Freelancing is a rising phenomenon all over the world. The rise of the digital nomad and freelance economy is obvious. It is being led by self-employed or small businesses.
Amid COVID-19, many people all over the world have lost their full-time job. Students are struggling to find their dream job they eye on during their 4 years college degree.
What Does Freelance Mean?
A freelancer is a person who is self-employed. Works from the comfort of the couch as home and does not travel. Freelancers have zero carbon footprint expense on the economy as they do not have to travel to the client’s place. Their client could be living anywhere in the world. Freelancers bid on projects on different freelance marketplaces, get hired, get the job done and get paid. The process continues from one client to another.
Freelance is one of the terms that are being used to refer to the type of workers who work on their own. Their usage is strongly associated with occupational and industry contexts.
A freelancer is a person who delivers services to clients and these are not necessarily the ones that are offered to businesses. Individuals who are freelancing offer their services to clients directly without involving any third-party resources that often take a cut of the income. When it comes to the opportunities offered, nearly all kinds of services that are required by businesses are provided by freelancers.
The services include graphic design, marketing, accounting, bookkeeping, project management, teaching, tutoring, virtual assistant, web designing, development, social media manager, and writing. There are some freelancers who focus on specific industries such as the real estate niche etc.
A rise in Demand:
With close to 40 million Americans unemployed by late May 2020, people started learning online skills such as content writing, graphic designing, web development, and even low paying skills such as virtual assistant.
In order to make ends meet, These American freelancers started offering these skills online and many of them have been self-employed for almost a year now. Pandemic certainly has fueled freelance growth. It’s a rise of a trillion-dollar workforce.
According to an Upwork report, about 59 Million Americans are doing Freelancing. These freelancers are generating $1.2 trillion in annual earnings. This new shift in the job market has also allowed these freelancers to outsource their work, thus empowering freelancers from many South Asian Countries.
Image Credits: Upwork
Future of Freelancing:
Hiring freelancers by small and large businesses is a cost-effective practice as it allows them to complete short-term projects without having to hire a permanent employee. This enables businesses to find someone with professional skills to help them with their particular business needs. These kinds of work arrangements benefit businesses and freelancers as various companies can hire freelancers on an as-required basis while giving contractors the flexibility they are longing to have.
The freelancing community in South Asia, in particular India, Pakistan and Philipines are getting popular and this trend is on the rise. The researches have shown that freelancers are not only here to stay but they are giving a boost to the economy. This section of the workforce is expected to drive the economy even further.
Young enthusiasts are becoming disenchanted with the traditional 9-5 office settings all around the world therefore they are struggling to find meaningful work for themselves. This tussle has led many freelancers to strike on their own and thrive in this new environment.
People are choosing freelancing due to greater flexibility as freelancers enjoy where and when they want to work and what type of projects they want to work on. The majority of the freelancers are highly satisfied with their preferred career path. They are finding new and creative ways to either supplement their income or make freelancing their full-time career.
With a high surge in demand for freelancers and freelance marketplaces, it seems like the future of freelancing is bright. It seems to be the mode of work the world will quickly adapt to in the near future. The pandemic has already shown us the best way of work. The gig economy has made ways for new freelancers from all over the world. Websites like Upwork, Fiverr, Guru, and many others are already experiencing an increased number of projects posted every day and hundreds of thousands of freelancers applying for these jobs.
Once people start to do freelancing, they become hyperconscious of how much money they are making, unlike an office job where they know that their income is fixed. Their non-working hours because as a freelancer who works from home do not measure up to the same value and it causes them to suffer from anxiety but freelancing brings them a better balance as well.
Upwork report as mentioned above says, 63 percent of the individuals feel anxious about everything that needs to manage whereas 77 percent attain a better work-life balance. About 42 percent of the freelancers revealed that freelancing provides the flexibility to work which they cannot get by working under a traditional employee.
Also, when it comes to freelancing, skilled workers are valued over the ones who have formal education. About 93 percent of the skill-related college education is more helpful for freelance workers.
Freelance economy rise is a huge opportunity for everyone. It involves a great responsibility when it comes to working in the gig economy. If you are someone who loves the freedom and flexibility, freelancing is an ideal situation and the best way of making money and a promising online career.
It should come as no surprise that major drivers of our economic recovery could be freelancers.