15 Industry Stats on the Powerful Freelance Gig Economy

15 Industry Stats on the Powerful Freelance Gig Economy

Let’s look at the rising career pathway known as the Freelance Gig Economy. More and more individuals all over the world are opting to freelance instead of working in an office. There are many benefits to this lifestyle. This includes the freedom to work from anywhere globally and set your prices, times, and general work environment. You generally are the boss.

As much as there are benefits, there are drawbacks too. You have to organize your health insurance, tax payments, and retirement fund. Since it’s a business, you may even have to invest a large batch of time in the earlier phases without seeing higher incomes.

You have to consider the freelance gig economy from both sides, but also, there are more data sets and stats we can share that will show you the potential for this economy. And even more exciting, is that there are plenty of freelance websites and marketplaces to help you get started, while also finding more work and establishing yourself as an expert in your space.

Let’s get into the 15 industry stats based on the freelance gig economy.

A large component of the American population is made up of freelancers. They can perform various roles, such as consulting, programming, writing, and even marketing.

Many start their career freelancing due to more income needed, but they soon begin earning more than their ordinary work income. They then have to make a vital choice, and that is if they should take their hustle to a full-time state.

The good news about having 53 million freelancers in the US is that many systems have already been created for you to get work and get started. Nowadays, it’s similar to leveraging your network of using an application that connects freelancers with clients like Upwork, Fiverr, or PeoplePerHour.

While Europe’s freelance community is smaller than the US, many more Europeans want to follow the freelance path. Seeing as they have a high skill level in the in-demand freelance skills, they stand a good chance of securing those gigs. 11 million freelancers bode well for the future of freelancing in Europe, and it’s undoubtedly an excellent option to take if you wish to have more time and work freedom.

The top 6 in-demand freelance skills are included below for you.

  • Developer, coder or programmer
  • Designer
  • Writer or copywriter
  • Marketing professional
  • Translator
  • Videographer

This list can lead you to find if you can earn a decent living from working as a freelancer. If you have these skills, it will be beneficial to your potential as a freelancer. You must be useful in these roles as you will be working with clients who expect high professionalism levels. As much as you have these skills, it’s also crucial that you have customer service experience to provide world-class service to your potential clients.

It’s no been noted that unemployment rates worldwide have increased significantly; based on this, more and more people are seeking other forms of employment.

The good news is that fortune 500 companies are hiring, but this time not for employees but freelancers. Generally, they may need work done, but it doesn’t require a full-time employee but more contractual work, so that’s when they get onto Upwork or People per hour looking for reliable freelancers.

The data shows that almost 30% of the world’s biggest companies need skilled freelancers that currently reside on freelancer sites like Upwork. And some of the best data and information highlighted in this reference guid include:

  • Almost 30 million freelancers are long-term oriented.
  • 31% of freelancers earn $75,000+ a year.
  • There are 57 million freelancers in the US.
  • Working from home improves performance by 13%.
  • 30% of freelance writers make under $10 per hour during their first year.
  • Men make 4 times more money than women.
  • 91% of freelancers think the future of the profession is bright.
  • Half of the working US population will turn to freelance work over the next five years.

The US’s median income sits at $61,000+, and now we’ve seen that 31% of freelancers in the US earn more than $75,000. This means that freelancing has become a likely candidate for better work opportunities and the pay that can match the US’s median salary. To put things into perspective, the average salary for a US manager is $58,000, while a project manager will earn $86,000.

Considering that freelancers’ income is inching closer to that 6-figure income bracket, there might be an opportunity for you to look into the skills you can use to freelance, as we mentioned above.

Further statistics also show that 25% of freelancers had a master’s or Ph.D. while 20% hold no degree. Generally, that makes the global freelance population highly educated professionals. The reality is that while freelancers usually are well educated, many still chose to gain valuable skills and training over continuing formal education.

The aim is to improve their skill and, therefore, their earning potential. The top areas where freelancers have opted to advance their skills include technology and business management. The only challenge is that they have to foot the bill for training costs. Seeing as they will earn more income from the training, it tends to make up for it.

In a recent survey done shows that 72% of freelancers believe they can advance their careers. They think that their jobs also allow them to improve their skillset and essentially earn high incomes.

One of the reasons this could be considered is because freelancers feel they have autonomy over their work. They also fully control their pay scale and the clients they choose to work with.

A recent study done by Upwork indicates that most freelancers are heavily skilled professionals who have advanced degrees and experience in marketing, IT, and consulting.

They bring a lot of this with them to the freelancing world, allowing clients to get the best service without employees’ hassles. The reality is that clients prefer highly skilled freelancers, it generally will give them peace of mind that their projects are handled well.

Statistics are showing us that younger workers are beginning their working life as freelancers. They prefer it, where we see that 53% of freelancers are aged between 18-22 effective 2019. The gen Z group has recognized a need to create alternate work pathways for themselves, leveraging technology.

They are considered the most tech-savvy generation, so working in the online space fits well with the preferred style of work. Generally, freelance work lends itself to more results from home scenarios too. If you’re interested, we also noticed that millennials make up 40% of the freelance population.

The reality is that many choose to freelance due to a dislike for their current work circumstance. It can be a hard slog, in the beginning, having to learn new models of working and getting used to the online work environment. Yet once you do, it opens up a world of possibilities.

The first is that you can work virtually, and also you have a world of clients waiting to use your services to build their projects. That’s the main reason that 64% of people have seen that they have better work opportunities because of freelancing.

The trend we’re noticing is that Freelancers tend to be happier, and the big reason is that they have more work-life balance.

They don’t spend all of their time working. Instead, they can invest time in their hobbies, families, and doing more than they could before freelancing.

Add in the lack of travel since they work from home, you have a more engaged individual. It shows too as remote working data shows us that 77% of people who start freelancing see improvements in their work and life balance.

Generally speaking, when using freelancers, companies don’t have to pay for a permanent employee. That means no management of pensions or other overheads for that employee. It can save the company millions of dollars a year.

This makes it even more lucrative to use freelancers in companies. More and more companies see this value as they see their profit margins increase with fewer employee costs for their payroll. On average, they can save $11 per hour per employee when they opt for freelancers instead.

Managers and employers don’t appreciate monitoring every aspect of their team’s workstation, so they use expensive software to check average handling time, breaks, and transfers. This tends to be costly.

When using work from strategy, freelancers outperform office employees. This does seem intuitive as well, where we see that working from home offers less distraction, leading to better productivity, which directly affects the bottom line of a company. Data shows that companies see an increase of $2000 in profit per freelancer.

This statistic is good news for those thinking about leaving their 9-5 in favor of freelance work. It shows that 25% of freelancers left their regular job for their new occupations in freelance statistics.

Fast forward to six months later, and many earn 60% more than what they used to make at their ex-employer. This statistic alone can inspire someone who has the skills and the knowledge to try out freelance work; it may become a risk that earned you a 60% higher monthly income in a short space of time.

This number seems large when compared to the 53 million individuals currently working as a freelancer. This expansion will bode well for unhappy office workers who want to use their skills to Freelance.

The trend does not look to be stopping, and with more people waking up to the online opportunities, the freelancer realm will eventually have 90.1 million group members by 2028, according to Statista.

The world of work has changed significantly, and we have to adapt along with it. We hope that the 15 powerful stats have given you food for thought on how you can leverage Freelance in your business or as an extra side hustle.

Based on our experience, we’ve seen that Freelancers earn large incomes but will need to work the required hours to create that income. It can be a fulfilling and flexible career path provided you keep in mind the administration involved to set up tax, pensions, and more.

The overall result is good, and we recommend trying out an opportunity freelancing so that you can learn the ropes. As we noticed, the playing field is getting smaller and smaller as more people look to freelancing to leave the 9-5 lifestyle.

Did you enjoy reading our post on the 15 Industry Stats on the Powerful Freelance Gig Economy? If so, you will probably enjoy our WordPress stats reference guide.

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Profiting from the $120 Billion Gift Card Industry

Profiting from the $120 Billion Gift Card Industry

When was the last time you gave or received a gift card? It was probably just recently, and even more important… it was probably well received.

The business of gift cards is extremely profitable and is now a $100+ BILLION industry. It was recently reported that around 25% of all holiday gifts will be returned after they are received. The great thing about gift cards is that once they are given, the receiver can spend them on whatever they want… however, the clear winner in the world of gift cards are the businesses and processing companies behind them.

Before we jump into more details stats and some infographics, let’s first take a look at some quick stats (source CardPrinting.us).

  • 8 – 10% of businesses offers Gift Cards. 
  • 10 – 18% of all Gift Cards go unused.
  • On average $40 is spent on Gift Cards
  • 55% of Gift Cards recipients need more than one trip to deplete their card value.
  • 25% purchase items they had not plan to spend money on.
  • 85% add an average of $17.70 out of their own wallets when redeeming Gift Cards.

I feel the most important stat here is that 10-18% of gift cards go unused. Unfortunately I have first hand experience of forgetting about gift cards, only later to find them and see that their balances have dwindled away over time, or even worse… I simply misplaced the gift card!

These unused funds are known as “spillage”, which actually results in BILLIONS in profit for retailers annually.

The Gift Card Business is Booming!

With more people buying online and using email and digital methods for sending/receiving gifts, gift cards are quickly becoming the number one choice for consumer gifting… and not only during the holiday season.

In 2014, $124 billion was loaded on gift cards in the U.S. — this year (2015) we will likely see gift card purchases surpass the $138 billion mark.

For more fun statistics and how your business card start increasing revenue and profits with gift card, check out the infographic below, provided by CBE.

Gift Cards Infographic

101+ Actionable Business Growth Tips from Industry Experts

101+ Actionable Business Growth Tips from Industry Experts

One of the best ways to find success online, is through the use of a mentor or at the very least, being inspired by other successful people around you. That’s one of the main reasons why I created the Rise of the Entrepreneur podcast — to share my personal story, along with the expertise of others.

When I first started making money online, I didn’t have anywhere near the resources that people have today. It wasn’t til 2000 that I flew across the country with my father to attend Commission Junction University and really got to connect with some of the smartest people in the industry. Many of the people I met at that first conference bloomed into many different opportunities, and I also keep in touch with many of them still today.

In the infographic below, we are going to highlight 101+ actionable business growth tips from online marketing experts, bloggers, and world renowned business experts — all of which you can start following and engaging with through Twitter!

101+ Actionable Business Growth Tips from World Renowned Business Experts

Business Tips from Marketing Experts

Special thanks to VirtualStaffing.co.uk for the creation of this infographic.

 

Now it’s time to highlight each of the mention experts, their advice and of course how you can follow them on Twitter as well.

Neil Patel @neilpatel (podcast episode)

  • Analyze your competition and replicate what’s working for them.
  • Learn from other businesses mistakes and avoid making the same ones.
  • Break down your goals into bite sized tasks, which will help increase your odds of achieving them.

Eric Siu @ericosiu

  • Keep learning. Seek out others that are smarter than you.
  • If you’re not getting punched in the face every day, you probably aren’t doing anything worthwhile.

Barry Schwartz @rustybrick

  • Focus on a few things.
  • Work harder than the people you hire.

Ian Cleary @iancleary (podcast episode)

  • Build relationships.
  • Set goals every day.
  • Get your first customer asap.

Bill Sebald @billsebald

  • Take content strategy very seriously.
  • Build relationships every step of the way.

Adam Connell @adamjayc

  • Know your market inside out.
  • Market to influencers.
  • Never stop development of your product or service.

Ana Hoffman @anatrafficcafe

  • Build, nurture and leverage business relationships.
  • Diversify your content.

Bill Hunt @billhunt

  • Always do amazing work for a client and they will want more and / or refer you.
  • Always find ways to make a process more efficient.

Robbie Richards @robbierichmktg

  • Have one goal at all times. Whether that’s an hourly goal, a daily goal or yearly goal.
  • Start with a clear quant-based marketing plan.

Yaro Starak @yarostarak

  • Growth can only come when you know whom you are trying to reach.
  • Identify your 80/20 tasks – activities that deliver the big outcomes and ignore the rest.

Mark Scaefer @markwschaefer

  • Be bold, but do not make mistakes you can’t recover from.
  • Surround yourself with the right people to take you to the top.

Jeff Sheehan @jeffsheehan

Have a clearly defined mission statement. Have 1 year, 3 year and 5 year plans.

Alex Turnbull @alexmturnbull

  • Talk to your customers every single day.
  • You don’t get what you don’t ask for.
  • Make time to learn new things.

Lincoln Murphy @lincolnmurphy

  • Begin, and always work with, an ideal customer in mind.
  • Be 100% clear on the desired outcome.

Rishi Lakhani @rishil

Know your business and niche. Build a plan and stick to it.

Venchito Tampon @venchito14

  • Prioritize email list building at the very start of the campaign.
  • Invest in educating your team members.

Kristi Hines @kikolani

  • Creating and distributing a lot of content with freelance writer in my author bios.
  • Engaging on social media networks and groups with freelance writers in my social profile bios.

Andrew McCauley @the_sm_bloke

  • Keep your eye on your financials.
  • Your network is your net worth.
  • Consistency.

Sue Anne Dunlevie @sueannedunlevie

Guest blogging. My mentor, Jon Morrow, says to do 4 guests posts a month. Blog commenting.

Nick Eubanks @nick_eubanks

Start with fact-based competitive analysis by doing keyword research. Design timelines to attack the revenue verticals that emerge from your analysis.

Sujan Patel @sujanpatel

  • Focus on execution. So many entrepreneurs and business owners focus on what they “can do” and learning instead of testing and executing what they know.
  • Find an experienced mentor. Not only do mentors provide guidance and great advice, they help you focus and reduce mistakes.

Chris Guthrie @chrisguthrie

  • Reinvest. Don’t be afraid to reinvest profiles back into the business.
  • Hire early. Personal expense reduction.

Marcus Miller @marcusbowlerhat

  • Have a plan. People, it’s all about people.
  • Understand your market and try to identify a niche.

Christopher Mills

  • The longer it takes to develop, the less likely it is to launch.
  • Be incredibly clear about your goals and measure as much as you can.
  • Network as much as you can.

Freddie Chatt @freddiechatt

  • Accept you don’t know everything.
  • Constantly monitor your competition, take what they do to get success and do it better.

Kevin Gibbons @kevgibbo

  • Keep a clear focus on what you want to achieve and why.
  • Learn to be productive – the biggest issue is always managing time effectively.

Shauna Mackenzie @msshaunamack

  • Create your own mastermind group of people.
  • Do what you say. Always. Your reputation depends on this.

Timo Kiander @blogathlete

  • Educate yourself every day (by reading, watching and listening).
  • Focus on one project at a time.

Jason Falls @jasonfalls

  • Don’t be afraid to invest in advertising or marketing, even if you think social media is all you need.
  • Hire people who can do the things you can’t do well. Trust them

John Doherty @dohertyjf

  • Find closely related verticals that have your ideal audience and find a way to partner with them.
  • Take big swings, but don’t forget that base hits win ball games.

Ardath Albee @ardath421

  • Know your customers and share expertise that they will find relevant and valuable.
  • Always deliver your best work — give them more than you promise.

Laurie S Hurley @lauriehurley

  • Identify your target market and speak to them – don’t try to be everything to everyone.
  • Use outsourced and contract labor if it makes sense for your business.

Kathyn Aragon

  • First, create balance in your business processes.
  • Second, build a community.
  • Third, automate. You need time to engage with followers and support your tribe.

Zac Johnson @zacjohnson

  • Create a real business blog.
  • Become the authority within your niche.
  • Build a long term monetization plan.

Martin Shervington @martinsherv

  • Start blogging – and for me, Google+ is the perfect micro-blogging platform.
  • Build a community of people around you.

Dave Schneider @selfmadebm

  • Mimic businesses in your niche that you know are successful.
  • Build relationships with influencer.

 

Don’t forget to share this awesome infographic with your friends on social media! 😀