Working from home is easier than ever before. Video conferencing and chat communication platforms are close to replicating the experience of working in office. This advance in technology is one of the main reasons why the United States is seeing a huge rise in the gig economy. There are currently 57 million people who freelance, and that is expected to grow to nearly half of all workers in the next decade.
While it’s now simpler than ever to find a freelance gig on an online job board, it’s still a big leap to go from the occasional side hustler to full-time freelancer. If you’re already being paid to work the odd freelance project, you may be attracted to the flexibility and freedom that full-time freelancing offers. However, there’s more to doing your hustle full-time than meets the eye.
With flexibility comes more instability. Your income won’t always be consistent, and without an emergency savings, paying for expenses in the early stages can get tough. Plus, you’ll be responsible for all of your own taxes and health care coverage, which can set you back further than you might anticipate. Because of these additional costs, and the time spent doing unpaid marketing and administrative tasks, many experts recommend that freelancers double their usual hourly rate in order to take home an equivalent amount to salaried employees.
While it can be a challenge to manage your finances as a freelancer, for many people the extra work is worth the rewards of getting to work whenever you want, on only projects you enjoy. To help you decide if freelancing full-time is right for you, check out our infographic below: