What Is A Gig Economy

The Evolution of Freelancing: From Medieval Mercenaries to Modern Gig Economy

The year 1194 marked a significant event in the history of freelancing. Maurice De Bracy, an adversary to the English crown, found himself in a fierce battle with a mysterious Black Knight. This knight, who later revealed himself as King Richard the Lionheart of England, defeated De Bracy. Following this event, De Bracy offered King Richard the use of his “Free Lances,” mercenary soldiers who were free to serve whoever paid the most. This historical anecdote, as depicted in Sir Walter Scott’s 1819 novel, “Ivanhoe,” is believed to have popularized the term ‘freelancer.’

The Modern Freelancer: A Happy Independent

Fast forward to the present day, the term ‘freelancer’ has evolved to describe someone who works independently of any single company. This independence, according to a 2016 survey of freelancers in six countries, seems to make people happier than those in traditional jobs. The survey found that 70% of respondents, who chose to freelance, were happier due to the independence and flexibility they enjoyed in terms of where and when they work. In fact, half of the freelancers in the US stated that no amount of money could convince them to rejoin the traditional workforce.

Is Freelancing Right for You?

At some point, you might wonder whether freelancing is the right career path for you. To be successful, you’ll need a skill that’s in demand, entrepreneurial abilities, and the capacity to budget for benefits. However, freelancing doesn’t come without its challenges. It requires marketing your services, negotiating contracts, building a network of satisfied clients, and managing administrative tasks like project management, time management, and accounting.

The Rise of Digital Freelancing Platforms

Freelancing has been around for a long time, but digital freelancing platforms like Uber, Lyft, and Fiverr are relatively new. These platforms promise to connect you with clients and handle some of the entrepreneurial and administrative tasks, allowing you to focus on the work. However, there are hidden costs to consider. For instance, your life may not be as flexible as you think, and it can be hard to figure out exactly how much money you’ll make.

The Reality of the Gig Economy

While digital gig platforms come with drawbacks and may not provide a reliable living wage, they offer an easy and fast way to get hired for many who don’t have the luxury of choice. For this reason, some have called it an “alternative safety net.” So, should you dip your toes into the gig economy or dive in? It depends on how much you value flexibility or autonomy, whether you prefer to work within an established structure or make your own, and how much you value knowing exactly what you’ll earn from week to week.

As the gig economy continues to evolve, it’s crucial to weigh the pros and cons before deciding to embark on a freelancing career. Remember, the key to success in freelancing lies in leveraging your skills, networking effectively, and managing your time and resources efficiently.