If you’ve been toying with the idea of pursuing a freelance career, now is a good time to get started. That’s because self-employed professionals are now earning more than their salaried peers.
The insight comes from a new report by FreshBooks, a cloud accounting software company for small businesses.
Self-Employed Make More Money
For the study, FreshBooks took a look at some of the top creative roles from its customer base. These include graphic designer/illustrator, interior designer/decorator, marketer, videographer/photographer, web designer and writer/editor.
The company then compared the hourly rates of its self-employed creatives against salaried professionals. It found self-employed professionals are charging about 2-4 times more per hour than their salaried peers.
To give an example, self-employed graphic designers are charging a median rate of $65 per hour, whereas their salaried counterparts are making just over $19 per hour.
It’s important to remember, however, that self-employed professionals do not get benefits, vacation days and other employee perks.
Cities Most Favorable for Self-Employed Professionals
According to the FreshBooks data, New York, San Francisco, Austin and Chicago are the best places for freelance professionals.
Of course, these cities are also some of the most expensive places to live in. But growing income means self-employed professionals are earning enough to sustain themselves.
Check out the full infographic below:
Yes. That is because they work directly with clients so they get a higher rate for their output.
Absolutely. That probably explains the growing popularity of freelance work.
On the positive side, they earn more. But they lack the benefits. Some creatives opt for a job instead just for the benefits.
I think that creatives and programmers make the most money online. Why? Because they are paid for their talents. It is not something that just anyone can do.
That’s correct. There’s a growing demand for specialized skills in the market, and that’s good news for freelancers.