According to predictions based on a survey administered by Freelancer’s Union and Upwork, by 2027 the majority of American workers will be freelancers. It’s an amazing forecast that highlights just how far technology has come in the past 20 years. In 1998, just 26% of the U.S. population had household Internet connectivity. By 2017, the percentage had risen to 84%. If you also consider that at least 91% of U.S. households currently have either homebound or smartphone Internet access, it’s easy to understand how American workers now have the opportunity to work from home in a way they didn’t in the past. If you want to be one of the 86.5 million people to branch out on your own over the next decade, there’s apparently no better time for it. But here are a few questions you should answer before you commit to a freelance lifestyle:
Can You Afford It?
Working for yourself is a lot different than working for someone else. There is rarely a steady paycheck, and there are no included benefits (unless you count the fact that your time is your own). You need to decide if you can survive the tempest of uncertainty that comes with a workload that ebbs and flows. Do you have enough funds stashed away to tide you over should a draught persist? Do you have the means to purchase health insurance? What about life and disability insurances, along with vision and dental plans? You should also consider how to fund a 401(k) or other retirement plan since you will not have an employer to do it for you. Some experts recommend saving 40% of every paycheck to cover taxes, insurances, vacations and retirement.
Are You a Go-Getter?
Can you network? Get clients? Set a schedule and stick to it? Put plainly, can you get to work when there is no one forcing you to be at a certain place at a certain time? Freelancers inevitably have to put themselves in situations that other types of employees might not ever encounter. For one, they work alone. They must be motivated to find ways to meet others. This can be hard for introverts, who might not realize they need social and business relationships to maintain relevancy. It can also be hard for extroverts, who might not like the solitude that comes with self-employment. Either way, you will have to convince both yourself and others that you can do the job.
Do You (Really) Like To Be In Control?
Can you make tough decisions or do you like to hand over the hard stuff for someone else to solve? When you’re a freelancer, you won’t have the luxury of passing the buck. You will be forced to wear a variety of hats. You’ll be the HR manager, support staff, IT guru, salesman and boss all rolled into one. You will have to be self-assured and capable of tackling all kinds of roles with all kinds of responsibilities without direction and without help. You will have to seek out opportunities, confront clients when problems arise and find solutions to all sorts of problems. A lot of people think they want to be the boss, when really all they want is the recognition. If you’re the type to shy away from confrontation and/or needs someone to tell you want to do, you might think better of going out on your own.
Final Thoughts
Since its inception, the Internet has morphed into a powerful resource with capabilities far surpassing its original intent to connect educational and governmental entities. Nowadays, you can get yourself out of a timeshare at timeshareexitplan.com or identify any song via Shazam.com or go to college (take your pick, most universities have online programs). You can even do your job from nearly any location in the world. If you answered “yes” to the questions above, perhaps a freelance career is in your future!