There’s no doubt that the effects of inflation and rising costs are impacting U.S. businesses of all sizes. As a result, new headlines seem to pop up daily announcing layoffs or hiring freezes. In fact, according to recent data from Fiverr Business, 85% of U.S. business owners plan to implement hiring freezes during the current economic downturn. Yet, despite the current situation, employees are still quitting their jobs in search of flexibility, fulfillment and higher pay. As a result, companies face a labor shortage and the need to fill employment gaps quickly.
That’s where freelance talent comes in. Given the possible recession, 43% of business owners surveyed plan to hire freelancers to fill talent gaps in their workforce. This move makes sense when the majority of respondents (81%) already use freelancers to support their full-time staff. Moreover, not only do businesses believe gig workers are more efficient, but 40% also say independent talent provides a larger talent pool for recruitment. At the same time, the U.S. freelance workforce continues to grow with no signs of slowing down.
Does the idea of being your own boss and setting your own schedule seem enticing? Here are some reasons why now may be an ideal time to consider transitioning to a freelance career.
You have more flexibility
Now that many of us have gotten used to working remotely (and liking it), it’s not a big leap to consider a freelance career. Freelancing allows you to decide where, when and how you work. In addition, if you have young children or older family members to take care of, freelancing enables you to make yourself available to the people in your life who need you.
You have unlimited earnings potential
Unlike working for someone else, working as a freelancer allows you the freedom to decide your worth. You can determine your pricing and make adjustments along the way. It’s not unrealistic that, at some point, you could be earning more money than working for your current employer.
You have more job security
Being a freelancer is essentially the same as being a business owner. You are in charge of your destiny. As long as you put in the work upfront, you’ll be able to build a loyal clientele, resulting in a sustainable business. That’s much more secure than being stuck in a job waiting for the next layoff or hiring freeze.
You are your own boss
Another advantage of a freelance career is that you have much more freedom than when you work for someone else. Freelancing allows you to choose whom you work with. Because you’re running your own business, it’s up to you to decide which new clients to take on, what your rates are and what hours you work. You can accept assignments that seem interesting and turn down any projects you don’t want.
You can test the waters
If you want to transition to working for yourself slowly, freelancing is a great way to test the waters. As a freelancer, you can experiment with different product and service offerings to see which ones are more profitable than others. Once you’ve gotten your business off the ground, taking that final leap to entrepreneurship will be easier.
While a freelance career isn’t for everybody, it does offer many undeniable perks. If you’re considering breaking into freelancing as a side hustle, a part-time job or a full-time job, now may be just the right time.