Ben Haynes, senior financial adviser and co-owner of Australian financial planning firm Haysman Financial Services, saw an opportunity to further develop his company’s offered services through adding a retirement fund calculator to his its website.
Building the calculator was no easy feat since it involved numerous algorithms and it had to comply with Australian insurance laws.
“The retirement fund calculator is one of several larger group of financial calculators. It, being the most complex and most important one, should be added to our page,” he shared.
Having the calculator built locally was Ben’s initial plan. For over a year, he gathered price quotes from local programmers. The high rates astonished him. A local programmer quoted at least AUS$3,000, while local actuarial companies were charging him up to AUS$20,000.
“I was quoted thousands of dollars by local web developers and actuarial companies. The prices were out of my budget. I exhausted all options locally and to no avail,” added Ben.
Good thing one of Ben’s clients from the firm suggested he try Freelancer.
Ben listened to his client’s advice and visited the website.
As soon as he posted his project, Ben received offers from several freelancers. He studied the proposals and hired USA-based Cugamelover because of his extensive experience in both algorithms and programming.
“Working with Cugamelover was easy. Despite the differences in time zones, we pulled through. He provided me with multiple versions of the calculator as we made alterations regularly to get the result I wanted. The calculator was built at a fraction of the cost, but with excellent quality,” said Ben.
Ben did not expect that his retirement fund calculator project would only cost AUS$150.
A Good Investment
After a few months of having the calculator up on his website, clients have been coming in and enjoying the convenience it brings.
“I am in the process of selling my website’s calculator access to other financial planning practices, as a side business. So far, I have five onboard paying me fees to give their clients access to my site, including the retirement calculator,” shared Ben.
Hiring on Freelancer turned Ben’s idea into an income-generating tool. Aside from the revenue he receives from selling the calculator’s access, more clients have been noticing his website and have inquired about retirement planning.