Many experts are calling freelancing the job of the future and say that the U.S. is moving toward a primarily freelance work force, but how do you know if Freelancing Right for You. The 42 million Americans already working as freelancers currently comprise about a quarter of the U.S. work force. By the end of the next decade, experts predict that as much as 50% of the U.S. workforce could be freelance contract workers and telecommuters.
The benefits of being your own boss appeal to many people who choose freelance professional jobs over working 9-to-5 in a traditional office setting, but the freelance life isn’t for everyone. How do you know if you have what it takes to “fly solo’? GraphicDesignDegreeHub.com has created a helpful infographic, The Pros and Cons of Being a Freelancer, that could help you make the right decision.
“Many freelancers self report higher pay rates, higher levels of job satisfaction, and greater work/life balance than traditional jobs,” Graphic Design Degree Hub noted. Here are just a few of the reasons why so many workers are pro freelancing:
- 90% of freelancers are happier than they were in their previous job; and 77% are optimistic about the future of their business.
- Nearly half of freelancers (49%) said their income was not impacted by the recession.
- Freelancers make an average 45% more than traditional workers with 75% reporting incomes of more than $65,000 per year, which places them in the 80th earnings percentile.
- Nearly 50% of freelancers charge an hourly rate of $20 to $59. Another third earn $70 or more per hour, and the top 15% bring in more than $100 per hour.
- Less than a third of freelancers work 40 hours or more per week which allows them to spend more time with their families and pursue other interests.
- Many freelancers consider flexibility to be a major benefit of the job. While 65% work full-time at freelance professional jobs, nearly 20% combine freelancing with a full- or part-time job.