18 Things You Should Know About Freelancing
Nearly 36 percent of the U.S. workforce is freelancing -- that's a whopping 57.3 million Americans. As a result, these freelancers have contributed nearly $1.4 trillion annually to the economy. And these numbers are only growing. In fact, by 2027 -- if not sooner -- it's predicted that the majority of Americans will be freelancers.
More and more people are freelancing full time, according to the Freelancers Union and freelancing platform Upwork's new Freelancing in America: 2017 report. That's because there are more jobs available and the idea of freelancing as a career is becoming widely accepted.
While freelancing might have downsides such as income unpredictability and a lack of benefits, it has a number of upsides such as making your own hours, being your own boss and having the ability to work anywhere in the work.
The freelance landscape is changing every year. To learn more, here are 18 things you should know about freelancing today.
Freelancers are better prepared for the future.
In 10 years, the majority of U.S. workers will be freelancers.
Freelancers help the economy.
The Freelancing in America: 2017 report discovered that freelancers contributed a whopping $1.4 trillion to the U.S. economy this year, which is a 30 percent increase from the year prior.
Money can be a challenge -- especially for freelancers.
Nearly half of millennials freelance.
Freelancers are going full time.
Freelancers feel accepted.
In the past, freelancing was often viewed as a risky career choice and had a negative reputation. However, those perceptions are changing as freelancing has become more common. Overall, 69 percent of freelancers agree that people's perceptions of freelancing as a career have become more positive, according to Freelancing in America: 2017.
Online work is increasing.
Freelancers are happier.
Many change career paths.
Freelancing can bring in the big bucks.
While money and income can often be a challenge for freelancers, many still manage to make it work for them. In fact, recent LinkedIn data finds that nearly 20 percent of freelancers confirmed they will be making six-figure incomes or more this year.
Working with clients can be tough.
Freelancers take fewer vacations -- but that doesn’t matter.
Freelancers make more than average hourly salaried workers.
While the money might come in as ebbs and flows, overall, the average hourly rate for freelancers worldwide is $19. While that might sound low or high depending on the country you’re in, overall this number is much higher than the average hourly salary of employees in many countries around the world, according to a recent report by Payoneer.