I'm a freelancer but I also outsource work as an agency/company, do I need to create two different profiles, one for each?

No, you may have only one individual profile which will allow you to edit your business page, post jobs on your company’s behalf, leave WWA entries in service providers’ profiles, reply to LWA entries made to your Blue Board, and all of the activities that relate to your business’ needs. At the same time, you can use this one profile to participate in forums and KudoZ, quote on job postings, position yourself in the freelancers’ directory, and get involved in all of the activities that relate to your needs as a freelancer.

To find out more about setting your account type to represent you as a freelancer and outsourcer, please see this FAQ.