Over the last few years, freelancing has become the next big thing in the business world. Professionals are transitioning into freelancing endeavors, while stay-at-home parents are deciding to earn additional cash by freelancing their skills. It’s safe to say that freelancing will only get bigger.
Freelancer Make Good Money
However, there are still many workers who are apprehensive about delving into the world of freelance. Many believe that it’s not only difficult but it also doesn’t pay well and you may have to work an immense amount of hours just to make ends meet. Ostensibly, this isn’t true, says a new study.
According to Payoneer, a global payment platform, freelancers are working less hours and earning a considerable amount of money. Payoneer released the results of a recent study of approximately 23,000 freelancers situated in 180 countries across six continents to garner an inside glimpse into the trends surrounding billing rates, project expectations and experience levels. What did the study authors find? Well, they’re doing just fine.
The survey found that the average freelancer works 36 hours per week and earns $21 per hour. In total, the average freelancer is earning an annual salary of $39,000 before tax.
Experts say that there are two important findings from the survey. First, this is a noteworthy sum of money because it’s more than what the average non-freelance worker earns in many of the countries. Second, freelancers with college degrees earn on average $20 per hour, which is less than the $22 hourly wage that high school graduate freelancers earn - this suggests that clients are more concerned about skills and testimonials than education credentials.
Report authors note that these numbers are based upon global averages and a freelancer’s earnings can depend on the industry, billing method and primary or secondary incomes.
Freelancers Have Freedom
Scott Galit, CEO of Payoneer, iterated what many freelancers have realized since the financial crisis: there is an abundance of work opportunities for those professionals with an incredible skillset no matter where they are stationed in the globe. All of this is possible because of the "borderless world."
"There’s an obvious appeal to freelancing — businesses worldwide can tap into a larger and more diverse talent pool than ever before, and ... freelancers and service providers [can] secure work with international companies," Galit said in a statement. “Freelancing offers smart, talented, hardworking professionals and business owners in emerging economies such as Argentina, Bangladesh, India, the Philippines and Serbia a major breakthrough in job prospects and earning potential that they would have never thought possible a few years ago."
Are you now intrigued about becoming a freelancer? Galit offered a few tips for freelancers:
- Create profiles across a stream of freelance networks.
- Ask clients to leave reviews on these websites.
- Start to brand and promote yourself through blogs and social media.
Due to various payment systems, constant connectivity, freelance simplicity and the cost-effective nature of hiring a freelancer, this industry will only expand and become more lucrative moving forward. Freelancers have to start taking matters more seriously and treat themselves as a brand. Once this is done then the opportunities are endless. With 53 million Americans alone acting as a freelancers, there is a lot of talent to compete against.
Are you thinking about becoming a freelancer? Have these findings made you think more seriously about it?