U.S. Markets open in 8 hrs 7 mins

50 Shades of Freelance

·4 min read

Photo by Robinson Greig on Unsplash

Freelancers compromise about 36% of the entire U.S. workforce. Freelancing opportunities have been growing for several years, but the COVID-19 pandemic, in particular, has boosted an influx of young, highly-skilled, first-time freelancers seeking part-time and full-time work.

Now more than ever, the variety of freelancer segments is on the rise. People of all age groups and backgrounds are finding freelance opportunities in a wide range of different fields.

Nevertheless, many of the challenges freelancers face are the same. It can be difficult to navigate taxes, keep track of deductions and stay on top of invoices. Many freelancers opt for Lili - the banking tool designed with freelancers in mind.

Top Industries for Freelancers

Nowadays, freelancers can be found in nearly every sector of the economy. Independent contractors work in construction, marketing, consulting, accounting, project management, data analysis and many diverse vocations.

We’re shedding light on some of the top industries for freelancers.

E-commerce

While e-commerce has been growing for years, the COVID-19 pandemic has accelerated the boom. E-commerce revenues are projected to hit $5.4 trillion by 2022. Customer service, dropshipping and running an online store are just some of opportunities freelancers capitalize on in this field.

Writing

Freelancers continue to find opportunities in content writing, copywriting, transcribing, search engine optimization (SEO) and other writing-related areas. Plus, Lili makes it possible to receive paychecks from clients up to 2 days early!

Coaching

A freelance coach is any expert in their field that others come to for advice. Freelance coaches can be found giving advice on career development, life goals, organizational skills and many other arenas. They may also teach technical tasks like search engine optimization (SEO), language skills, SAT prep and so on.

Graphic Design

As our economy continues to go digital, businesses are increasingly demanding infographic designers, logo designers, icon designers, web page designers, layout artists, photo editors and other visual content creators.

Administrative

Freelance administrative work is on the rise and slowly replacing the responsibilities of a traditional secretary. Common tasks include training and onboarding, data entry, bookkeeping, customer service, scheduling and managing other projects.

Caretaking

Caretakers no longer need to rely on staffing agencies or hospice homes for work. By going freelance, they have the option to choose their own patients and determine their own hours. Not to mention, caretakers who drive around for business can easily keep track of their expenses with Lili - and receive automated expense reports just in time for tax season.

Fashion and Beauty

Fashion stylists, designers, influencers, hairdressers, makeup artists and others are taking advantage of growing opportunities to freelance.

Gig Workers

Gig workers tackle any type of short-term work. Apps like Uber (NYSE: UBER), Lyft (NASDAQ: LYFT), DoorDash (NYSE: DASH), Uber Eats and TaskRabbit are just some of many platforms where gig workers can find jobs.

Web and Software Development

Web and software developers are in high-demand. Many programmers looking for greater flexibility and autonomy are taking up freelancing.

Legal

Lawyers continue to seek out freelancer opportunities as a way to have more control over their hours and greater work/life balance. Freelance lawyers can work directly with clients or help other attorneys with projects. Paralegals, court reporters, legal assistants, litigation support workers, legal nurse consultants and law students are also taking on freelance jobs.

Managing Expenses as a Freelancer with Lili

Despite the wide range of freelancers working in various industries, many of the lifestyle and workflow challenges remain the same.

Freelancing entails a host of responsibilities — managing your own schedule, communicating with clients, invoice generation and calculating your own taxes. It’s critical to use the right tools, especially when it comes to finances, expenses and income.

No matter how you freelance, Lili will be there to help you manage your finances. Designed with freelancers in mind, Lili offers bank accounts that separate your personal and business expenses. You’ll also gain access to automated tax savings tools, expense report generations and even early paycheck deposits. Best part? Lili charges no monthly fees.

Banking with Lili takes some of the hassle out of your everyday financial tasks, allowing you to spend the bulk of your time on your clients. Learn more here.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.