Freelancing - Deepstash

Freelancing

The year 2020 has been pathetic for many people who are dependent on 9-5 jobs for their living. As per the estimates of ILO, 25 million jobs are estimated to be lost due to the pandemic. In India alone, 4 million young minds have lost their jobs. Although, freelance in other countries like the USA has been seen as a prominent source of income in these though times. Freelancers in The USA contribute $1.4 trillion to the economy every year and reports predict that around 43% of the US workforce will be freelancing by the end of the year 2020.

Is India shifting its workforce towards freelancing?

A study conducted by Mckinsey states that around 20-30% of professionals in developed markets are engaged in freelancing or gig economy. In India, the freelance industry is estimated to rise by $20 to $30 billion by 2025. If reports are to be believed, India is home for the second largest numbers of freelancers after the USA. A whopping 15 million individuals are working independently in different sectors like IT, sales, design, finance, content development and many more. Freelance is soon emerging as an alternative for IT jobs as freelance coders and software developers easily earn up to $ 500/hour in addition to which recent reports show that work from home improves work performance by 13% adding more towards organizations well being.

Is it going to stay, or it’s a temporary trend ?

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Know your worth

When starting out as a freelancer, it can be challenging to know where to price yourself based on your knowledge and your skills in the market. To work this out, we suggest you:

  • Find your niche. This is the value freelancers bring to many companies to help meet their needs. Once they’ve developed an area of expertise, they need to learn how to communicate their value, clearly and concisely. 
  • Learn the market. After all, there’s no fun in marketing a skill that nobody wants. 
  • Monetize your skills. It’s no good freelancing if you can’t make money. Turn your talents into products or services that people can buy. 
  • Tap into your confidence. Know that what you can offer is crucial and own it. Most

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Is freelancing right for you?

It’s estimated that by the end of 2021, 42% of the American workforce will be freelancing.

It takes more than a stable internet connection to make a living as a freelancer. In order to make the big bucks, you’ve got to put in your time and know your stuff when it comes to selling your services.

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The solopreneur

Upwork reported that 36% of the US workforce freelanced in 2020. The same report finds that 58% of traditional workers who started working remotely during the pandemic consider freelancing.

Experts predict that the majority of US workers will engage in independent work by 2023. Many of these workers will fall into the category "solopreneur", an independent worker who works alone.

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