The gig economy has grown in recent years, causing many professionals to leave their traditional jobs and turn to freelancing to earn an income. With this shift, freelancers’ work is now taken more seriously than ever. Freelancers may have a lot of contract proposals, but before you jump in and look at all the freelancing options, you might be wondering if freelancing is a sustainable career path.
Many experts and current freelancers agree that freelancing is a sustainable career path for motivated individuals; it can also be fun and profitable if you know how to reach the right customers. Whether you choose to do this to supplement your income and reach your financial goals, as a way to make money between full-time jobs, or if you want to make freelancing your full-time job, freelancing is an excellent option.
Freelancing as a viable and sustainable career path
According to a survey by Entrepreneur.com, five out of six freelancers can achieve their income goals within two years of starting out. Of those freelancers, the 42% who achieved their goals within the first year were twice as likely to earn more than $75,000 per year, which is a full-time income. This income makes freelance work lucrative and sustainable.
Freelancers can often get long-term clients to help them get a steady income, but frequent promotions can also lead to lucrative short-term projects. Once you have built up enough customers, you can keep up the work for a long time. But you have to be proactive. Having a plan in mind to handle all the work and ensure you are continually working on customer interactions can help your business become sustainable and grow.
Freelancers strive for growth
Most freelancers don’t go into this with the idea that they can make some money in the short term. They do it to help them be successful in the long term. In fact, WiseBrand data shows that 54% of freelancers do not want to work full-time once they make the switch to freelancing.
These freelancers are professionals. They have often worked in the industry they freelanced in before going solo. They know the tricks of the trade and also know how to reach more customers. They will take the time to market themselves, offer their services and get the word out to customers. They often spend up to $100 per month on various marketing initiatives. What’s surprising is that 86% of freelancers do their own marketing.
The figures 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 ensure 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 breaking new ground in using social media marketing to launch new careers, older freelancers, or those over the age of 35, are much less likely to return to full-time employment compared to their younger peers. Furthermore, studies show that 57% are satisfied with the work-life balance that freelance work brings them.
Another aspect worth highlighting is the way survey respondents labeled themselves. This helps us see their self-image and the career paths they want to choose. Half of respondents said they were self-employed, 19% called themselves small business owners, 12% liked the term freelancer, and another 19% called themselves entrepreneurs. Respondents enjoy their work and also like to tell others about their work.
For those who don’t like their current work-life balance in the office, freelancing can provide some of the necessary solutions. It takes time and you need to have good time management skills to make it happen, but for those professionals who walk the path and enjoy it, this can be a great career.
Lots of great opportunities
The gig economy is here to stay. In the United States, an estimated 3.2 million full-time independent contractors claim more than $100,000 in annual income each year. There are another 12.9 million people who work part-time as freelancers and even more who work both full-time and part-time, but earn less than $100,000. This offers a number of lucrative career opportunities for all professionals.
Regardless of the field you choose as a freelancer, there are many great opportunities for you to enjoy. You can choose your hours, decide how much to charge for the work, and create lasting connections that turn into full-time income. And if you use your good skills with fantastic marketing, you will find that this can be a lucrative career choice for any professional.
The work structure across America is evolving and the demand for these independent workers with the right skills will only increase. At the same time, companies want to become more flexible and agile. Not only do freelancers appreciate the chance to work from home and choose their hours, many companies are also seeing the benefit of hiring independent contractors, making this a fantastic opportunity for both parties.
It comes down to
Freelancing can be a sustainable career, but only if you go into it with a plan and are ready to properly market yourself and your services. The gig economy is growing like wildfire, and many professionals are enjoying the freedom and increase in income they can earn when they choose to work as an entrepreneur rather than for someone else. In fact, many freelancers have higher job satisfaction with this career choice than any other, and many choose to stick with it for the long term.
Freelancers and businesses alike are seeing the benefits of this independent work, making it a lucrative way to make money whether you do it part-time or full-time. If you have a good plan and see this as a viable way to make money, you can turn it into your desired full-time income.