Is freelancing just a stepping stone or a big better thing? Should I have to look into it to see the value in what the freelance lifestyle has to offer me?
Freelancing is a constant roller coaster and a highly tempting business opportunity that allow you to take full control of your life. In this highly competitive business environment, it is considered to be the best business opportunity with tight budgets.
A secure internet connection, marketable business skills, and a bit of luck can help you to make your future bright. Being your boss is great. Working as a freelancer is a great way to know yourself and to know the hidden set of skills behind you.
It offers a unique working lifestyle, provides an ultimate work/life balance, a significant income stream, and all freedom, but it’s in no way easier than the regular work.
Past, Present, and Future of Freelancing
In the past, working from home was considered to be a source to earn extra income other than a full-time job. It was considered to be ideal for the people who want to earn extra income such as students.
It was an ideal income stream for homemakers to utilize their leisure time and to earn some extra bucks.
According to the report of the US Government Accountability Office (GOA), 1995 freelancers in the US were about 32.2% and the majority of which were daily wage workers.
In 2005 freelancing as a profession dropped to 30.6% reflecting the fact that freelancing was not considered to be the prime choice.
The freelancing economy is on the rise and immensely changing the way we think about employment. It is a hot topic of discussion nowadays. A decade ago freelancing was only limited to few top-class industry experts, but today due to the emergence of web technologies it is getting new heights every day.
Prevailing startups by young entrepreneurs are changing the behavior of online users. Digital evolution is emerging the trend to be a freelancer. The Internet has made it easier for people to find work in their respective fields. Today anyone with an internet connection, PC, and skill set in a particular field can work online.
Before making any prediction about the future of freelancing let’s have a brief overview of some shocking facts about freelancing.
In July 2015, Edelman Berland and independent research firm released the results of the survey conducted for up work and freelance union. The findings of this study revealed some very encouraging facts for the aspiring freelancers.
1. Freelancer Form a Critical Sector of Us Labor Market
53.7 million Americans are working as a freelancer, and it makes 34% of the total workforce. Almost one in every three Americans is engaged in some freelance activity.
Working from home is considered to be a critical sector of the US economy. Approximately 700,000 freelancers in the workforce are working as a freelancer.
2. Freelancing by Choice
Another interesting fact associated with this exciting career opportunity and income stream is that almost 60% of Americans have left their traditional jobs for developing their careers as freelancers. Now they are earning a lot more than regular salary packages.
78% of respondents were of the view that they started making more than their salary in the first of the year of their freelancing career. Half of the interviewees suggest they will not stop their freelancing career for any amount of money.
3. Flexibility and Freedom behind Freelancing
An increase in flexibility and liberty are driving forces behind Americans’ decisions to freelance. According to survey 3 in every four non-freelancer Americans are ready to do additional work other than their primary job to earn more money.
73% of self-employed workers agree that technology has made it easier for people to find freelance work. Two-thirds of the freelancing community being researched suggest freelancing provides the opportunity to work from anywhere.
More than one-third indicate this field is providing great flexibility to the workers.
4. Freelancers Are Significant Political Constituency
Freelancers are considered to be a significant political constituency. Therefore, elected leaders have to do well to support their interests. 86% of the freelancers voted in the 2016 elections.
Political leaders who back issues of the freelancers will see it translating directly to votes.
5. Freelancers by Earning More Will Continue to Drive Economic Growth
Freelancers are earning more and more income and increasing the overall growth of the economy. 60% of the freelancers who left their traditional jobs are now making more than that. 78% of the respondents suggest they are making more income from freelancing within a year.
More than one-third of the freelancers indicate the demand for their services is increasing in the past few years. Half of them expect an increase in their income from freelancing in the coming years.
The vast majority of freelancers approximately 83% of the freelancers believe that their brightest days are coming ahead. They have increased opportunities for freelancing, and it seems positive for the whole economy.
The prime reason behind the growth of this industry in developing nations is the low pay scale for the regular job. A large number of people have established their firms after starting as a freelancer, and now they are hiring local individuals.
The outstanding growth of people working from home in the past and impressive scenario in present is indicating that the future of freelancing is bright.
The developing nations are expected to lead due to an increase in unemployment and a significant gap in the pay scale as compared to other developed countries. A moreover online marketplace that has already turned out to be the greatest platform for freelancers will add some ice to the cake.
The Final Thought
Freelancing is an endless stream of income and a great business opportunity at the same time. It creates a better work-life balance, offers an ability to choose flexible working hours, and has unlimited potential for people to develop their skills and career.
Careful planning and preparation are critical for launching a successful freelance business.
Before making the transition from full-time employees to freelancers, you have to know all the pitfalls of this industry as well.
The above mentioned some shocking facts have revealed some interesting facts about the freelancing and suggesting that the self-employment, personal and micro-businesses, freelancing is thriving in years to come. As it is offering freedom to employees from the chain that usually bind full-time employees.
The potential for higher income, flexibility, and autonomy are some of the most significant advantages associated with freelancing. It is an out of the box solution. So, a strong freelance economy is coming, and those who are ready will flourish.