Investing in FreelanceDiary

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 still contact their freelancers by phone and email to acquire their availability and rates, and they find new people by posting to jobs-boards. Once hired, agreed rates become buried in inboxes, and the dates are managed in spreadsheets or calendars that are unfit for purpose. Phone is used to communicate and renegotiate changes to the booking, and remote-workers’ hours are tracked using a separate system. 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 talent managers collaborate in the hiring, management and payment of teams and freelancers juggle multiple bookings.

We are a team of frustrated freelance and HR professionals who believe in a better way…

FreelanceDiary

FreelanceDiary is the dynamic booking, management and payment solution for freelancers and talent managers with a temporary workforce. It uses smart automation to make the entire process, from hiring to payment, seamless and simple, and it provides a suite of fully-integrated, free tools that make onerous day-to-day work tasks easy.

FreelanceDiary supports all types of freelance bookings, from specific dates to project deadline, team and remote work, as well as talent manager collaboration. They can instantly view their, and colleagues’ recommended, trusted freelancers who are available for work, then batch-send job invitations and make bookings, even for the most in-demand and hard-to-reach talent.

FreelanceDiary also streamlines the ongoing management by providing a smart way to communicate, renegotiate and confirm booking changes. Confirmed details are then used to raise invoices and timesheets automatically, where fast-payment (from invoices) and batch-payment (from timesheets) can be made.

At the core is the most powerful calendar for managing freelancer work. It drives automatic availability and job sharing, as well as all booking, management and payment functionality. This, combined with a thriving community, share/referral growth functionality and free model, is the secret-sauce required for disrupting the freelance sector.

Competitors

Talent managers prefer hiring freelancers they have worked with previously or come recommended by a colleague, as this creates trust in the freelancers’ ability. Job-sites, such as Freelancer and UpWork, use an antiquated job-posting model, enabling Talent managers to advertise their job opportunity to new freelancers (they do not support them in building trust). After posting the job, talent managers are required to wait until a suitable freelancer spots their advert and applies; meanwhile, their inbox becomes flooded with unsuitable applications.

Job-sites also have a reputation for having shallow talent pools. This is due to talented freelancers having enough demand from existing and referred clients, who approach them directly. Searching jobs-sites and applying for work is also labour intensive, and their competitive bidding model drives down rates, further discouraging freelancers. Consequently, shallow talent pools put many of the best companies off from posting to them, exacerbating the problem.

Operating in the freelancer sector are freelancer invoice services, which are disconnected from the booking and management processes. Finding the confirmed details, and then raising, sending and chasing invoices is slow. Creatives particularly find this painful and talent managers often receive inaccurate invoices. Demand for invoicing services is high. 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.

FreelanceDiary’s new Automated Invoicing feature has been designed specifically for freelancers. It generates invoices automatically from the bookings in their Calendars, saving considerable time on admin chores. It’s also completely free, providing two compelling advantages.

Companies can also create timesheets automatically from multiple bookings. This, as well as a new fully-integrated time-tracking tool, which records the freelancer’s working hours directly to the booking in their Calendars, is completely free, with no hidden costs.

Commercialisation

The generous freemium model, providing free, unrestricted access to all the innovative tools (such as Automated Invoicing, Timesheets & Timetracking), removes the financial barrier for adoption and provides a distinct competitive advantage. We are integrating 8 lucrative revenue streams:

  • Booking, management and payment tools (company/freelancer): Free 
  • Hiring Contacts (company/freelancer): Free 
  • Hiring new freelancers (company/freelancer – option to split): 9% commission
  • Manager subscription (company): £39 pcm per-user
  • Pro subscription (freelancer): £6.99 pcm per-user
  • Invoice payment fee (freelancer): ~1.5% of invoice total
  • Timesheet batch-payment fee (company): ~1.5% of timesheet total
  • Managed Services (company/freelancer – option to split): 12% commission

Team

Go To Market

The freelance workforce is growing 3 x faster than the traditional workforce. Between 2008-2016, freelancers in the UK increased by 43% and contributed £119 billion to UK economy. In the US, there are 57.3 million freelancers, 50% of millennial workers already freelance and 50.9% of the US population will be freelance in 7 years.

Our initial target market is the creative sector. 40 million people are employed worldwide, with 14 million workers in the US and 2.5 million in the UK. Nearly half of creative sector workers are freelance and many of the remaining 50% hire freelancers. In the UK, the creative sector has grown by 44.8% since 2010 (considerably more than the average industrial growth of 22.7%) and is now worth £91.8 billion. “The creative industries and the flexible labour market are two of the UK’s key competitive advantages on the international stage” states Tom Purvis, IPSE’s Political and Economic Advisor.

Upon launch, we will target UK-based companies in the TV and film industries (which employ 80,000 people), sectors that founder, Richard Jeffs, has considerable experience in. Just under half (49%) of people working in TV and film production are freelance. There are 13,270 production companies (up from 1,745 in 1996) hiring freelancers for their productions.

We target freelancers and companies that have a large freelance workforce. We project the acquisition of 19,500 freelancers and 2,140 booking managers in the first year of launch. This is based upon a basic 5% weekly growth rate. We are also currently developing a strategy to enter the US market. Gaining traction will enable us to raise Series A funding, which will boost our growth and enable us to expand into other creative industries.

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.