Freelancing is no longer just some side employment that people do. It’s actually getting so serious that forecasts suggest that by 2027, freelancing will take up 50 percent of the workforce!
Maybe you’re worried about freelancing. You might even be doing it right now as a “side hustle”. But you haven’t yet taken the golden leap, where your earnings are mostly made up of your personal talents.
As a serious investment, you may want to consider looking at freelancing. Even an entire career investment, maybe. Look, it’s changing the world. Freelancers took home an unprecedented amount of $1 trillion in annual earnings in 2016, to get an understanding of just how much it’s changed.
Needless to say, you missed out on a serious slice of the trillion-dollar pie when you didn’t keep up!
If you are wondering if freelancing is here to stay, we at ConsultXperts agree that freelancing is the future of work.
11 reasons freelancing is the future of work
1. For one-off projects, businesses are searching for advanced skills
Freelancers have skills and backgrounds that are exceptional. Most certainly, they have worked on numerous forms of projects with several different clients.
So it’s a win-win situation for both sides as they get to merge their inherent abilities and expertise they gained from previous jobs to assist others.
Think about how this could be beneficial for a company. For a single project, suppose that you need a competent writer. Hiring a full-time writer does not make sense, because the writing requirements aren’t sufficient to warrant it.
It would be costly and a waste of company resources to hire a full-time employee. A freelancer would suit the project perfectly, however. For the project, the business would use the freelancer’s talents, pay them, and then the two companies would part ways.
For businesses, this strategy is smarter. Often a one-time project is what you need, whether it costs you $200 or $5,000. And freelancers love to have their hardworking talent paid for!
So, the future of freelancing is indeed promising and we can see this industry going up in the coming years. The Covid-19 pandemic has made this profession even more demanding.
2. Bear in mind: one-time tasks can turn into monthly checks easily
It would not be shocking if they continue to do more work with you in the future, or even put you on a monthly retainer, if the work you do brings so much value to the customer, that they can really see their return on investment in you.
3. Employee rewards are expensive for employers
Costs are just what corporations don’t want to spend money on each new employee they recruit. Companies may spend less when freelancers are employed for projects, so they just have to pay the freelancer for their services. This may be one of the underlying factors for inspiring businesses to make more regular use of freelancers.
While this might sound like a complete drawback, this is actually far more preferred by freelancers. The lifestyle + money you make easily pays off those advantages when you’re earning six figures in your pajamas.
4. “Millennials are Creatures” on Demand
To take note of something enormous: millennials are the largest living generation today. Serving for a decade at a business is something that none of them will actually be doing.
This generation is actively seeking “novelty, connection and immediacy” by growing up with a smartphone being like another appendage. The aspirations are so much higher in terms of experience, automation, the knowledge that is at their fingertips as Millennials think about their jobs.
If with a click of a button, anything is within their control, whether it’s food, clothing, movies, or face chats, it would be expected that making money will not be different. In the way they want to be handled for their jobs, Millenials are “high-maintenance.”
But hey, they’re sure of their worth. Is it possible to accuse them?
5. It’s cheap and easy to get a job as a freelancer.
Cloud-based platforms are widely available and inexpensive to use which link freelancers with customers.
Each organization will have access to any employee and will only be divided by search. The middle operators who historically determined how to enter the workforce are going away.
6. Freelancing might be less affected by AI
Although artificial intelligence poses a challenge to humans to replace their unavoidable accounts of workplace error and inefficiency, an AI can not replicate the special, imaginative abilities of each individual. The one thing that ties us all together can also not be replaced: our human desire to communicate. To develop any kind of business, both are completely necessary.
7. The Gig Economy Favours Technology
Technology favors how freelancers and consumers work together, with provisions for face-to-face contact and digital meetings. Streamlining the contact process means that to get things done and choices made, freelancers no longer have to use slower systems like email.
Gig employees can operate faster, and consumers can react faster, enabling goods and services to be deployed more rapidly. Knowing this, it’s important to remember how technology fully changes the business model.
There is, no doubt, a strong connection between freelancers and tech companies, and, again, there is a lot to do with millennials.
8. Independence and versatility are appealing
If you’re a stay-at-home mother or a 20-year-old who likes to sleep after 9 a.m., who doesn’t like the idea of lifestyle and flexibility at work?
Millennials are, as we described earlier, obsessed with novelty. They prefer alternatives. Freelancing allows them the privilege to select which roles they want to take on and choose.
This is connected to the need for autonomy, a human need, and it’s ready for millennials.
9. No cap on how much you are able to make
The most fascinating thing about freelancing is: YOU GET TO EARN AS MUCH AS YOU WANT. And cash is no exception with a generation that wants things quickly.
Therefore, the more efforts you put forward, the more profits will be. The obstacles to earning are evaded. If there are no limitations on earning, it only makes sense for this generation of workaholics to make their profession of choice freelancing.
10. Moving online reduces costs
There are far more advantages of hiring a freelancer than simply hiring recruiters and paying for insurance expenses for businesses.
More and more organizations are opting for partly or completely digital workplaces, in addition to the apparent cost advantage of recruiting freelancers. This will absolutely eliminate or slightly decrease some of the greatest operating costs: rent and electricity.
Why should a company spend thousands of dollars on plane fares, transportation, lodging, food, and printing materials when the same meeting can be held in an hour via video conference at a monthly cost of less than $50 when arranging a presentation?
Not to mention, the nightmare of any employee getting stuck in traffic for 2+ straight hours.
11. The work-life dynamic changes Freelancing
Freelancing provides a path to a better quality of life, and it is seen by more and more people. Freelancers are likely to enjoy carrying out their services, which has a direct connection with how well they perform.
When a person acts as an independent contractor, it enables him or her to concentrate on the kinds of customers or jobs in which he or she is most involved. We can tell from personal experience, as someone who has worked for a variety of marketing consultancies and ad agencies, that serving a client who goes against your lifestyle or beliefs can be emotionally exhausting.
Freelancing is becoming the norm in a workforce driven by technology and novelty.
ConsultXperts is always looking to help make your journey easier and more manageable, whether you have barely dipped your toes in the land of freelancing or you have been doing it for some time. The future of freelancing is bright and you can take a leap into it if you have got the skills and knowledge.