In 2019, over 57 million Americans turned to freelance work and side hustles to complement their incomes. That is an impressive 35% of the total U.S. workforce. Throughout 2020 that number has risen, and now more US workers are finding smart new revenue streams that allow them to cover their bills in the light of a fraught employment landscape. With economic uncertainty expected to last well into 2021, the fact that more than two million Americans have started freelancing in 2020 alone is no longer a surprise. With even established, big-name brands and businesses closing their doors, the future of work in the US could look very different indeed.
Essential Income
It used to be that the side hustle was a way to add to an existing pay check. As 2020 continues to wreak havoc on the employment sector, more U.S. residents than ever are finding that their side hustle has become a lifesaver that lets them keep up to date with the rent and even the most unexpected bill. Unfortunately, there are some factors involved in a side hustle that many people overlook. If you are living off the money made from your side hustle and not working full-time, then you have to buy your own health insurance, and those costs can quickly add up. You will also have to pay Social Security Tax and Medicare Tax as well.
Most Popular Side Hustles
There are hundreds of options to choose from for those Americans who want to find a new revenue stream. There are more virtual jobs available than ever, and more ways to sell products too. Reselling products, offering some form of admin support, teaching, and more creative options like blogging, affiliate marketing, and creating YouTube content, are all on the rise. The development of automated software like Bitcoin Evolution is allowing people to earn money from cryptocurrency without doing any of the hard work. Investing in crypto, investing in businesses as a silent partner, or investing in property is proving incredibly popular because they allow for the development of a passive revenue stream, freeing up time for additional work as needed.
Picking Up Freelance Work
There are an estimated 6 million U.S. citizens working freelance in creative, professional, or technical roles. How they are finding the work that allows them to earn a living varies. A recent report by the freelancing site Fiverr revealed that the majority of those positions were found via word of mouth. The breakdown of how freelancers are finding work is:
• Word of Mouth – 67%
• Social Media – 23%
• Online Marketplaces (such as Fiverr, Upwork, and Freelancer) – 18%
The three US locations where freelancers are the most common in the US are Chicago, Los Angeles, and New York, but smaller markets are opening up across the country.
There is a growing demand for freelancers in America. As businesses struggle to cope with the demands of an unprecedented series of calamities and disasters, those businesses are having to be a lot more creative about their goals and their work processes. As remote workers become the norm, the side hustle is only expected to continue its stellar growth and could be the future standard of employment in America.