75% of Freelancers Say They Earn More from Freelancing Than at a Full-Time Job

Ditching the 9-5 grind and starting something on your own can look draining, daunting, and demanding at first. But the rewards often outweigh your struggle. It is not only about satisfaction, working for yourself means more money as well.

According to Upwork’s report, 75% of the freelancers earn equal or more than when they were doing a full-time job.

Upwork Freelance Forward 2020 Report

The COVID-19 crisis has changed the way businesses and employees work. Now, companies and employees are increasingly adopting a remote work model. And the Upwork report indicated the same.

Here are the key findings of the report:

Two-third of non-freelancers say that they would consider doing freelance work full-time to support their families
58% of freelancers have worked for more than 5 clients in the past six months (up from 2019)
86% of freelancers say that the best days of freelancing are yet to come
71% of freelancers say that freelancing as a full-time career becoming more acceptable

Hayden Brown, President and CEO of Upwork, said, in a prepared statement, “Amid all of the uncertainty brought about by COVID-19, the data shows that independent professionals are benefiting from income diversification, schedule flexibility, and increased productivity,

“At the same time, companies are finding that these professionals can quickly inject new skills and capabilities into an organization and strategically flex capacity up and down along with changes in demand and workloads. We expect this trend to continue as companies increasingly rely on freelancers as essential contributors to their own operations,” he added.

Adam Ozimek, Upwork Chief Economist, said, “To adapt to the changes and uncertainty of COVID-19, we saw many professionals enter the freelance workforce for the first time. At the same time, the shift towards greater workforce flexibility coupled with the necessity to maintain continuity brought new demand for independent professionals from businesses. The changing dynamics to the workforce that has occurred during the crisis demonstrate the value that freelancing provides to both businesses and workers.”

Key Takeaway

Upwork data suggests that working on your own can be an excellent option even in the COVID-19 world. So if you have fire in your belly, you can take the plunge.

However, you should understand that freelancing is like running a small business. You should make an aggressive plan to get more work as a freelancer.

Also, you should get ready to work on long-term gigs as 97% of freelancers plan for long-term gig work.

About the Report

Upwork commissioned an independent research firm to do research for this year’s Freelance Forward report, including 6000 participants. You can click here to know more about the findings of the report.

Image: Upwork