The Rise of Freelancing: Is it right for you?

Lately, news articles about freelancing and its increasing popularity among the Z-Generation as a career choice have caught my attention. It is one of the most favoured career choices that has emerged as a breakthrough for many full-time workers since covid-19. So, in this blog, we are going to discuss how freelancing has been advancing in the past few years and if, it is going to be the suitable career path for you as well. Now, We should get straight to the point.

What is Freelancing?

1. "Freelancing" refers to a work arrangement in which individuals, also known as freelancers or independent contractors, provide their services or skills to multiple clients on a project basis in order to make a living and build a successful career. Rather than being permanently employed by a single company, freelancers are essentially self-employed and operate on a contract basis. They complete assignments or projects for several clients as required.

1. As a freelancer, you have the freedom to select projects that align with your interests and capabilities. This decision also depends on the client's suitability. If you feel that a particular client is not a good match, you have the option to decline the proposal based on your own discretion.

1. The rise of digital technology has greatly increased the attractiveness of freelancing for both individuals and businesses in recent times. Freelancers appreciate the autonomy and the adaptability to work on their own schedule, which can be a cost-effective solution for everyone involved.

Statistics and Facts

Now let's deep dive into the biggest surveys and research in the world of freelancing.

1. A record 4.5 million American workers quit their job in November 2021 going with the trend of "great resignation".
2. According to Upwork, 39% of the total workforce in the US or approx 60 million did a freelance form of work in 2022 which is a 3% increase from 2021.
3. Freelancing is a significant part of the US labour force and economy, with annual earnings totalling $1.35 billion.
4. According to Statista, On average, 46.5% of the world’s workers in 2021 were self-employed.
5. According to Payoneer, The US heads the top 10 freelancing countries list, posting the highest revenue growth of 78%.
6. Freelancers are way much more satisfied than non-freelancers in all areas of life and career balance.
7. 36% of all freelancers are in the field of web and graphic design (including me 😁😁).

Pros

1. Flexibility: One of the key reasons, we love freelancing is because of flexibility, it is the freedom of working with our own schedule and working from home or anywhere, you just need an internet connection. It offers a work-life balance at no cost.
2. Self-Determination: Freelancers are their own bosses, most of them directly connect to the client which helps in determining the best budget for their project, resulting in better time management, and value for service as well as meeting the deadlines.
3. Diverse Projects and Skills: Freelancing helps in providing an overview of the skills that he/she has and enables him/her to handle multiple projects without any concern of the authority as in the case of full-time employees.
4. Global Reach: Freelancers can reach any corner of the world with the help of internet-driven digital technologies and freelancing platforms like Fiverr, Upwork, Toptal, Freelancer etc.

Cons

There are some pros to freelancing, but it too has some cons as well. Let's discuss them below 👇

1. Income Inconsistency: There are always some ups and downs in every field and industry, that's the case with freelancing too. Sometimes you have a lot of projects waiting for you and sometimes there may be a period of low demand. Income cannot be predicted in freelancing as it always depends on the demands of the skills that he/she has at a particular point in time and also, projects are not always steady.
2. Lack of job security: Companies offer regular employees the security of timely salaries and a range of benefits and perks, which is not always the case for freelancers who often experience job instability and insecurity.
3. Timely payments and salary (My Experience): I am a full-time freelancer for more than 3 years of web development. I have worked for agencies as well as direct clients, and what I have found is that we don't receive timely payments. It sometimes gets too late, even more than 10-15 days of delay. I am always bound to the deadlines but the client or these agencies always take too long for making payments, even have to call them again and again for making the payments. We are heavily dependent on past clients for projects and work too.

In conclusion, freelancing offers significant advantages, but it has some disadvantages too as it comes with a lot of challenges that we discussed above. But, once you get set onto the path, then it becomes easier to use your own personal brand for freelancing.

Here, I am ending this blog, and if you like reading this blog post or if it gives some value to you then, please consider liking ❤️ comments & share it 🔗.