The gig economy has grown over the past few years, causing many professionals to quit their traditional jobs and turn to freelancing for income. With this shift, the work of freelancers is now taken more seriously than ever. Freelancers may have many contract offers, but before you jump in and look at all the freelance opportunities you may have, you may want to consider whether freelancing is a sustainable career path.
Many experts and current freelancers agree that freelancing is a sustainable career path for self-motivated individuals; it can also be fun and profitable if you know how to reach the right customers. Whether you choose to do it to supplement your income and meet your financial goals, as a way to earn money between full-time jobs, or if you want to turn freelancing into your full-time job, freelancing is a great opportunity.
Freelancing as a viable and sustainable career path
According to a survey conducted by Entrepreneur.com, five out of six freelancers can reach their income goals within two years of starting. Of those freelancers who hit their goals within the first year, 42% were twice as likely to earn more than $75,000 a year, which is a full-time income. This income makes freelancing profitable and sustainable.
Freelancers can often land long-term clients to help them earn a steady income, but frequent promotions can also bring lucrative, short-term projects. Once you build enough clients, you can keep the job for a long time. But you have to be proactive. Having a plan in mind to handle all the work and ensuring you are constantly working on customer interactions can help your business become sustainable and grow.
Freelancers are committed to growth
Most freelancers don’t jump into it thinking they can make some money in the short term. They do this to help them succeed in the long run. In fact, data from WiseBrand shows that 54% of freelancers don’t want to go back to full-time work after they switch to freelancing.
These freelancers are professionals. They have often worked in the field in which they plan to work on their own. They also know the ropes and how to reach more customers. They will spend time marketing themselves to provide their services and introduce themselves to clients. They often spend up to $100 each month on various marketing initiatives. Surprisingly, 86% of freelancers do their own marketing.
The numbers show that investing in marketing as a freelancer pays for itself. You can choose to do some of the marketing yourself or hire a professional to help make sure your services are available to those who need them.
Seasoned freelancers are happy
Freelancers tend to be happier and more satisfied with their work compared to their counterparts who work for someone else. While millennials are using social media marketing to launch new careers, older freelancers, or those over 35, are far less likely to return to full-time work than their younger peers. Additionally, studies show that 57% are satisfied with the work/life balance that freelancing brings them.
Another aspect worth noting is how survey respondents chose to label themselves. This helps us see their self-image and the career paths they want to choose. Half of respondents identified themselves as self-employed, 19% described themselves as small business owners, 12% preferred the term freelancer, and another 19% identified themselves as entrepreneurs. Respondents enjoy their work and are proud to tell others about their work.
For those who don’t value their current work/life balance in the office, freelancing can provide some much-needed solutions. It takes time and you need to know good time management skills to make it happen, but for professionals who follow the path and enjoy it, this can be a great career.
Lots of great opportunities
The gig economy will continue. In fact, 3.2 million full-time independent contractors in the United States are estimated to earn more than $100,000 annually. There are another 12.9 million who work part-time as freelancers and even more who work both full-time and part-time but earn less than $100,000. This provides a number of lucrative career opportunities for all professionals.
No matter what field you choose to freelance, there are plenty of great opportunities for you to enjoy. You can choose your hours, decide how much to charge for work, and make lasting connections that turn into full-time income. And when you use your good skills with some fantastic marketing, you will find that this can be a profitable career choice for any professional.
The job landscape across America is evolving, and the demand for these freelancers with the right skills will only grow. At the same time, companies are striving to become more nimble and agile. Not only do freelancers appreciate the ability to work from home and choose their own hours, many companies also see the benefit of hiring independent contractors, making it a fantastic opportunity for both parties.
Bottom line:
Freelancing can be a sustainable career, but only if you go into it with a plan and are prepared to market yourself and your services well. The gig economy is growing like wildfire, and many professionals are enjoying the freedom and increased income they can earn when they choose to work as an entrepreneur rather than for someone else. In fact, many freelancers with this career choice have higher job satisfaction than others, and many choose to stick with it long term.
Both freelancers and companies see the benefits of this freelance work, which helps make it a lucrative way to make money, whether you’re doing it part-time or full-time. Having a good plan and seeing it as a viable way to make money can help make it your desired full-time income earner.