5 Essential Steps for Successful Freelance Engagements in the Fintech Industry

February 2nd, 2024

Tech projects can sometimes turn into horror stories if not handled properly. When seeking to engage a freelancer for your fintech project, it would help to follow these five steps to source the right talent and set your project up for success. 

These insights have been gleaned from years of experience, thousands of engagements, and working with esteemed companies like HSBC, PayPal, Goldman Sachs, American Express, Wells Fargo, and 1st Financial.

Step 1: Define the Vision of Success

Begin by outlining the desired end result or outcome of your project. Knowing where you want to reach will guide the right roadmap to get there. Every project is unique, with different timelines and budgets. Clearly define your deliverables to help you and the freelancer chart the most effective path.

Step 2: Set Project Parameters and Requirements

Once you have a vision of success, determine how to achieve it. Address generic questions applicable to any project, such as start and deadline dates, budget, full-time or part-time engagement, and timezone preferences. Then, delve into project-specific details, such as current challenges, proposed fixes, platforms, and programming languages required. It’s vital to be clear about the project’s scope to avoid scope creep.

Step 3: Budgeting for Success

Consider various compensation structures for your freelance projects:

  • Time-Based Project (Hourly Rate): Offers flexibility and minimal commitment, paying as you go based on hours worked.
  • Fixed Bid Project: Involves a predetermined budget for a clearly defined project outcome, avoiding unexpected budget issues.
  • Retainer (Weekly, Bi-weekly, Monthly, etc.): Provides a set amount paid upfront for guaranteed work hours, ensuring dedicated mindshare and hours on a consistent, ongoing basis.

Choose the compensation structure that aligns best with your project’s nature and goals. In our experience, time-based (hourly rate) arrangements often lead to more transparency and clarity.

Step 4: Establish a Single Point of Contact

To streamline communication, appoint a single point of contact from both sides—your company and the freelancer or freelance team. This eliminates mixed messaging and confusion. Having a dedicated representative to oversee the project ensures smoother collaboration and quicker resolutions to any issues that may arise.

Step 5: Start the Project Strong

Once the contract is signed, have the designated points of contact from both sides connect to initiate the project. Provide necessary equipment and system access promptly to get the freelancer started. Regularly scheduled calls or email chains between the points of contact maintain project momentum and alignment.

Alternatively, consider partnering with 10x Management to ensure all these essential steps are seamlessly integrated into your project for a higher likelihood of success!