In 2018, more than 1 in 3 Americans freelanced. The increase in the number of people making the choice of freelancing is observed to continue. This trend is based on the ground of both the advances in the technology (ease of remote working) and the number of younger generations that join the workforce. The young generation wants to live their preferred lifestyle, therefore choose to freelance as it gives more flexibility and a better work-life balance.
On the other hand, 63% of freelancers feel anxious about all they have to manage (financials, taxes, insurance, etc.) and the unpredictable nature of work.
While most of their concerns are financially related, only 1 of the top 30 banks offers a solution targeting freelancers. They usually use their personal accounts for their businesses. According to a 2017 Forbes article, better cash flow management and easier expense management are among top priorities for freelancers.
That’s why at Maxitech Labs, we have been focusing on freelancers’ problems. We want them to do what they love to do without the stress. We have interviewed (and continue to interview) yoga instructors, personal trainers, graphic designers, marketers, and video producers. Our goal is to understand why they freelance and the day-to-day challenges they face running their own business. Here are some common findings:
- They do their jobs for passion.
- They care about their work-life balance.
- They keep investing in self-improvement.
- They worry about sustainable income.
- They are aware they need help with budgeting.
- They try to save for emergency situations or “low seasons”.
- They need to make efforts for expense management.
- They need to invest in their own health insurance and long-term savings.
We are currently working on a product idea where freelancers can track their expenses, control their cash flow, save for the future and discover more affordable options for the services they need the most.
If you are a freelancer and want to help us build this, please reach out to us.
-Maxitech Labs Team