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Presented here i will discuss relevant statistics and observations gleaned through the fourth annual “Freelancing in America” survey, conducted with the Freelancer’s Union. According towards the organization, “Freelancing in America” will be the largest and quite a few comprehensive measure of independent workers conducted inside U.S. The online survey queried 6002 U.S. adults who had engaged in full or part-time freelance work between August 2016 and July 2017. Freelancing was looked as temporary, project-based, or contract work performed in a for-profit or not-for-profit organization or government agency.

Who we have been

In 2017, 57.3 million of the fellow citizens, representing 36% on the nation’s workforce, participated inside freelance economy and contributed $1.4 trillion to your U.S. economy. The survey found out that 63% freelance by choice, rather than by necessity, and have this way of working. Freelancers reported feeling tolerant of our work and 79% preferred freelancing to traditional employment. We’re more inclined than traditionally employed workers to feel respected, empowered and engaged in our working environment. The survey designated the next freelance categories:

Independent contractors (35%, 19.a million) — Full-time freelance consultants whose only earnings are derived from client work
Diversified workers (28%, 15.2 million)– Freelancers who regularly do client work, but additionally perform other part-time work
Moonlighters (25%, 13.5 million)– Those who periodically undertake freelance projects and traditional employment
Freelance business people (7%, 3.six million)– Full-time freelancers who assemble ad hoc teams of freelancing specialists to create a consulting firm, making sure that more complex and lucrative client work could be performed
Temporary workers (7%, 3.six million)

What we like

Time and cash impact the conclusion to freelance. Flexibility is known as a significant benefit and is also favored by 60% of freelancers. Additionally, a lot more than 50% of workers who left full-time employment to freelance made it possible to earn more money in the first year of freelancing than was earned in traditional employment. Forty-six percent raised their project fees and hourly rates in 2017 and 54% said they planned to accomplish this in 2018.

Serious challenges

Sill, cash is an issue for freelancers. Survey respondents reported that adequate billable hours, negotiating fair project fees or hourly rates and receiving timely payment of invoices (or receiving full payment) may be problematic.

On average, full-time freelancers log 36 billable hours/week. When the billable hourly rate or project fee may be known as inadequate, cash-flow is impacted and there may be a find it difficult to meet debt. Not surprisingly, the survey found out that debt is additionally a worrisome matter.

Access to health care insurance and saving for retirement certainly are a challenge. Full-time freelancers rank medical and insurance as primary concerns; 20% have no medical insurance savings.

Shaping the future

As traditional full-time, middle class paying employment carries on disappear, the ranks of freelance consultants are only able to increase, causing us to a fast-growing segment with the American workforce. Sadly, our government leaders usually are not attentive on the freelance community’s unique circumstances or our voting-bloc potential.

Eighty-five percent of survey respondents said they planned to vote inside the 2018 mid-term elections. If that statistic is accurate, it might represent nearly 49 million freelancer voters, a lot more than enough to influence congressional and gubernatorial elections. Seventy percent of survey respondents would like that candidates and political representatives would address the requirements of freelance professionals, because however lovely things could be for the chosen few who command lucrative project fees, we’re also nevertheless quite vulnerable.

Freelancers receive no paid sick, vacation, or holiday time. We do not receive co-sponsored medical health insurance or retirement benefits. Billable hours can offer feast or famine fluctuations that wreak chaos on our cash-flow and power to meet important bad debts. The 57.3 million freelance consulting professionals inside U. S. really need political representation, advocates and activism.

Keeping up with the evolving mind-set and practices of current and prospective customers is usually a challenge for independent pros who operate in the “new economy.” Signing an excellent client is tough, what with the penchant for not income being increasingly popular. Solopreneurs is only able to prosper by staying a pace ahead on the client, positioned to neutralize the temptation to help keep a project in-house or allow it to languish and die. Solopreneurs need strategies that pull in billable hours. Here are trends that B2B buyers are following now.

They research

A recent survey of employees who make B2B purchases for his or her organizations conducted with the global consulting firm Accenture revealed that 94% of purchasers (customers and prospects) research potential solutions for company needs in advance, to know about options and save your time and money.

By time B2B vendors (you!) are approached, the hoped-for client is doing the up-front legwork. S/he already comes with a idea of whatever you and your competitors might provide plus a ballpark figure in the cost.

Entrepreneur and marketing expert Danny Wong, co-founder with the online men’s apparel company Blank Label, recommends that Solopreneurs acknowledge the elephant space and simply ask your prospects about any research they will often have done and that which you might manage to verify or clarify.

They’re skeptical

Unfortunately, some sales “professionals” and unsavory Solopreneurs happen to be known to misrepresent what they have to sell. As a result, many B2B buyers choose to purchase on the web and bypass us. The practice was confirmed recently by Forrester Research, in a very survey that revealed nearly 60% of B2B purchasers preferred to get independently, without the assistance of a salesperson.

Wong shows that demonstrating expertise as well as an appreciation to the prospect’s goals and circumstances, confers credibility and helps you to earn trust, a necessary process when competing for assignments or sales. Buyers won’t work if they don’t trust you. Why should they?

No matter how desperate that you are for billable hours, don’t rush the task. Take time to know what the client needs and ways in which, or if, your service can be useful. Avoid being considered an aggressive salesperson and instead look as a trustworthy adviser who would like to make the prospect look wise to his/her superiors as well as other colleagues.

They’re in no hurry

No, it isn’t your imagination that producing a sale takes over it used to. Another study established that the length from the average B2B sales cycle has grown by 22% in the last five years. While the prospect is working worries beads, Mr. Wong recommends that you do that which you can to be at surface of mind and attempt to prevent the project from falling into oblivion. Your main competitor will not be one of your rivals, it’s your client’s inertia.

Send information that could support (and quicken) the decision-making, try not to overwhelm—curate. Inquire about a timeline and deadline for that project and suggest what is actually a reasonable starting time.

They trust moral support of anonymous “peers”

So does one and that’s why you research hotels and restaurants on Trip Advisor and appearance for a contractor on Angie’s List. Accenture reports that almost 25% of B2B buyers make decisions based almost entirely on information gleaned from online “social” rating sites.

If your set of skills is one that could be found on Angie’s List or maybe a neighborhood blog, make an effort to establish a presence on sites and build credibility that will help get hired. LinkedIn and Facebook could possibly be helpful every trusted source has referred a potential customer to you and also your profile is researched prior to getting the call. Create a superb profile with your chosen social websites sites and earn yourself look knowledgeable and trustworthy.

They appreciate relevant content marketing

The longer buying cycle provides each advantage to people that produce long form content—a newsletter or blog, case studies, white papers, or podcasts. A FAQs page included with your website that details how to ply their trade with you might be helpful. Impartial and instructive info is the essence of content marketing. Produce your personal and position yourself for an expert that’s qualified to finish the same job.