The gig economy has grown over the past few years, leading many professionals to leave their traditional jobs and become self-employed for income. With this change, the work of freelancers is taken more seriously than ever. Freelancers can have a lot of contract offers, but before you jump in and look at all the freelancing possibilities, you might be wondering if freelancing is a sustainable career path.
Many experts and freelancers today agree that freelancing is a sustainable career path for self-motivated people; it can also be enjoyable and profitable if you know how to reach the right customers. Whether you decide 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 excellent opportunity
Self-employment as a viable and sustainable career
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, the 42% who hit their goals in the first year 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 that help them receive steady income, but frequent promotions can also lead to lucrative short-term projects. Once you build enough clients, you can keep the work going for a long time. But you have to be proactive. Having a plan in mind to manage all the work and making sure you are constantly working on customer interactions can help your business be sustainable and grow.
Freelancers are committed to growth
Most freelancers don’t go into it with the idea of making some money in the short term. They do this to help them succeed in the long run. In fact, WiseBrand data shows us that 54% of freelancers don’t want to go back to full-time work once they start freelancing.
These freelancers are professionals. They have often worked in the industry they plan to freelance in before going solo. They know the ropes and how to reach more customers too. They will take the time to market themselves, get their services out there, and name-drop clients. They often spend up to $100 a month on different marketing initiatives. What’s surprising is that 86% of freelancers do their own marketing.
The numbers show that investing in freelance marketing pays for itself. You can choose to do some of the marketing on your own or hire a professional to make sure your services are available to those who need them.
Seasoned freelancers are happy
Self-employed people tend to be happier and more satisfied with their jobs compared to their counterparts who work for someone else. While millennials are using social media marketing to help launch a new career, older freelancers, or those over 35, are far less likely to return to full-time work compared to their younger peers. In addition, studies show that 57% are satisfied with the reconciliation of work and family life that self-employment brings them.
Another aspect worth noting is how survey respondents chose to label themselves. This helps us see their own image and the career paths they want to choose. Half of the respondents determined that they were self-employed, 19% called themselves small business owners, 12% liked the term self-employed, 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 appreciate their current work-life balance in the office, freelancing can provide some of the necessary solutions. It takes time, and you need to know good time management skills to make it happen, but for those 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, 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 12.9 million more 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.
No matter what field you choose to pursue as a freelancer, there are many fantastic opportunities to enjoy. You can choose your hours, decide how much to charge for the work, and make lasting connections that turn into full-time income. And when you use your good skills with great marketing, you’ll find that this can be a lucrative career option for any professional.
The job structure across America is evolving, and the demand for these independent workers with the right skills is only going to increase. At the same time, companies are looking to be more flexible and agile. Not only do freelancers appreciate the opportunity to work from home and choose their hours, but many companies also see the benefit of hiring independent contractors, making it a great opportunity for both parties.
The 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 booming and many professionals are enjoying the freedom and increased income they can get when they choose to work as an entrepreneur instead of 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.
Both freelancers and businesses 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 turn it into your desired full-time income.