During the Great Recession of 2008, before the gig economy was in full swing, I was faced with what many people were dealing with- A lack of new business and having to downsize my team and space.
I had to work quickly and creatively to continue to secure new clients and projects, maintain the ability to manage the workload with almost no team, and keep my business going.
Fortunately, I had a strong network and was able to seek out highly qualified freelancers to fulfill the demand of my workload and its ebb and flow.
It was how my business survived.
I could not keep people on payroll with the economy going flat and an inconsistent pipeline of business.
I had to become fluid and able to respond quickly. It was clear that I needed to expand and contract with the uncertain market during that time and I found working with freelancers to be a win-win.
Those who were freelancing for me wanted work, but also the flexibility that freelancing offered them. Their work was outstanding and fast.
I connected with several in each area of work to ensure that I would be able to meet deadlines and secure additional work.
I am a believer in freelance to not only support businesses but for individuals to continue to earn, connect and expand their experience, becoming CEO of their own career paths.
Out of necessity, I began to outsource work and it changed my business and my process.
It provided me with more flexibility as the markets and projects evolved and changed.
I found that by developing a network of freelancers, my business would be supported and I could manage the flux in business and the markets.
Here is what recent studies are showing:
One study by Upwork found that the global freelance workforce is expected to grow to 907 million by 2028. Another study by the Freelancers Union found that the number of people who freelanced in the United States in 2019 was 57.3 million, up from 53.7 million in 2018.
The growth of the gig economy has a number of implications for workers, businesses, and governments. For workers, the gig economy offers the opportunity for greater flexibility and independence. For businesses, the gig economy can provide access to a wider pool of skilled workers and can help to reduce costs.
Freelance is in demand and growing. What are the pluses and pitfalls?
- Flexibility: Freelance and gig workers have a great deal of flexibility in terms of when and where they work. This can be a major advantage for people who want to balance work with other commitments, such as childcare or eldercare.
- Variety: Freelance and gig workers often have the opportunity to work on a variety of projects, which can help to keep their work interesting and challenging.
- Opportunity to learn new skills: Freelance and gig workers often have the opportunity to learn new skills, which can help them to advance their careers.
- Potential for higher earnings: In some cases, freelance and gig workers can earn more money than they would in a traditional job.
- A sense of independence: Many freelance and gig workers enjoy the sense of independence that comes with being their own boss.
Of course, there are also some challenges associated with freelance and gig work. Some of the most common challenges include:
- Uncertainty of income: Freelance and gig workers often have less job security than traditional employees, and their income can fluctuate from month to month.
- Self-promotion: Freelance and gig workers need to be good at self-promotion in order to find work.
- Taxes: Freelance and gig workers are responsible for paying their own taxes, which can be a complex and time-consuming process.
Here are some additional reasons why freelance and gig work is in demand:
- The rise of the Internet: The Internet has made it easier than ever for freelancers and gig workers to find work and connect with clients.
- The changing nature of work: The nature of work is changing, and many companies are now looking for freelancers and gig workers to help them with specific projects or tasks.
- The growing number of millennials: Millennials are more likely than previous generations to choose freelance and gig work. This is due to a number of factors, such as their desire for flexibility and their willingness to take risks.
While there is less certainty in freelance, the job market and current environment aren't providing a lot of certainties either. Freelance can broaden our networks which in turn could provide the opportunity for employment and avails us of the option to work flexibly and grow our own business if we choose to.
Whether just starting out, or starting again - NEXT encourages us to rethink and design how we live and work - empowering us to continue to remain relevant throughout life
Find out more about the author,( Speaker, Podcast Host): Elizabeth Ribons
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