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Freelance Market: Is it a Booming Economy?

by Michael Hicks - 9th August 2015

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Freelance Market: Is it a Booming Economy?

The Life of a Freelancer

Any individual who considers self-employment and is not committed to any organisation whatsoever is labeled as freelancer today. But whether to go freelance or not depends on what it has to offer in terms of benefits. Likewise, not everything that glitters is gold; there are a number of pitfalls when it comes to quitting your job and become a freelancer.

The Freelance movement in the UK:

According to the Freelance Statistics 2015, UK has developed into a popular market for freelancers over the years.

  • The increasing number of freelancers has grown 14% since the past decade.
  • In the UK alone, 1.4 million British freelancers have driven the market in all sectors.
  • A staggering rate of 78% population in the UK believes that freelancing has positive impacts on the social lives of individuals with proper time management.
  • The increased average rate of hourly payments (6.7%) has made freelancing seem lucrative and an attractive career for most of the graduates today.

Freelancing: The Good and the Bad

The Good:

Freedom and Flexibility: If you are sick of office attires, deadlines, punctuality and work conflicts, this is your dream job! Nobody bats an eye whether you work in your sleepovers or from bed – you are a free bird. Freelancing provides you with the freedom to decide where you want to work from, who you want to work for, and what projects you want to pick up. Sounds ideal, doesn’t it? This flexibility enables a freelancer to schedule his daily routines accordingly taking out time for other activities and social life.

Your office is where you are: Office environments can be cruel to some point, the constant ringing phone bells, the never-ending gossip among colleagues, and the pressure of deadlines, all can contribute to distractions or hampered creativity. Freelancing provides you with the chance to take your office along. Sit in a coffee shop and get inspired to write some of the best quality work you ever produced.

Diversity:  It is no longer a matter of completing the assigned work, but a chance to let your creativity go on a roll. You want to write about plants, take up projects concerning forestry, you feel like designing logos for comic companies, do exactly that! The compulsion to work on something you don’t enjoy or feel excited about ends here, thanks to freelancing.

Multiple source of income: At times, companies have to lay off even the best of people. The job insecurity keeps millions awake at night. Why live with a sword hanging over your head all the time? Let the tension go away with freelancing, where you can wisely plan your income streams. With freelancing, it’s a free market full of potential clients looking for people to work with. This promises a constant flow of cash in your pockets.

The Bad:            

Payment insecurities: Once you take up gigs or freelance job, make sure you are aware of the client, payment, modes of payment transfer etc. Late payments or no payments at all can be disheartening.

Famine versus feast: There are days, months even, when there is a lot to choose from, but that is not always the case. At times nothing seems like your kind of work. This is what the ‘famine versus feast’ concept argues on. Freelancing comes with great risk of such work. As a result, your income suffers.

A no-benefits-at-all job: Yes, that’s what it is. Since you are no longer part of any company or employed via s permanent contractor, you get no health, emergency or spouse benefits you would have with typical employment.

So should you go for it?

Well, that depends on what you are willing to sacrifice and what you want to gain from it. Purely a pros versus cons situation. Now that you know the opportunities and risks involved make a decision whether to pursue it or not.

Till then, happy job searching!

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