It’s hard to believe that there was a time when the word “freelancer” evoked images of starving artists and struggling screenwriters.
For years, I’d been telling people that freelancing was a viable way to earn a living and now, it seems like everyone is doing it.
It’s an exciting time of change in the workforce, and it’s worth taking a closer look at why freelancers are the new normal.
| Takeaways |
|---|
| Freelancing is playing a significant role in shaping the future of work. |
| The rise of freelancing offers greater flexibility and autonomy for workers. |
| Freelancing provides opportunities to pursue diverse projects and industries. |
| Adapting to the evolving job market and continuously updating skills is crucial for freelancers. |
| Building a strong professional network and personal brand are key for freelancers’ success. |
| Freelancing requires careful financial planning and managing taxes independently. |
| Challenges faced by freelancers include securing a consistent flow of projects and maintaining work-life balance. |
| Freelancers can position themselves for success by specializing, embracing technology, and fostering client relationships. |
| The future of work will continue to be influenced by the growth and impact of freelancing. |
More And More People Are Going Freelance
Freelancing is a growing trend. And it’s not just in the United States. Freelancing has become increasingly popular in Europe and Asia as well.
In a report published by Upwork and Freelancers Union, freelance workers were asked about their work experiences and feelings towards freelancing.
The results show that more than half of all people surveyed had chosen to forego traditional employment for freelance work at some point in their careers and even more said they plan to do so in the future!
Building a successful freelance career requires tracking the right metrics. Discover the essential metrics you need to monitor as a freelancer in our guide on The Consistent Freelancer: 20 Metrics You Need to Track.
Independent Contractors Will Make Up 50% Of The Us Workforce By 2027
Freelancers are in demand, and they’re growing. The number of independent contractors is expected to increase by more than 50% over the next decade.
In fact, according to Forbes, over 40% of the American workforce will be freelancing by 2027.
What’s driving this trend? According to a study by Upwork and Freelancers Union, here’s what freelancers have to say about why they love their new career:
- They’re happier than traditional workers: 55% vs 46%.
- They feel more in control of their work lives: 62% vs 53%. Maybe that’s because…
Some Workers Are Motivated By Flexibility, Not Money
And it’s not just about money. Job security isn’t a new concern in the modern workplace, but with the possibility of being fired looming over many workers’ heads, the need to feel secure is more important than ever.
Flexibility and freedom are key factors when it comes to attraction and retention of talent and they’re not necessarily mutually exclusive with job security.
Some workers may be motivated by flexibility because they want to work from home or because their family needs them at home more often than not.
Others may choose freelancing as a means of optimizing their schedule so that they can spend time with their kids or enjoy hobbies outside of work.
Regardless, flexibility has become an increasingly important factor for today’s workforce and given how easy it is for employers and employees alike to engage in remote work arrangements these days, there doesn’t seem to be any end in sight for this trend
Freelancing has provided a lifeline for millions of individuals. Learn more about how freelancing has positively impacted lives in our article on How Freelancing Has Saved Millions of People.
Most Freelancers Are Happy With Their Choice
Freelancing is a lifestyle choice. It’s not for everyone, but if you’re happy with the way things are, it can be a great opportunity.
Freelancers tend to be happier than traditional workers, according to data from an independent study by Upwork and the Freelancers Union.
Freelancers work less than half as many hours per week on average compared with full-time employees: just 22 hours per week compared with 40 hours per week for salaried employees and 48 hours for hourly workers.
This means that when they do work in a traditional office setting which happens about two days out of every five weeks they’re able to focus more intensely on each project.
Since they don’t have as much time spent commuting or stuck behind their desks doing administrative tasks like logging into email accounts or taking conference calls.
Freelancers are also more satisfied with their income levels than traditional workers.
Freelancers Take On Challenges To Better Themselves
Challenges are a great way to learn new things about yourself and the world around you. For example, you may find that when faced with a challenge, you’re able to overcome something in your life that was holding you back.
Perhaps, for example, you’ve never been able to be creative enough on your own time but then when faced with the task of writing an article every day for five months straight (like I was), your creativity comes out in full force!
You might also find that being challenged helps build relationships with people who share similar interests as you do.
When we collaborate on projects together or work through problems together and come up with solutions, we develop trust and respect for one another.
This creates a bond between us that makes it easier for us to work together again later on down the road when there’s another opportunity for collaboration.
The future of work is rapidly evolving, with freelancing leading the way. Discover the transformative power of freelancing and its impact on work in our insightful piece on The Job of Tomorrow: How Freelancing Is Changing Work.
Freelancers Earn Good Money And The Market Is Set To Expand Rapidly
In today’s world, freelancers have more options than ever before.
They can choose the projects they want to work on, who they want to work with and how much time they want to spend on a project or client.
As a result, freelancers are earning good money and the market is set to expand rapidly.
According to Upwork’s latest annual report, businesses around the world are working with almost 3 million independent professionals per month a 15% increase from just one year ago.
The average freelancer makes $36,000 per year (that’s more than double what the average employee earns), which is why so many people have turned their backs on traditional employment.
The benefits of this shift go beyond financial rewards: according to The Future Workplace Report 2019 published by Cornerstone OnDemand (COD).
53 percent of America’s employees now say they’re satisfied with their jobs an all-time high since COD began tracking them in 2008!
Job Security Is A Thing Of The Past For Many Workers
The traditional employment model is dying. And not just because of AI and automation. Even without those technological advances.
It’s difficult to imagine that a job will be around forever if there’s no need for it anymore and many people don’t want to be employed by one industry or company at all.
Many freelancers take on their clients because they want more freedom to choose when they work and what they do with their time outside of work.
They’re realizing that they don’t need an employer to provide them with security; instead, they can create it themselves through self-employment.
The nature of work is being reshaped by the rise of freelance work. Explore the changing landscape of work and the role of freelancing in our informative post on Freelance Work Is Changing the Nature of Work.
Millennials Want Flexibility, Freedom, And Purpose In Their Work, Rather Than Job Security And Stability
One of the most important takeaways from this study is that millennials want flexibility, freedom, and purpose in their work, rather than job security and stability.
For example, they’re more likely to work remotely or on a part-time schedule than previous generations (this is especially true for remote workers).
These trends may continue even as millennials get older because freelancers tend to stay in the workforce longer than people who work in traditional jobs.
Due to changing technology, it’s now easier than ever before for professionals from any industry to find freelance opportunities online instead of having to settle for whatever job comes along at a given time.
This has led many millennials toward freelancing careers because they can enjoy more choice over where they live while still earning money doing what they love and all without putting up with corporate bureaucracy or outdated policies like dress codes!
Freelancing Is A Lifestyle Choice
We’re living in a time when the freelance lifestyle is increasingly becoming the norm. According to FlexJobs, a job board for telecommuting and flexible work arrangements.
There are more than 2 million freelancers in America today and that number is expected to grow by up to 50% by 2020.
With rising incomes and falling costs of technology paired with an ever-increasing demand for skilled professionals and entrepreneurs, it’s no surprise that freelancing is on the rise.
But what does this mean for you? Are you ready to take your career into your own hands? What do you need to know before leaping?
There’s no going back to traditional employment for more and more people
You’re in the driver’s seat now. You have the power to determine your fate.
If you’re not ready for it, that’s okay. But keep in mind that traditional employment is dead and gone. For good this time. So if you want to get ahead, take a hard look at what you want out of life and start finding ways to make it happen on your terms.*
Wondering if freelancing is a viable career or just a part-time hobby? Gain valuable insights and make an informed decision by reading our comprehensive article on Freelancing: Is It a Career or Just a Part-Time Hobby?.
Conclusion
We believe that the future of freelancing is a bright one. More and more people are turning to freelance work as an alternative to a traditional job, and we believe that this trend will only continue in the years ahead.
If you’re interested in learning more about how we see this industry evolving, check out our other blog posts on the subject!
Further Reading
Here are some additional resources to explore:
Why Freelancing Will Play a Bigger Role in the Future of Work: Gain insights into the growing significance of freelancing in shaping the future of work.
Freelancing Skills That Are in High Demand: Discover the sought-after skills that can help freelancers thrive in the current job market.
The Future of Work: Is Freelancing All About the Industry?: Explore the connection between freelancing and different industries, and how they influence the future of work.
Frequently Asked Questions
What Does The Future Of Work Look Like?
The future of work is here, and it’s freelancing.
It’s no secret that freelancing is on the rise. More than one-third of the American workforce has already taken up freelancing as their primary source of income.
And it’s not just about making money there are a lot of great reasons to go freelance in this day and age. For example:
● You can work from anywhere with an internet connection.
● You get to choose who you work with and what you do.
● There are plenty of opportunities to grow your skills and make yourself marketable within your industry or profession.
● You have more freedom over when you work and how much time you spend doing it each day/week/month/year than you would if you were on staff at a traditional company (or even working for yourself).
But some challenges come along with being self-employed both in terms of taxes and insurance coverage (which we’ll cover in this guide).
But also in terms of finding clients who will pay your bills while they’re waiting for their projects to be completed so that they don’t fall behind on other commitments like rent or mortgage payments
What Is The Future Of Work?
The future of work is here, and it’s already changing the way we live and work. Freelancing has become a huge part of this shift, with more than 50 million Americans working as freelancers today.
How Many People Are Freelancing In America?
More than 50 million Americans are freelancing, according to the U.S. Bureau of Labor Statistics projections for 2020.
That’s about 36% of the workforce! And it’s growing every day the number of independent workers has increased by almost 50% since 2005, and there are only two ways that can happen:
Either more people are choosing to freelance or more people are getting laid off and turning to freelance as an alternative source of income or career path.
We suspect both things are happening at once!
What Does This Mean For Our Economy?
It means we have more options than ever before when it comes to how we work and what we do with our time outside the office or factory floor and that means more freedom both personally and professionally!
It also means that companies who embrace this shift will be able to access some of the best talents around
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.