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one company has made over $1 million using eLance

Page history last edited by PBworks 15 years, 8 months ago

Small Businesses Making Big Bucks on Elance Marketplace SynapseIndia Is the First to Cross the $1 Million Mark

1029 words

27 September 2005

10:43 AM

PR Newswire (U.S.)

English

Copyright © 2005 PR Newswire Association LLC. All Rights Reserved.

 

MOUNTAIN VIEW, Calif., Sept. 27 /PRNewswire/ -- Elance ( http://www.elance.com/ ) today announced that a service provider on the Elance Marketplace, the world's leading web-based project marketplace, has achieved $1 million in revenue. SynapseIndia, a software and technology consulting firm headquartered in New Delhi, has used the Marketplace as a sales channel for over 4 years to access and serve small and mid-sized businesses the world over. In reaching this critical milestone, SynapseIndia foreshadows that the future of the workplace has arrived.

 

"The Elance Marketplace works, and it provides focused and genuine leads for us," says SynapseIndia Founder Shamit Khemka. "The system is a trusted resource for both buyers and sellers." SynapseIndia specializes in affordable software development, e-commerce solutions, web development, and hosting for small and mid-sized businesses.

 

SynapseIndia is not alone in making the Elance Economy work for them. Since its inception in 1999, more than 100,000 buyers have listed requests for proposals and thousands of service providers in the U.S. and abroad use the platform to promote their services and to consummate their transactions online. The Elance Marketplace provides service businesses with similar opportunities small retailers take for granted when they open stores on eBay or Yahoo! -- an online presence and a place to set up shop. Professionals found on Elance offer a multitude of services to those looking for expert help obtaining the deliverables they need. The most popular services requested include web and graphic design, sales and marketing planning, software engineering, writing, legal advice, and accounting.

 

Fostering Successful Service Businesses

 

SynapseIndia's ascent is no anomaly. A growing number of other providers based in the U.S. and abroad have earnings greater than $500,000 and hundreds are earning greater than $50,000.

 

Another provider with more than $500,000 in Elance earnings, TheNetMenCorp, is an Argentinean design firm that possesses a fanatically loyal clientele cultivated through the Elance Marketplace. The firm is able to provide the caliber of web, brochure, and logo design you would expect to find from a Madison Avenue agency, but without the steep price tag.

 

Brendan Moran, an Elance buyer, has great things to say about TheNetMenCorp. "We were looking for a website company to give us a professional look and feel at a price we could afford. Our decision to go with TheNetMenCorp was based on their portfolio, price and customer feedback," he says. The founder of Moran Global Trading, a California-based export company says, "Their customer service was excellent and, since we don't have much web experience, they walked us through everything and made changes where we needed them."

 

Another top-rated provider, Steve Soto, is a self-employed graphic artist based in Los Angeles and has earned more than $100,000 using the Marketplace. His focus is solely on the design of logos and stationery. Happy Elance customers number in the hundreds and have garnered Steve a revenue stream that allows him a flexible schedule. "Elance is easy for me to use to locate new clients," Steve says. "I'm buying my first home thanks to developing my business through Elance and my income continues to grow!"

 

It is the high caliber and diversity of Elance service professionals that keep buyers coming back. More than 75% of Elance buyers return to use their favorite service providers or to find new ones to work with.

 

Connecting Businesses with Service Providers

 

Elance Marketplace offers a professional online environment for small and mid-sized businesses searching for other professionals nationwide or offshore. Instead of trying to source professionals through the phone book or searching the web, Elance provides a simple-to-use platform to match buyers with experienced, rated service professionals. Those requiring a service, a specific type of expertise or a deliverable -- such as a PowerPoint presentation or a website, for example -- describe what they need on the Marketplace. Service providers matching the skills required to complete the project then offer competitive price bids for the project.

 

The platform offers a broad selection of tools and functions that ensure all outsourcing needs can be met in one place. A popular feature for new buyers is the feedback and rating scores left by other buyers that have worked with the providers in the past. And once a buyer has selected someone they want to work with, there are helpful features to assist with contract negotiation, project management and payment. These types of tools help create ideal business relationships by taking the risk and worry out of the process of finding service providers online.

 

Fueling the Elance Economy

 

The fact that the first company to reach $1 million dollars in revenue is hailing from India speaks volumes about the worldwide prospects of the Elance Marketplace. Providers in virtually every imaginable business-related service have found Elance a useful tool to engage a world of buyers. And in turn, buyers are increasingly looking at The Marketplace as a new source for quality professional services.

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