5 Facts About the Gig / Freelance Economy Entrepreneurs Should Know




  • — March 14, 2019

    5 Facts About the Gig / Freelance Economy Entrepreneurs Should Know

    StartupStockPhotos / Pixabay

    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

    5 Facts About the Gig / Freelance Economy Entrepreneurs Should Know

    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

    5 Facts About the Gig / Freelance Economy Entrepreneurs Should Know

    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 one-time certification. As the Freelancing in America 2018 report shows, this pushes freelancers to seek skills training beyond their original education and experience.

    This means that hiring freelancers brings in fresh skills on top of experience and not just a stale degree.

    (6) You Can Hire for Almost Anything!

    The gig economy has broken down the barriers. The world’s workforce is steadily moving towards the freelance life. There is a much larger pool of skill-rich freelancers to choose from when hiring remote freelancers. Unlike being limited by what is available in any single local area, the gig economy offers almost every skillset imaginable.

    This means that entrepreneurs can hire a freelancer for almost any task they need done – even some that they would never before have thought to hire for.

    (7) Platforms Are Moving Towards More Pre-Vetting

    Because freelancing is the future of work, freelance platforms are getting more serious about how they run their operations. Gone are the days when there were just a few places one could find a freelancer to hire. No more do we have to rely on our own savvy to separate the wheat from the chaff.

    Today, entrepreneurs can partner with freelance marketplaces that bring them the best hiring experience. Platforms like FreeeUp pre-vet freelancers before allowing them to create their accounts so that they can ensure clients of a high level of experience. This also promises a fast, stress-free hiring experience because most of the hard work has already been done.

    This means that entrepreneurs can hire the best of the best without having to devote a huge chunk of time and money into finding the right fit.

    Final Thoughts

    The freelance economy has opened up a world of opportunity – literally – for entrepreneurs everywhere. As the global workforce moves towards the freelance life, it’s time that businesses did the same.

    Online is where the top professionals in a variety of industries are to be found. No intelligent, highly skilled and responsible person will stay in a less satisfying position when the gig life offers greater freedom, flexibility, balance and opportunity.

    Business & Finance Articles on Business 2 Community

    Author: Connor Gillivan

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