The Future of Freelancing and the Gig Economy

A freelancer is typically someone who is self-employed and works on a contractual basis. The attractiveness of freelancing comes from its flexibility and independence. Most permanent jobs have fixed work hours and pay. In the olden days, people began their professional life with one job and retired from the same one. There was little worry about managing their money or job security. Companies also give their employees retirement benefits and healthcare. In the modern age, these rules and systems have changed. A worker enters the job market, expecting flux. Such an economy where employment is unpredictable, one may prefer freelancing.

Freelancing has risks too. Without an employer whom you are answerable to, the benefits of retirement and a monthly paycheck become elusive. The question that remains now is whether the world after the pandemic will sustain a gig economy.

What will the job market be after the pandemic?
While it is difficult to predict the future with certainty, studies and trends suggest that there will be large-scale unemployment in India and even in the US. With businesses shutting down every day, more people lose their jobs. In such a climate, freelancers will be worse off when it comes to bringing in clients. Without a regular paycheck, each day without work is troublesome.

There will be a gap in the demand for their services. It may be the case that in the economic dilemma that the pandemic brings, freelancers must stand to justify their services. Not only for freelancers, so will be the case for every business. The products and services available will remain, but preferences among consumers will change. In the same way, preferences for freelancing over a permanent job may change.

How do you decide which fits your goals better?
Your decision will largely depend on the area of your work. To determine whether you must pursue freelancing or a permanent job, find out what the trends of your industry are. Do you see growth in technology or a slump in marketing? You have to consider a lot of different factors.

Similarly, you must determine whether you value the agency and control over your product and services. Some people are willing to keep up the edge in their work because it gives them control over their affairs- they can choose which projects to take up and when to work. Ultimately, it must contribute to your professional goals.

There is no perfect formula to crack this question and choose a system. Decide what is more important to you, how feasible it is, and what the risks and rewards are. If you can determine these variables, you can work in a manner that will bring you the most satisfaction, benefits, and happiness.

What to do now to build your freelancing profile
If you want to cut it as a freelancer in a post-COVID world, there are a few things you can do to keep your profession stable:
a. Upskill: Currently, you must build your skills and your knowledge. Whether you are in a creative or technical field, specializing in your area of work will go a long way in building credibility and the quality of your services. Attend online webinars, complete courses, and keep practising your trade.

b. Network: Nearly everyone is working from home. Use this time to make yourself more visible on online platforms. Get in touch with people from your industry and potential gigs. Find out what the industry is looking for and build relationships. One of the risks of freelancing is social isolation and in a world of social distancing, make your online profile stand out. When the time comes after the pandemic, your contacts will remember you, which will help you build your clientele.

c. Keep up your productivity: Even under lockdown, keep working. If you maintain the momentum, you will be able to get back to regular work after the situation resumes normalcy. Do not let yourself stagnate. Understandably, the current times are tough, but that is why you must keep yourself motivated.

The future may look dim, but even among the clouds, there is a silver lining. Have faith in yourself and work to achieve your dreams. With the right attitude and perseverance, you can succeed.

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