How Steady Is Freelancing In The Digital Era Economy?

how secure is freelancing in the digital era remote work

The economy and job market are changing rapidly in the digital age. Many workers end up leaving their paid vacations on the table in today's day and age out of the fear of losing their job. Although all of these employees are legally entitled to a PTO (paid time off) work-free days or holidays, corporate jobs that depend on other people in higher positions are always a matter of stability. 

Some of the hottest startups of the last decade promise "unlimited vacation" but if you take any of it you are in hot water with management and coworkers. In the United States, China, and some other countries taking vacations is frowned upon and the hustle or grind is embraced instead. This is where freelance work comes into the picture when working from home or as a digital nomad. 

Skilled people who are brave enough to dip their toes into the competitive world of freelancing depend on themselves and their hard work to make it happen. Nothing is standing in their way, and they do not spend their lives being just another cog in the wheel. You can finally be your own boss as a freestyling freelancer! You can even start freelancing for free or with just a few hundred dollars.

Although many individuals might not realize it, freelancing can actually come with more job security than traditional jobs. The idea of full-time freelancing might seem foreign to some, but the truth is that finding the appropriate free freelance & consulting contract templates on HoneyBook is the first step to total job security. 

Let’s see how freelancing compares to traditional work and what you can expect from being a freelancer. 

How Does Freelancing Compare To Traditional Work? 

One of the most common questions regarding freelance work is that of salary. Unfortunately, we can’t give you a clear answer regarding that question as not all freelance work is the same. It mostly depends on your line of work, client base, service rates, ability to expand, and more. Each industry differs and each individual is different.

However, if we compare freelancing to the traditional work we’re all familiar with, you can look at it as a job with no ceilings when it comes to earnings. What does that mean? In most traditional jobs, you would need to wait for an annual review to discuss a possible raise, while that’s not the case with freelance work. Similarly, if you feel like your earnings are not where you want them to be, you can expand your client base and earn more. 

Yet, nothing is as easy as it seems when working for yourself. As a freelancer, you can earn more money, but that path is characterized by how much you’re willing to invest, learn, try, and work. 

Balancing Work The Right Way 

When talking about traditional work, in most cases, you cannot affect the number of clients your company handles. Job security at any company depends on other people, especially those ranking higher than you. 

However, with freelance work, you choose the number of clients you want to work with. Whether you work with five or 30 clients, it is solely your decision. The most important thing is having clients to fall back on if one pulls out or doesn’t require your services anymore. As a freelancer, you’ll always have the chance to find more clients that will provide you with a steady workflow. 

Where you find balance is with short-term and long-term projects. While short-term clients offer more flexibility, long-term projects can help give you an idea of what your revenue would be like for a specific time frame. Both have their advantages and disadvantages, and it’s all about the right balance. 

Work-Life Balance 

Some people might feel more stable working a traditional job, but is it worth your private life? Freelance jobs give much more freedom when it comes to creating the perfect work-life balance. Working all the time without a corresponding personal life is not the answer. 

This is where freelancing shines. Freelancers hold the reins over their work-life balance. It means they’re free to indulge in hobbies and after-work activities that make them happy, not blow off work for a few weeks. Similarly, you might need to work 12 hours one day but then only work four hours the following day. 

Freelancing is all about the ability to meet your clients’ needs and your own deadlines. When it comes to work-life security, you won’t find such a deal anywhere else. 

First-Rate Freelancing 

The digital era allows people to build on their skill set and take up programming, web designing, and other computer-related tasks. It also allows them to have the so-called location independence. Traveling and working at the same time has never been easier, and more freelancers are embracing this. 

Similarly, not working as part of a corporate machine gives you much more freedom when choosing the people you want to work with. Creating a safe haven with the people you trust will make you love the job even more. Surrounding yourself with the right team, and having the freedom to walk away from those that don't fit your freelancing mission, can make all the difference for personal and professional success.

So if you've been thinking about it, it's time to take the plunge to become a freelancer or digital nomad!

Bootstrap Business Blog Newest Posts From Mike Schiemer, Partners, & Blog Outreach Services