🧵 Meta launches new Twitter rival

Happy Friday! Welcome back to The Freelance Gig. It’s been a consequential week in the world of social media.

Before we dive in, we’ve got a small request to make: let us know what you think of today’s updated Making the Rounds section. You can cast your vote in the poll below, or simply hit reply to share your thoughts.

We’re always looking for ways to serve you better. And based on the feedback we’re getting, the news articles seem to be the #1 most popular section.

Now, here’s what we’re talking about in today’s edition: Threads, LinkedIn, Twitter, ChatGPT, and TikTok. Plus why new platforms mean new opportunities, and 4 key numbers to track inside your freelance business.

Read time: 4 minutes and 28 seconds

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Making the Rounds

  • The story: Meta launched their open-source Twitter competitor, Threads, ahead of schedule on Wednesday evening. The app is built on top of Instagram, meaning creators can use their existing handles and take their followers with them. Over 30 million people signed up for Threads within 24 hours of launching.

  • Why it matters: This is the first legit threat to Twitter since Elon took over. Between rumors of financial trouble and many Twitter users feeling the platform has gone downhill in the last 12 months, Threads could represent the first nail in Twitter’s coffin.

  • The story: LinkedIn recently made two changes to its algorithm, prioritizing: 1) content from followed people in the feed instead of algorithmically-suggested content, and 2) content that shares “knowledge and advice.”

  • Why it matters: Social media is the new portfolio. And LinkedIn is the #1 platform for freelancers due to its business focus and powerful organic reach. Understanding what the algorithm is looking for can help you create better content, build your audience, and attract clients.

  • The story: Twitter recently placed limits on how many tweets users could view per day, and restricted anyone who wasn’t logged in from seeing any tweets at all, which affected search results. But the company has seemingly reversed course, and tweets can be viewed in Google search results again.

  • Why it matters: Twitter is struggling to find its financial footing under Elon’s ownership. It’s unclear whether Twitter Blue subscriptions have made up for the loss in advertising revenue. And with the launch of Meta’s Threads app, the stakes couldn’t be higher.

  • The story: Worldwide desktop and mobile traffic to ChatGPT dropped by 9.7% in June.

  • Why it matters: It’s possible that the world’s fascination with AI and ChatGPT has peaked, at least for now. The drop in traffic may also be explained by students being out of school for the summer.

  • The story: TikTok is claiming that a statewide ban in Montana violates the First Amendment free speech rights of the company and its users.

  • Why it matters: If upheld, the ban could be the first domino to fall in an eventual blackout of TikTok nationwide.

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Working With Clients

New Platforms Mean New Opportunities

There’s an old investing adage that also applies to freelancing:

The thread trend is your friend.

And with Meta’s new Threads app launching to massive fanfare, there are sure to be lots of business owners out there who want to take full advantage of it…

Creating massive opportunity for:

  • Copywriters

  • Graphic designers

  • Video editors

  • Social media managers

  • Virtual assistants

Moments like these don’t come around often.

So don’t let this one pass you by.

Sign up for Threads.

Start creating content and engaging with other people.

Learn the ins and outs of the platform.

Being an early adopter means you’ll be well positioned to capitalize on both inbound and outbound opportunities.

Working For Yourself

4 Key Numbers to Track Inside Your Freelance Business

What gets measured, gets managed.

But when it comes to finances, most freelancers treat them like a hobby instead of a business.

So here are 4 key numbers to track inside your freelance biz every month:

1) Revenue
2) Expenses
3) Profit
4) Cash reserves

Now, this is far from an exhaustive list…

But if your current approach is simply to check your business bank account from time to time and make sure it’s not empty, it’s a great place to start.

Tool of the Week

How to Become an Idea Machine

When it comes to generating ideas, your mind is like a pipeline.

You have to make space if you want it to keep flowing.

How do you do that?

By writing all your ideas down as soon as they come to you.

Now pen and paper is one option, of course.

But we prefer Evernote.

Here’s why:

  • It syncs automatically across all devices so you can access your notes anytime, anywhere

  • You can easily copy-paste text, images, and audio

  • Tags and search make organizing and finding your notes easy as pie

  • Plus the Chrome extension lets you clip web pages, making it great for building your swipe file

If you’re looking to uplevel your ideation skills, we highly recommend you give it a try.

Bonus Points

💰 Business: Why every solopreneur needs an enemy (link)

🤝 Work: 5 ChatGPT prompts to help you win more dream job offers (link)

📈 Productivity: 15 steps to protect your focus (and achieve deep work) (link)

✍️ Copywriting: How to create your first sample piece for your copywriting portfolio (link)

🤓 Creativity: The 2 paths of an artist (link)

Gig Alerts:

Looking for clients? These freelance jobs were posted on Upwork in the last 24 hours:

NOTE: We only share job postings from Upwork. We’ve found it to be the most trustworthy platform with the highest-quality clients.

Furthermore, job postings must be for high-income skills like copywriting, media buying, funnel building, graphic design, remote closing, etc in order to qualify.