The freelance economy is growing day by day and with the current buoyancy in tech, the trend is bound to grow more in the coming years. Freelancing marketplaces are springing up to make hiring as simple and as quick as buying a cup of coffee. At present, more than 57 million U.S. workers are freelancers, and there is an estimated increase of 3.7 million freelancers in the U.S. in the past five years. It is predicted that 43% of the U.S. workforce will be freelancers by 2020. From this rapid growth, expectations are to continue for many years to come.
This means that one in two of us working in professional services will be freelancing within the next 5 years. We will deliver our own services as an independent freelancer and will need to find work for ourselves according to our skills and abilities. For many of our kids, freelancing will be the only option available to them to find work in the future. So, if you have not yet given a try to freelancing, here are 7 reasons to join the trend-
Freelancing is increasing income levels
If you are considering freelancing, then now it is the best time to do it. You can earn good money while freelancing. There are many high paying freelancing work available today. It hardly matters whether you are doing full time freelancing or doing it part time, you can find something according to your skill sets which you love doing, and get paid well for doing it.
More skilled people moving to freelancing
Smart people value freedom and flexibility, which is one reason why most of the skilled people are turning to freelance and taking the opportunity to fit their work around their lives. Another reason is the shortage of people in key demand areas such as in Artificial Intelligence, Machine Learning, Data Science etc. To fulfill this growing need companies are open to pay good money to skilled people wherever they are, which means opportunities opening up globally.
Freelancing is accelerating globalization for companies
Easy to imagine today for a Thailand based company to have a designer from Central Europe, developer from India and sales team in US. This was neither easy nor possible, a decade back.
Such team compositions mean companies are testing settings of multiple culture right from day one. This means when the time comes to scale to another territory they are as comfortable as an old shoe.
Freelancing is helping bridge the talent gap
As companies bet on digital transformation, finding skilled people is difficult. Given cut throat competition for talent, freelancers provide a viable option. South Asia today boasts of highest number of (Robotic Process Automation) RPA and Machine Learning specialists.
According to Upwork and Freelancers Union, the release of the Sixth annual “Freelancing in America 2019” (FIA), study finds that most freelancers are likely to be skilled professionals, with 45% of freelancers providing skills such as programming, marketing, IT and business consulting.
Freelancing is opening opportunities for all workforces
The freelance workforce is growing faster. Freelancing platforms are unifying a fragmented workforce. There is no age limit for a freelancer. More than 30% of Americans over the age of 55 are doing freelancing. After retirement from the traditional workforce, a lot of people do freelancing and find it enjoyable. They are using their career skills that they have built from their previous experience, on their own terms.
Internet startups are pushing the demand up for freelancers
Startups are meant to stay agile and minimalistic to be effective. With more and startup ecosystems sprouting up throughout the world, freelancing is bound to rise. Hiring a freelancer does not require long contracts, office space, HR policies etc- All things, any startup would like to avoid as much as they can.
Freelancing is changing the concept of entrepreneurship
In a traditional market, entrepreneurs are those who have begun their businesses offering products and services and grow their business, adding more staff and revenue. But, at present, a growing number of freelancers are taking on a wholly different additional meaning of entrepreneurship. They are utilizing their own skill sets for different opportunities and selling them on the freelancing marketplaces, simply working independently and establishing themselves as entrepreneurs.
The above listed reasons comprises only a small section. You have dozens of reasons to consider freelancing or starting your own business as a freelancer or entrepreneur. However, above list contains the most trending reasons. So, if you haven’t yet made the decision, now’s the time to consider which of reasons appeals to you the most.