A lot of people wonder if making the switch to freelancing is the right choice for them. Freelancing is a lot like being an entrepreneur. You have to work hard to succeed. It comes with a whole different lifestyle and less income security.
Entering the freelance world can seem scary for a lot of people. But what many don’t realize is that freelancing isn’t always going to be an option. For most people, it will soon become the norm.
Businesses prefer to hire freelancers
According to the sixth annual Freelancing in America survey, 35% of the US workforce is now freelancing. That’s 10 million more people than 5 years ago.
And the main reason for this trend?
There’s plenty of money to be made.
More and more businesses are turning to freelance contractors for their needs. Why spend money recruiting employees then paying them a full time salary and benefits when you can enlist the help of a freelancer for a fraction of the cost?
I recently read an article in the Wall Street Journal about the end of traditional employment. Businesses already prefer to hire freelancers, and many are eliminating salaried jobs in favor of outsourcing work.
Freelancing is the solution for Millennial woes
If you’re a Millennial like myself, you’re probably well aware that our generation is in worse financial shape than any that came before us. The latest studies suggest our generation may never recover.
That’s why Millennials already make up the largest freelance workforce today. Traditional jobs no longer offer salaries that keep pace with the cost of living for us. Nor do they offer needed healthcare benefits.
According to a recent survey, 74% of Millennials are interested in pursuing freelance work. Freelancing part time is the best way to fill in the gaps that traditional employment leaves. Freelancing full time allows Millennials to take full advantage of the freedom it can bring.
Freelancing is the best career choice in 2020
On the surface, a salaried job seems secure because you know you’ll get the same paycheck every month. With freelancing, you never know how much you’re going to earn. But what if you get laid off or fired from your job? Your income goes down to zero overnight. With freelancing, you can always lose a client or two, but you’ll never lose everything at once. That’s way more security than a traditional job can give.
At the same time, freelancing always has the potential to grow your income exponentially. Over the past 5 years, my freelance income has grown 30% year-over-year. Who can get a raise like that at a desk job?
Don’t wait around for your boss to lay you off so they can outsource your job to freelancers. Get ahead of the trend and join the gig economy now. Because freelancing really is the future of work.