Are you a freelancer looking for insights and tips to help you succeed? Look no further than our bi-weekly review. From emerging trends to expert insights, our freelance news review offers a comprehensive look at the freelance industry.
These are the latest news, analysis and tips from trusted freelance sources that just got public in the past few days. Sit back and read if you want to stay informed, connected, and inspired.
The Gig Economy Offers Freedom and Flexibility. These Freelancers Share The Benefits and Barriers Of Self Employment
Source: Essence
There have never been more people working as freelancers. A new Upwork survey indicates that 39% of the US workforce is made up of freelancers. Weighing the benefits and drawbacks is crucial as more and more Americans opt for project work over typical nine-to-five jobs. Essence recently interviewed three freelancers asking how they make a living in the gig economy. They gave a behind-the-scenes look at the advantages and drawbacks of freelancing as well as the online gig networks that support them in their work.
Sarah Akinterinwa, The Professional Cartoonist
Former English teacher Sarah is now the first Black New Yorker cartoonist in the UK. She has now earned branding contracts and freelancing jobs across numerous media and platforms using Instagram as her main marketing tool. Her first book, Why You’ll Never Find The One: And Why it Doesn’t Matter, was published last month, marking another significant accomplishment for her.
Her doubts about the timing of her prospects are significant. “Just around the time of the George Floyd/Black Lives Matter controversy, interest in my art really took off. “I started to get attention during that time of racial reckoning”, she added. This shows still has concerns about being a Black artist in the freelancing sector, despite her spectacular rise in such a specialized creative field.
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Olamide Olowe, The Beauty Entrepreneur
The youngest Black woman to raise $10M in a financing round is the co-founder and CEO of the skincare company Topicals. The ideal example of a freelance entrepreneur is Olamide. The industry pioneer, whose beauty brand is Sephora’s fastest-selling, was selected to Forbes’ 30 Under 30 list in 2022. People must fully understand that operating a business and working as a freelancer involves costs, she told ESSENCE. She uses her platform to address the issue of self-employed millennial and Gen Z employees dominating the freelancing economy.
Lyndsey Scott, The Model coder
She began her professional life as a fashion model and was the first African American to sign an exclusive contract with Calvin Klein. Lyndsey has been in Prada, Gucci, and Louis Vuitton shows in addition to walking the Victoria’s Secret runway. The resourceful model who later became an actress and iOS developer benefited from profitable chances in several fields by combining traditional networking with the website Stack Overflow. For her, breaking into the tech industry didn’t just happen overnight; it was a process worth it.
Top 10 Freelance Jobs For Earning A Steady Income
Source: Fordhamram
A freelance career lets you decide when, where, and how you work. You can create a schedule at your convenience and earn a lot of money. Also, you get to choose the projects you’ll manage and the kinds of clients you wish to collaborate with. If you want to discover if a freelance profession is right for you, keep reading as I’ll describe the top ten freelance jobs as seen on the platform Fordhamram.
Most In-Demand Freelancing Skills
The most in-demand talents for freelancing today are technical and creative. Due to lower risk and greater cost-effectiveness, small businesses choose to use independent contractors rather than full-time staff. You have to be at the perfect place if you’re thinking about creating a career out of freelancing. For you to be able to earn a lot of money, we have picked the top creative freelancing jobs which we think will be a lot helpful.
1. Freelance Writer
One of the most inventive jobs available to those seeking a freelance career. Starting out in this field doesn’t require a costly degree or specific tools, and there is a lot of flexibility.
2. Website Designer
As we are in the digital era, there is currently a huge demand for full-stack designers who design user-friendly and creative websites.
3. Teacher/Coach
Online freelance educators are employed by a number of organizations in the education technology sector. You can find your clients online and create your schedule.
4. Virtual Assistant
The duties of a virtual assistant vary; the more services you add to your portfolio, the more you can offer and earn.
5. Financial Consultant/Accountant
Having financial skills is highly valued. You can apply for employment online in daily bookkeeping, tax accounting, company accounting, and fractional CFO positions, depending on your degree or professional expertise.
6. Social Media Manager
All businesses need a strong online presence. This is why the demand for social media managers is high as they can be a valuable addition to any company.
7. App Developer
The market for app development is fiercely competitive and expanding. It is one of the highest-paying freelance positions.
8. Content Creator
Many businesses look for independent experts that can create valuable content on their websites and social media platforms which will entice users to visit their sites.
9. Graphic Designer
One of the best freelancing jobs is graphic design. This applies to many business practices including advertising, campaign, newsletter and business cards.
10. Data Analyst
Many organizations rely on data analysts to predict future trends accurately. You will play an important role in unveiling trends in customer behaviour and business issues.
I Can Go The Distance: How To Save For Retirement As a Freelancer
Source: Morningbrew
According to a report, freelancers only make around 58% as much as full-time employees, which can make retirement seem unaffordable. Believe me, I understand the hardship of saving for the future when you’re self-employed. So let’s quickly go through how the popular freelance platform, Morningbrew advises freelancers on how to save for retirement.
Make A Plan
Planning for the future should involve reflection, according to Shruti Joshi, COO of financial planning firm Facet. She advised to start by developing a dynamic, continuous financial plan for yourself. It goes far beyond investing. To free up cash flow depending on your goals and ideals for how you want to live your life, you must choose what is best for your income, tax methods, and savings.
Being informed of trends and development in your industry is another crucial component of preparedness. Duke Alexander Moore, the founder of Duke Tax, noted that freelancers need to have an adaptive approach to their business. Moore said, “For instance: If TikTok is where you earn the majority of your income, you need to be aware of the regulations that apply to the program.”
Use automation to your advantage
Savings automation is fantastic, but Joshi advised spreading out your contributions if you have income that varies significantly from year to year. Establish a discipline to move a set percentage of your earnings. Start small if you’d rather leave things alone. That’s one of the proven ways I have personally utilized.
As a gig worker, Brittney Castro, a consumer finance advocate for Intuit and CFP, pointed out that your income would inevitably change from month to month. The best method to plan for this is to set aside a small sum each month, according to the author. Castro likes to remind freelancers that even $50 a month can add up over time because of compound interest.
Reduce Your Tax Burden
There are great options available to freelancers when it comes to saving for retirement. Saving for retirement for those who are self-employed is a tax cover as well as an investment in the future. To figure this out, the ideal way for you depending on your income level and business structure is to consult a tax or financial specialist.
Facet co-founder and director of financial wellness, Brent Weiss says “Hands down, my favourite retirement plan for those with self-employment income is the solo 401(k).” The majority of the time, doing so will enable you to save the most money possible for retirement, which will also enable you to minimize your tax liability.
Get Rich Off Your Side Gig with These Negotiation Tips
Source: MSN
You will likely find a side job or freelance project to supplement your income or even replace it regardless of your level of education, area of speciality, or skill set. But beginning a new profession as an entrepreneur poses some difficulties you’ll need to deal with, from securing benefits to negotiating rates.
On the website MSN, Wayne Goshkarian, director of communications for the Organization for Entrepreneurship USA, stated that gig work might include driving for Uber and Lyft, selling goods online (such as on Etsy), and performing contracted work for specific projects.
Finding Benefits As A Freelancer
Depending on the type of work you do, you might be able to get some assistance from your customer, though, with advice on how to secure your gains at a reasonable price. For instance, the rider services, Uber have collaborated with Stride to serve as clients’ health insurance brokers. A client that directly offers health insurance as a benefit should be avoided because doing so may violate IRS tax requirements and count against your status as a freelancer.
However, you should seek advice from practitioners like the Small Business Administration and the Organization for Entrepreneurship USA on where to obtain affordable health insurance, retirement plans, and benefits.
Setting Rates for Your Side Hustle
Another difficulty for people who are new to freelancing is determining their rate. Sometimes a client or business will establish a charge, either on an hourly basis or per job. These fees may not have much flexibility when big agencies hire freelancers. Goshkarian advises that all expenses including rent, travel, groceries, and other basic expenses should all be considered, as well as additional cash for savings and personal use.
Of course, you’ll also need to account for the project’s actual expenditures, which may be tax deductible but still affect your bottom line.
Negotiating Higher Pay
Make your research on the hourly rate range for your area of expertise because the market is mostly responsible for determining compensation. He said that freelancers can negotiate based on these rates depending on where you are located and your level of experience. While interacting with other experts in their field, freelancers’ income may increase when they are open and honest about their prices. Beginners will recognize the financial potential in their industry and have the confidence to raise their prices.
Knowing Your Worth as a Professional
He also pointed out that if you charge a premium rate, It may even increase the employer’s confidence in your capacity to go beyond their expectations. Overall, have confidence as you dialogue with the client. Goshkarian advised asking for payment on the upper end of the range if you are better qualified and have a solid reputation in your industry. He also advised bringing references to the interview.
How And Why The Freelance Workforce Is Setting New Records
Source: Forbes
The U.S. freelance workforce is growing, contributing more significantly to the economy and reshaping the labour market. This claim is what I got from the popular platform Forbes and was asserted by a fresh survey conducted by Upwork. According to its 2022 Freelance Forward poll, the following tendencies have been highlighted.
Year-On-Year Growth
39% of the US workforce, or 60 million people, worked as independent contractors in the previous year, reaching an all-time high. This rise is not just strong year over year but also represents the greatest proportion since Upwork started monitoring this trend in 2014.
Contribution To The Economy
Freelancers’ annual earnings, which increased by $50 billion from 2021 to 2022 to $1.35 trillion, continue to play a key role in the labour market and economy of the United States. I believe this is a big win for the industry.
Education
The U.S. job system and economy still heavily rely on independent contractors. In 2022, the annual profits of freelancers increased by $50 billion from 2021 to $1.35 trillion for the American economy. The way people perceive freelancing is changing: 73% of freelancers, up from 68% in 2021, feel that attitudes toward freelancing as a career are improving.
Generational Aspect
The generations most likely to consider freelancing are Gen Z and Millennials. 43% of Gen Z professionals and 46% of Millennial professionals, respectively, were freelancers in 2022.
Knowledge Services
Just this year, approximately 31 million professionals, or 51% of all freelancers, worked in knowledge-based fields like computer programming, marketing, IT, and business consulting.
High Level of Satisfaction
Freelancers are benefiting from this shift in the workplace system. Freelancers claim that not only are people’s impressions of them and their prospects more favourable than ever before, but they also feel more optimistic about their earning potential.
Why Businesses Should Increase Their Talent Strategy
Many people look for the control and flexibility that typical employment situations sometimes lack. Many brilliant and highly competent professionals are resorting to freelancing because people’s attitudes to work are shifting. Companies will lose access to a sizable and growing pool of professional talent if they don’t implement a talent solution.
The good news for employers is that they will have a wider range of independent professionals to pick from and work with as a result of the freelance labour pool’s continued expansion. Meanwhile, the bad news for freelancers is that there may be more rivalry for jobs as a result of the continuous rise of the freelancing workforce.
