking. Finally, accumulating all of this data to raise time-sheets or invoices and make payments, using several, separate services, is labour-intensive, and the problem is magnified when booking managers collaborate in the management of teams and everyone is juggling multiple bookings.

We are a team of frustrated freelance and HR professionals that have built a dynamic, new way to hire, manage and pay. FreelanceDiary uses smart automation to enable bookings to be made, edited and reconfirmed easily, and it makes the entire process, from hiring to payment, seamless and simple.

Key Differentiators

There are hundreds of jobs sites available that exclusively focus on the finding and hiring of new freelancers. They all use an antiquated job-posting (jobs-board) model that is unfit for the immediate and frequent nature of freelance work. When a clients posts a job, they are required to wait until a suitable freelancer spots their advert and applies. Meanwhile, their inbox becomes flooded with unsuitable applications, and reading through them is time-consuming.

Most freelancer job-sites have a reputation for having shallow talent pools and promoting low-paid opportunities. This is because in-demand freelancers don’t have time, or the need, to search and apply for work. Their model also encourages freelancers to bid for work, which drives down rates and further discourages the best freelancers from spending the time required to search and apply for work. The shallow talent pools put large, creative companies, that regularly hire freelancers, off from posting to them, exacerbating the problem.

FreelanceDiary is not a job site. In the area of hiring freelancers, it focusses on the engagement and booking of trusted freelancers (existing contacts and freelancers who have been recommended by their contacts). In addition to providing a smart, new way to collaborate in the hiring, management and payment of teams, FreelanceDiary also provides a range of innovative freelancer tools, such as Automated Invoicing (invoices that are generated automatically from the bookings in their Calendars). These are not only better than any other freelancer tools on the market, they are also completely free.

Revenue Model

FreelanceDiary employs a duel (freemium and commission) revenue model. It is free for companies and freelancers to join, use the Diary, manage bookings, share availability, raise Automated Timesheets and Invoices and utilise the TimeTracking tool. It is even free for companies and freelancers to make/receive unlimited bookings for/from their Contacts.

FreelanceDiary generates revenue from a subscription to the collaboration tools, commission on new hires and timesheet and invoice payment fees.

  • Booking freelancer Contacts: Free for both client and freelancer
  • Booking new freelancers: 9% commission (option to be split/referred)
  • Collaboration tools: £99 pcm per-user for companies
  • Payment fee: ~3% of the invoice amount
  • Managed Services: 12% commission (option to be split/referred)

 

Go To Market

In the UK from 2008-2016, freelancers increased by 43% and contributed £119B to the economy. There are 57.3M freelancers in the US.

Our initial target market is the creative economy, where nearly 50% of the 40M professionals worldwide are freelance and generate more revenue than the automotive, life sciences, aerospace, oil and gas sectors combined. 

 

 Funding Proceeds

From the money we are raising, 45% will be spent on product development and 40% on marketing.

FreelanceDiary’s new Automated Invoicing feature has been designed specifically for freelancers. It generates invoices automatically from the bookings in freelancers’ Calendars, saving considerable time on admin chores. It’s also completely free, providing two compelling competitive advantages. FreeAgent, an invoicing service for small businesses that charge £19 – £29 pcm, raised £1.2m from 700 investors on Seedrs in July 2015 and launched their IPO just 16 months later.

Team

Register Interest

If you are interested in investing or would like to learn more about FreelanceDiary, please contact either Richard: richard@freelancediary.com, Daniel: daniel@freelancediary.com or Natalie: natalie@freelancediary.com.

We look forward to hearing from you.

 

Written by Richard Jeffs
During the 15 years I worked as a TV producer and director of photography, my peers and I grew increasingly frustrated by the outdated and ineffective methods we rely on for hiring, managing and paying freelancers. Busy freelancers are hard-to-reach and job-sites are often ineffective for finding talent. This, as well as inefficiencies in the ongoing management and payment processes, is what drove me to design a dynamic, new way to hire manage and pay.