Are you ready for the freelancing boom?

Are you ready for the freelancing boom?

The COVID-19 pandemic has taught us that the world economies are very inter-connected and hence equally fragile. This means we have to seek ways to be able to earn income despite the situations the world may be experiencing. While it was reported that by late May 2020 up to 40 million Americans were unemployed, there was a boom in employment in many other forms – namely through freelancing or what some term as the gig economy.

The state of the increasing freelance world can be summed up in five (5) major points. Let’s explore them below.

[1] Increase in Freelancing Requests
U.S. based freelancers, who made up about 35% of the workforce since last year, saw a massive increase in request for services. This came even as job loss, unemployment or reduced salaries was the norm in the rest of the economy.

[2] Many Jobs Hiring Temps
As many business owners suffered from reduced sales and revenue, to stay viable many turned to adjusting their business models and unfortunately had to reduce staff. One such way they pivoted was by hiring temporary remote workers. This change in employee structures, allowed them to save time and expenses while still providing value to their customers.

Freelancer.com alone saw a 41% increase in freelance job postings in the U.S.A. in Q2 compared to the same period of 2019. This suggested that hiring remote workers became more common due to slashed budgets.

[3] Professionals Turning to Gig Work

When the usual corporate or office-based workers found themselves without work or at a reduced salary, many had to find other means of earning. Many of these professionals turned to freelancing and may be on their way to forming their own business enterprises.

Matt Barrie, CEO of Freelancer, would state that the COVID-19 pandemic seemed to have been a “trigger of the already upward trending freelancer movement.”

[4] Monthly Revenue Increasing For Freelancers
Recent data showed a steady climb in revenue for freelancers between March and June 2020.

In the U.S. market there was an 11% increase in freelance revenue between April and May 2020, while an additional 19% increase was seen up to June 2020. (according to the Payoneer report – “Freelancing in 2020: An Abundance of Opportunities”)

[5] Freelance Growth In Many Countries Worldwide
This upward trend in freelancing is not just specific to the U.S.A. Many countries such as the Philippines (208%), India (160%) and Japan (87%) among others have seen increases in their growth of freelancers (according to Payoneer).

Alicia Lyttle, CEO of Internet Income Jamaica, knows this well, having seen many of her students assist business owners from all over the world. “We’ve seen a tremendous increase in the value of our service to teach persons how to make money online by freelancing. More so, these persons then become workers for many international clients from various industries,” she stated.

The start to becoming a freelance worker may not be as difficult as you think. Check out our in-demand online courses suited to teach you some important skills currently in the marketplace. If you have had a hard time earning due to the pandemic, this may just be what you and your family were looking for.