The freelancing industry has seen immense growth in recent years, and this trend is only expected to continue in the coming years. A major driving force behind this growth is the increasing importance of the creative economy. As businesses become more reliant on innovative thinking and outside-the-box solutions, the demand for freelancers with new and innovative skill sets has skyrocketed. This has created a unique opportunity for more freelancers who can offer creative services.
In 2023, the freelance landscape will be heavily shaped by the continued growth of the creative economy, offering freelancers with the right skillsets ample opportunities to succeed.
Current Freelance Landscape
Gusto data indicates contractor and freelancer utilization has seen a dramatic spike over the past year and a half, with an increase of 11% in the last 12 months alone, and 28% since March 2020. This surge points to the fact that many businesses now rely on freelancers as part of their workforce strategy due to their availability and flexibility. The current trend suggests that companies are taking advantage of this option to remain competitive in terms of costs and productivity during the pandemic.
Contractor and freelancer utilization is an important indicator for those monitoring the job market and labor force dynamics. It shows how employers can benefit from more agile staffing solutions without sacrificing quality or performance. This recent increase signals that contracting is becoming increasingly popular amongst businesses worldwide, which value its cost-effectiveness, ease of use, and ability to adjust quickly to changing circumstances. Contractor utilization will likely continue to grow in the coming years as more organizations take advantage of its advantages.
The Creative Economy Trend
As freelancers become increasingly commonplace, businesses are looking for freelancers with more specialized skill sets who can provide unique solutions to problems. This has resulted in freelancers becoming more specialized within the creative field, and many freelancing platforms now offer services that focus solely on the creative industry. This trend is only expected to increase in 2023 as freelancers find new and innovative ways to meet their clients’ needs.
In addition to increased specialization, freelancers in 2023 will likely benefit from the growth of technology-driven opportunities within the creative economy. New tools such as artificial intelligence and machine learning have opened up a world of possibilities for freelancers looking to expand their skill set or start a business in these fields. With the right expertise, freelancers can use these tools to provide unique solutions to businesses and leverage their knowledge of emerging technologies.
The Creative Economy and the Global Landscape
Most contractors engage in consulting work, often within their specialized field or in creative endeavors such as design and content creation. This is especially true for U.S.-based contractors, who are 50% more likely to provide consulting services compared to their international counterparts. In stark contrast, international contractors are two times more likely to provide administrative and routine services, as well as technical work that requires a higher level of expertise.
Contractors worldwide have become indispensable professionals that can be tapped into for everything from project management and analytics to coding and web development tasks. Furthermore, due to their sheer breadth of skills, independent contractors can also provide valuable insights into areas outside of their specialties, such as marketing or finance. By leveraging the collective knowledge and experience of freelance workers across the globe, businesses can access an almost limitless number of resources at any given time.
The Creative Economy is a rapidly growing market, and the recent pandemic has only intensified its growth rate. A survey conducted by Upwork involving 6,000 freelancers registered on their site shows that 24% more people are joining the gig economy this summer compared to normal years. The popularity of freelancing suggests that this is no passing trend, but rather an emerging shift in the global workforce landscape.
This boom can be attributed to changing work trends as people’s previous jobs shifted from in-office to remote roles and widespread job loss from companies due to the pandemic. Reports across similar platforms have mirrored those conducted by Upwork, suggesting this rising trend will continue for some time. With reports showing the percentage of freelancers steadily climbing year over year, the Creative Economy may become a long-lasting mainstay in the current global landscape.
The Rise of Online Marketplaces for the Creative Economy
Well-known platforms Fiverr, Upwork, and Freelancer.com are all excellent ways for freelancers to gain visibility, connect with employers, and find new opportunities. But what is the best platform for creatives?
Best Online Marketplaces for Creative Freelancers
The internet is a compelling resource for creative freelancers, offering a vast landscape of platforms and opportunities to get their work noticed. Some great online resources for creative freelancers include Behance and Creative Market, both of which specialize in showcasing talent through portfolio pieces and displaying artwork available for purchase. Other sites, such as Crowdspring and Canva, are ideal for graphic design projects, while Servicescape allows creatives to offer services in various sectors like marketing, advertising, translation, or animation.
All these platforms offer an array of tools designed to help creative freelancers manage their businesses more effectively while also connecting them with new opportunities. With so many options available, it’s easy to see why creative freelancers turn to the web first when looking for new gigs or clients.
Freelancing as a Path to Creative Entrepreneurship
The freelancing economy can also serve as an on-ramp to creative entrepreneurship. In 2023, freelancers will be able to leverage their freelance experience and knowledge of the creative industry to launch businesses in a variety of fields. Examples include app or web development, marketing, design, and consulting services.
Is Freelancing the Best Move for Risk-Averse Entrepreneurs?
For risk-averse entrepreneurs, freelancing can provide the perfect way to embark on a venture without completely forsaking regular income. It provides a great way to ease into self-employment and test the waters of entrepreneurship and allows business owners to learn valuable skills and build up their networks while still receiving a steady income.
According to an insights report from Gusto, while only 5% of contractors also run a non-contracting business, 55% of these individuals earned more than half their total income from contracting. This gives entrepreneurs the flexibility to pursue other ventures without leaving their financial security totally vulnerable. For those savvy enough to juggle multiple sources of income, freelancing offers a safer entryway into entrepreneurship than making a sudden leap and committing all resources to launch something new.
Here are a few reasons entrepreneurs might want to consider investing in contract work before launching their own venture.
1. When working as a contractor, you don’t need to worry about making long-term commitments or investments.
If your entrepreneurial venture isn’t successful, you haven’t sunk too much money into it and can easily pivot and try something else. In addition, because you’re working as an independent contractor instead of an employee, there is no obligation to stick with one company or project for any length of time – meaning that you can move around at will without worrying about job security or salary issues.
2. Through contracting work, entrepreneurs can grow their network.
Not only are contractors often able to meet new people in different industries than they may be used to working with, but they also get the opportunity to build relationships with clients and vendors who can become invaluable resources later on down the road if they decide to pursue their business ventures. It’s also a great way for entrepreneurs to learn how different organizations run from the inside out – giving them insights on what works and what doesn’t so that they can make better decisions when starting their own businesses.
3. Contractors get paid for their work
This means that even during the early stages of deciding whether or not entrepreneurship is right for them, they have built up some cash reserves from contract work that can help support them should they choose that path. This makes it easier for entrepreneurs to fund their startup costs without resorting too quickly (or facing too much risk) in taking out loans or asking investors for capital.
Freelance Opportunities are Becoming More Specialized and Complex
Freelance opportunities are becoming increasingly specialized and detailed in their requirements. Many businesses and organizations are turning to freelance services to supplement or replace traditional staffing, resulting in a more sophisticated and diverse range of job postings.
Freelance roles now often require specific skill sets that may include technical expertise, creative direction, project management capabilities, research skills, or even marketing acumen. Such positions can range from short-term projects to long-term engagements involving multiple tasks or deliverables over time.
Basic skills needed to be a successful freelancer
Companies that are looking to hire freelancers for their projects often look for certain qualities in their candidates. They desire highly motivated, reliable individuals with specific skill sets that can meet the project’s requirements.
Freelancers should be able to demonstrate a deep knowledge of their craft to be taken seriously by employers. Additionally, companies prefer workers with strong communication skills, allowing them to collaborate remotely with team members. In addition to technical expertise, time management is an essential factor as well. Companies want workers who can commit to deadlines and deliver quality work on time.
Finally, employers desire freelancers who have a dedication to professional integrity when it comes to intellectual property and other ethical considerations to ensure the security of their data and products. Companies value these sought-after characteristics to secure the services of those best suited for the job.
How to Become a Freelancer in the Creative Economy
Becoming a successful freelancer in the creative economy requires a combination of strategic planning, hard work, and perseverance. So how do you become a successful creative freelancer?
Decide on Your Services
The first step is to decide what kind of services you will offer as a freelancer. Once you have settled on an area of expertise, such as writing, graphic design, web design, or video production, it is important to build your portfolio and develop your skills in that field. This can be done through online classes and tutorials, finding mentors who are experts in the area you choose to specialize in, attending workshops or conferences related to your field of interest, or even completing internships.
Create an Online Presence
As an independent contractor or freelancer, having an online presence is integral to success. It can be the difference between a thriving business and a floundering side hustle. Establishing your own website and professional profiles—such as LinkedIn, Twitter, and other social media—allows potential clients to better understand who you are and the services you provide outside of third-party platforms.
Consistently optimizing content across each channel helps develop credibility, attract new clients, and grow existing relationships over time. An active presence also allows customers with similar interests to find your services more efficiently, giving your business immense potential in the long run.
To utilize social media to drive new business and get results, FlyWheel recommends the below posting frequency for freelancers:
- Facebook: 1-2 posts per day
- Twitter: 15-30 tweets per day
- LinkedIn: 1 post per day
- Pinterest: 11-25 pins per day
- Instagram: 1-3 posts per day
Set Reasonable Prices
Finally, when you’re ready to start actively seeking out freelance gigs, it’s crucial to set reasonable prices for your services and research the current market rate for similar projects. Setting the right prices for freelance work is key to achieving success and sustainability as a freelancer. Too often, digital marketers undervalue their skills or charge too little for services of the highest quality.
Freelancing is a highly competitive business, and it’s essential to research the rate that others in your particular niche charge for similar work. While setting a lower price point for your services may be tempting, this can eventually lead to burnout or, even worse, being taken advantage of by clients expecting high-quality work at rock-bottom prices. Aspiring freelancers should remember that pricing realistically according to their skill level, experience, and the demand within their industry is essential in creating a sustainable career path.
How M Accelerator Helps Freelancers Flourish
M Accelerator provides a unique platform for entrepreneurs looking to turn their ideas into successful businesses. MAccelerator can provide startups and entrepreneurs with the knowledge and expertise needed to create a competitive product or service by focusing on both business objectives and consumer needs. With its comprehensive programs, MAccelerator is equipped with the tools and resources necessary to launch any entrepreneur’s idea into reality.
The platform serves as an educational hub, teaching entrepreneurs how to strategize and execute without compromising their lifestyle goals or entrepreneurial motivations. Through workshops, webinars, and one-on-one mentorship sessions, entrepreneurs have access to detailed guidance on market research, customer acquisition, team building, branding strategies, and more.
Furthermore, MAccelerator provides networking opportunities that allow entrepreneurs to engage with like-minded individuals and build meaningful relationships in business. By connecting its members with industry professionals from around the world, MAccelerator helps them to harness their potential and effectively make their mark in the entrepreneurial landscape.
Why Freelancers Should Join MAccelerator’s Entrepreneurship Program
M Accelerator’s Entrepreneurship Program is an innovative and comprehensive program designed to help freelancers and entrepreneurs take their business idea to the next level. It provides personalized guidance, support, and expertise throughout a twelve-week training period.
During this period, participants follow an extensive curriculum created by highly experienced founders with over ten years of experience in startup strategy and execution. Learning invaluable skills such as developing a strong investor pitch, perfecting a business plan, honing market analysis techniques, strategizing for success, creating efficient operations, and establishing meaningful relationships within the startup industry are all part of the program. Participants also develop customized goals based on their individual needs and objectives.
Members gain access to mentors from around the world who offer advice on how to best achieve those goals. At the end of the program, graduates will have gained insights into actionable strategies for scaling their businesses alongside even more powerful confidence in themselves as successful entrepreneurs. Allowing them to turn ideas into reality!
Cohorts run quarterly, with Winter running January – March, Spring running April – June, Summer running just in the month of August, and Fall running October – December. Space is limited, with only a limited number of participants will be accepted at each cohort. Fill out an application to join the next cohort today!
