In an age of "be your own boss"...a look at the value of becoming a freelancer.
About eight years ago, a few colleagues and I were at the bar having a drink after our newscast. At the time, I was producing for an NBC owned and operated television station.
We started chatting with the guy next to us. He told us he was a freelancer.
One of my buddies commented that because the guy was a freelancer, we should pick up the tab…assuming that “freelancer” meant “broke”.
Couldn’t have been further from the truth.
As a matter of fact, not only did the guy make six figures a year, but he did it on HIS schedule and didn’t have to report into an office every day.
Was he onto something?
The Stats
Being a freelancer and independent contractor is on the rise in the United States. This type of work currently represents 34% of the work force. The top industries that are great for freelance include education, writing, translation, graphic design, consulting, computer and IT, accounting and finance, web development, entertainment, healthcare, and sales and marketing.
Apparently people don’t like having someone breathing down their neck, directing ever aspect of their job. As a matter of fact, that’s the number one reason people leave a traditional work environment - so that they can be their own boss. Being your own boss also mean you make your own hours and work where you want.
I mean…who wouldn’t want to work on the couch in underwear?
It also doesn’t necessarily require a college degree (albeit it’s good for credibility), but in some cases, experience from a young age is better.
When it comes to money, being a freelancer means you get to decide how much money you want to make so you set the rates that you want the charge your clients. Want to make more? Work harder. Network better. Bring on more projects. And you also save money on a daily basis because you don’t have to waste your gas to commute to work everyday, let alone stand in traffic.
Now there are of course downsides to it. Some people see their clients as their boss. We all have those clients who are so picky that they don’t know what they want but all your suggestions are not quite it for them. Having to deal with business like that could be quite overwhelming especially when deadlines are coming up for multiple different projects for different clients. So think of it like this – you no longer have one boss. You now have 25.
Possibly the biggest downside to freelance work is that you don’t receive employee benefits such as healthcare, paid vacations, and paid sick leave. You also can’t fire yourself and collect unemployment. There is also no job security. If you cannot find clients then you don’t get paid, whereas, in a traditional workplace, regardless if business is slow, you are still paid the same amount.
Despite the cons to being a freelancer, 69% of people who do independent work say they are happier now than when they were working in an onsite office job. They also estimate that they have 28 more personal days than they did in a corporate environment.
People worry that they wont be able to work but companies love hiring freelancers. For some businesses, it’s less expensive and more efficient to have someone work on a project as a freelancer than paying someone an hourly wage with benefits. Employer clients also claim that projects were completed 83% faster than they are by someone within the company.
Being a freelance worker is not a hard thing to start and continue. You just have to make sure you network as much as possible and take all the work that comes your way, but don’t be afraid to drop clients that are making your life too difficult because there is always another client right around the corner.
I want to hear your stories. Are you a freelancer? How did you get started?
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POSTED BY
Kyle Reyes is the President and Creative Director of The Silent Partner Marketing, New England's #1 Marketing Agency. We're a boutique marketing firm focused on helping businesses grow in an age of exploding technology. You can find him on Google+, Facebook and Twitter.
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