Why Freelancing is the Future of Work
Whether it’s an unfulfilling 9-to-5 job or a startup that’s taking too long to become profitable, a growing number of people are turning away from traditional workplace environments and choosing freelance work.
In fact, one estimate states that freelancers contribute $1.4 trillion annually to the economy. This is a significant contribution and indicates that the future of work will increasingly be driven by independent contractors.
Many people choose to become freelancers because they want more control over their working life. This can be especially true for those with responsibilities outside of the office, such as parents or caregivers. For them, the ability to choose their own hours allows them to maximize productivity without losing focus on important personal commitments.
Freelancers also have the freedom to work from anywhere. This can be helpful for those with family obligations or those who simply enjoy the comfort of their own home. Many of them find that their home offices offer a sense of tranquility and comfort that the more hectic workplaces cannot.
Another benefit of freelance work is that it can help to avoid burnout. Burnout is a serious problem for many full-time employees and can have devastating effects on their physical and mental health. Those who choose to go the freelance route can avoid burnout by only accepting projects that they feel passionate about and by setting their own schedules.
In addition, freelancers often have the opportunity to build their business on their own terms. They can choose their own clients and projects, and they can set their own rates. This can be a great way to test out new business concepts and see what works for them.
However, it is essential that freelancers remain professional and keep records of their earnings and expenses. They should also consider seeking tax relief or deductible business expenses that can be incorporated into their income.
It is also important for freelancers to understand that they will need to be more proactive in pursuing opportunities and establishing relationships with potential clients. This can be difficult for some people, but it is necessary if they are to grow their businesses. They should also be comfortable networking and approaching strangers, as this is an integral part of the business world.
Finally, freelancers must be ready to handle the risk involved with running a business. This includes the responsibility of filing taxes, maintaining records and financial documents, and ensuring that they are meeting all legal requirements in their respective jurisdictions.
If they are not, then they could be facing fines and penalties that will ultimately impact their bottom line.
During the pandemic in 2020, freelancers saw an increase in demand for their services. As a result, they were able to capitalize on the situation and many former full-time workers went the freelance route in 2021. Since then, the trend has continued to grow and more and more companies are utilizing freelancers to meet their needs.
In fact, 73% of C-Suite and department leaders surveyed in the 2022 Tech Work Report stated that they are leveraging freelancers alongside their in-house team members to create more agility in their workforces.
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Bill (The Niche Key) Nitschke is a semi-retired entrepreneur with over 45 years in the retail industry, working with major national and international brands. Now, he focuses on helping small businesses, entrepreneurs, and side hustlers gain access to the same tools, training, and opportunities that were once only available to big corporations. Passionate about leveling the playing field, Bill is dedicated to making success more achievable for hardworking individuals.
A lifelong adventurer, Bill has never been one to back down from a challenge. From competing for a position on the U.S. Olympic fencing team (he didn’t make it, but he tried) to running NYC Triathlon and multiple NYC Marathons, earning a black belt, scuba diving, motorcycling, and even hang gliding—he's always pursued new experiences. Though life has slowed him down a bit after surviving two cardiac arrests, he still explores the mountains near his home in Chattanooga, Tennessee, hiking and mountain biking, often with his dogs running alongside.
Bill (The Niche Key) Nitschke
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