5 Facts About the Gig / Freelance Economy Entrepreneurs Should Know
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The gig economy is the future of work. Freelancing is taking over in a big way, presenting businesses with a range of opportunities. No business wants to miss out on what this epic shift has to offer.
(1) It Is Growing Rapidly
56.7 million Americans freelanced in 2018. That’s 3.7 million more that just a short 4 years earlier. In 2014, freelancers made up only 34% of the American workforce. Today, over half of the nation’s working population chooses to freelance.
Even those Americans who haven’t yet quit their day jobs are spending more time freelancing than before. Upwork has tracked an increase of more than 72 million freelance hours worked per week in 2018.
This means that the majority of the country’s talent is to be found online, and savvy entrepreneurs will look to the web to find the best of it.
(2) It Is Becoming More Global
Freelancing is a truly global trend as countries all over the world get better connected. Compared to just 42% in 2014, 64% of freelancers in 2018 easily found work online that they are happy with.
Many people from places like India and the Philippines have been working remotely for at least a decade. Now, they and many others across the 7 continents have the freedom to freelance.
This means that the majority of the world’s talent is moving online, and entrepreneurs who hire remote get to choose from a very large global pool of talent.
(3) It’s Not Just Millennials
Millennials love the freelance life, for sure. But older generations are getting involved in the freelance economy, too. Young and seasoned professionals alike are enjoying the benefits of independent contract work.
Plus, freelancing allows many more skilled individuals who are unable to seek traditional employment to join the workforce.
This means more talent to be tapped by entrepreneurs who hire remote freelancers.
(4) Freelancing is More Attractive
Furthermore, all these people are enjoying more excitement and better work-family balance. Freelancing allows everyone to improve their lifestyle while maintaining a reasonable income.
At first, most people (63%) worry about moving from a steady job to the freelance life, but many more (77%) admit that freelancing brings them a better work-life balance. It can be rough to start freelancing, but after that first step, the wide world of opportunity awaits.
This means that freelancers are happier, which also means that they are more productive.
(5) Freelancers Are More Skilled
Freelancers are business owners – they don’t have the benefit of a steady job with a company that protects them end ensures them of long-term work. They have to hustle just like entrepreneurs do to make sure they have a good income flow. As such, freelancers place high value on skills training – they have to stay ahead of the game and prove their worth time and again with each new client.
A college education is not enough to make it in the freelance world – freelancers need more than a …read more
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