Why Freelance economy is growing so fast and what's its future

Freelancing is like the knight in shining armor for people who are critically unemployed or unhappy with their jobs. Although freelancing is not an easy task, to begin with, but once you get set on your tracks, it can become an economic boost for you. With more and more people opting out of a nine to five job, sitting in front of a computer desk with strained eyes seems energy draining. The individuals of this generation require more flexible timings as compared to the previous generation. The growth of the freelance economy can be related to them wanting to have a time system that works for them. They also want an economic system that suits them. The introduction of startups has increased by five times than it was a few years back. Under this new system, employers hire employees on a temporary basis to fulfill job requirements.

Freelance economy is growing so fast

Although it reflects the irregularities in a freelance career, where employees can remain jobless for a considerable period of time. Being economically independent is very important even for the younger generation. So, one should be aware of all these aspects before opting a freelance career.

Freelancing: A boon for the society

While we bury thoughts of economic independence in our children’s minds, their heads start turning towards a more significant aspect of life. Freelancing provides a broader range of possibilities and opportunities than any ordinary job. But one must have a dedicated mind for that.

According to the data collected by the freelance union, more than 55 million people in America consider themselves freelance contractors. This statistical data is enough to relate to the growth of the freelance economy.

freelancing in america

There is a need for better policies by the private sectors to boost this economy. If the private sector adds more values and turns their eye towards the growing profit in this sector., there will undoubtedly be an increase in the success of freelance careers.

One can give an example of the food delivery apps. E.g., Swiggy or FoodPanda

These must have started with a simple idea of delivering food from the shop to the customer. This simple idea has given jobs to hundreds of people. A similar example is that of Uber. Ride Sharing service now employs thousands of unemployed people as drivers. All they need is a car and a system. They are provided to customers all day long.

How it all started

The concept of freelancing originally started with writers or artists, they detested working for a digital or a graphics company. Setting up their own studio at their home was the bright idea which led to the introduction of a new economy.

Speaking of artists whether they are painters or writers, the concept of freelancing must have originated from the need for developing their own voice. A voice which spoke their language through art or articles.

Also Read: How Gender Inequality affect freelancing?

YouTube Careers

Blogs and youtube channels provide a new bend to freelancing widening the scopes even more if possible. Many individuals are leaving the standard career paths and joining youtube.

Youtube has become a platform for millions of people to earn money on the basis of how good their display of content is and the boundaries are endless. There is a great number of people going forward with their youtube careers. These include self- employed people from the artistic, health, scientific sector.

One can see people living their life off of their daily vlogs. How interesting is that? Making money by recording your day to day chores. People starting their own merchandise on YouTube has set another level of the marketplace development.

The freelance economy is expected to grow drastically, as more people are joining this new system of employment. Collected data show more than 60% of freelancers have chosen this path by choice and not due to any need.

Freelancing allows bigger companies to hire skilled workers, people with high precision to be a part of their workforce.
The smaller growing companies with tight budgets can work with skilled individuals. For these companies hiring freelancers allows them to work on bigger projects while strictly maintaining their budget.

Freelancing by choice

Majority of the workers or employees are either freelancers or very keenly interested in freelancing. Freelancing allows them to have flexible time schedules. These help the individual to take out time for more than one job. They can even pay attention and give time to their passion. They are also able to earn some extra money through freelancing.

Freelancers choose freelancing

Freelancing has evolved itself from a necessity to a choice of lifestyle. There is more growth in freelancing in the health sector than the artistic sector. Hence, limits of freelancing are not just up to painters and writers. It can provide way more options for online earnings.

Catalytic factors of freelance economy

Freelancing now contributes a major fraction towards big economies like India & the US and is expected to do so in the following years. Due to the downfall in wages, the dissatisfaction of the employees in the office jobs freelance economy has been rising.

The changing and evolving mindset of the people can derive the overview of the question “why the freelance economy is growing?”. Although most of the freelancers fall in the age group of 40-50, there is an increase in the number of younger freelancers. This clearly proves that the idea of earning from a younger age now drives our younger generation. They now assume that freelancing between their school and tuitions is the best way to make money.

Freelancing has come forward as one of the best ways to decrease unemployment of countries. According to the Forbes, 35% of the population is freelancing. And that number is expected to increase in six short years.