Freelancing
What is freelancing, you might be asking. Instead of being employed by a third party, freelancing involves operating as an independent business. Independent contractors and self-employed people, freelancers are both used interchangeably.
Freelancers are employed by different businesses on a temporary or part-time basis, although they are not paid as much or are as dedicated to a single employer as full-time workers are.
More people than ever before are discussing freelancing due to the growth of the gig economy. And that’s because there are more independent contractors today than at any other time in history. According to a 2019 research by Upwork and the Freelancers Union, 57 million Americans worked as independent contractors in 2019.
Contract work:
Jobs that require you to work part-time or on a temporary contract
Independent contractor:
This is the IRS classification of a freelancer
Contract consultant:
This phrase describes a consultant who joins for a little time under a 1099 contract.
Why is it called freelancing?
The word “freelance” first appeared in the 1800s to describe a mediaeval mercenary who would fight for whoever offered them the best pay. The long weapon that knights on horseback used to dismount foes was known as a “lance” in this context (think jousting).
How does freelancing work?
Freelancers take money in exchange for performing some kind of service. Usually, that arrangement is for a limited time.
For instance, I could pay a freelancer for the session and that would be the end of it if I hired a photographer to take fresh headshots for me.
Freelancers may receive payment from clients for a specific amount of hours each week or month. A “retainer” is a common term for that arrangement.
When you retain someone’s services or the right to their time, it is referred to as a retainer. Many legal experts take retainer clients. They charge the client a certain amount of time each month, whether or not that time is actually used in full.
How much can I get paid freelancing?
The median freelance income in 2019 was found to be between $20 and $28 per hour. Of fact, that number can vary considerably given the wide variety of freelance tasks available.
While software engineering positions may pay $75 or even hundreds of dollars per hour, transcription services may only make $5 to $10 per hour.
To obtain a clear idea of the estimated income you could earn as a freelancer, it’s best to examine the freelancing rates for your specific skill set.