With the pandemic of COVID-19 capturing headlines all over the world, there’s a revolution already taking place with regard to how we work. The whole concept of going to work is likely to emerge on the other side of this pandemic as a completely different idea, and freelancing will be an essential part of it.
Many full-time employees or those who have recently been let go due to the early economic impacts from COVID-19 are looking for alternative opportunities to generate income. Even those with seemingly secure jobs might start to see the benefits of having more than one stream of revenue - meaning that the freelancing talent pool will likely expand in the next few months.
Freelancing, or running a business or side hustle as a self-employed independent contractor, is certainly not a new idea. But in the last ten years, freelancing has hit the scene in a big way thanks to the push of technology and increasing company interest in hiring freelancers. Research shows that skilled freelancers in certain industries earn more each hour than 70% of workers across the United States, for example.
Research from Upwork, the leading freelance job board site, shows that the number of freelancers in the U.S. economy is set to outpace traditional employees by 2027.
Increasingly, side hustle freelancers are scaling up these ventures to full time and are choosing to stay because of the flexibility, freedom, and income it provides. Research from MBO Partners shows that one in five full-time freelancers is already bringing in six figures in revenue through their business - a number that is likely to increase as more side hustlers opt to work full time on their business.
How Freelancers Work
What makes being a freelancer essentially the same as being a business owner, is that unlike an employee role, you’re responsible for your workspace, your taxes, your equipment, setting your rate, and when/how you work.
Most freelancers market regularly to prospective clients in a variety of different ways - job boards like Upwork and FlexJobs, Facebook groups, their own website, through LinkedIn, and more. They connect with potential clients based on a service the freelancer offers.
Many freelancers today work online as digital creatives such as web designers, developers, virtual assistants, editors, copywriters, transcriptionists, and more.
Where Freelancing is Headed
Due to the surge of interest in remote work and maximizing a budget, the popularity of freelancing is only expected to grow in the coming years. Freelancers are savvy self-learners who invest in their own education and personal development to stay ahead of the curve.
Most freelancers today work entirely online, which is a portable, flexible, and exciting opportunity for those in the military community, too. The idea of picking up your career and moving to a new location every time you PCS or after transitioning out of military service means an opportunity to learn new skills and leverage old ones, as a freelancer.
To get started in your own freelance side hustle, take an inventory of your past skills and passions that might be a good jumping-off point for your freelance business. These skills will also form the backbone of your freelance pitch.
Meet Laura: Laura is the author of How to Start Your Own Freelance Writing Business (Entrepreneur, 2019), The Six-Figure Freelancer, (Entrepreneur, 2020), and The Complete Guide to Website Copywriting (Entrepreneur, 2021.) She is also a two-time TEDx speaker, teacher and coach to over 8,000 freelancers, host of the Advanced Freelancing podcast, and wife of a 14-year U.S. Navy enlisted and officer
