Was 2024 a tough year for freelancers?
Freelancing has long been linked to cycles of feast and famine, or the classic rollercoaster ride. Some months are fantastic, while others fall short. But in the past, the peaks and troughs tended to balance out, and the revenue at the end of it all would usually make sense.
But 2024?
It felt tougher (for me) than any other year I’ve freelanced in, and I’ve been doing this since 2015. This year, despite pitching probably twice as much as I ever have before, I faced a major downturn in my earnings. I made £40k less than I did in 2023, which was my best financial year yet.
So, what happened?
It certainly wasn’t for lack of effort. The constant hustle to find clients and maintain a steady stream of work felt like an endless challenge this year. And it wasn’t just me — freelancers across the board have felt the squeeze in 2024.
Here’s what my fellow freelancers have shared about their experiences in 2024:
Kiri Nowak, says: “I've been freelance for 12 years, and I've never experienced anything like 2024. It was by far the toughest year to be a freelancer. Why? Well, first of all, the market felt abysmal. Many companies simply didn't have the budget for marketing and content. This still baffles me because, in my opinion, marketing should be the last thing you cut in a crisis. The lack of budget and tough market conditions resulted in people treating freelancers poorly. Last year, I had people mess me around, ask for ridiculous prices for a huge amount of work and also be quite rude. It was extremely difficult to maintain boundaries and not sell myself short. I really had to dig deeper than I ever have before in order to keep my business alive. I'm glad to be out the other side, and I'm hopeful 2025 will be much better!”
Kiri’s Website: www.thecontentwolves.com
Gavin Williams said: “Freelancing was fun and challenging in 2024. It's the year that first saw AI being integrated into the mainstream. I think freelancers had to become more vocal about thier expertise, so maybe finding clients was more difficult for some. Personally, 2024 was a good year and I found some great new clients. But there does seem to be less of a feeling of certainty when it comes to stable income. The freelance community feels stronger than ever though so I'd encourage anyone to reach out if they need to chat.”
Gavin Williams - Longevity and Functional Health Writer In The Moment Copywriting His website: www.itmcopywriting.com
Stephanie Trovoto said: “2024 was tougher than any other year, but in a different way. After the massive layoffs and budget cuts in SaaS in 2023, I thought I had seen it all. But 2024 brought the aftermath, the confusion, and the distrust across the industry. This led to a lot of changes and one heck of a rollercoaster ride. By the end, 2024 felt exhausting, but still surprisingly successful.”
Stephanie Trovato LinkedIn profile: https://www.linkedin.com/in/stephtrovato/
What does a freelance coach say about 2024 and freelancing?
I also reached out to freelance coach Kiri Mohan to see if she’d noticed any trends with her students. Were they struggling more than in previous years? Was there a common pattern she observed? With her access to insights from numerous freelancers, it made sense to get her perspective. Here’s what she shared:
Kiri Mohan said: “I noticed that the students of mine that succeeded the most were those that had retainer clients and figured out how to add retainer clients, even if they were primarily project-based. This meant that the most successful students were usually social media managers, VAs, and those that are customer service oriented.
“If they were project based, but focused on a very niche problem (I'm working with a college essay editor) they also saw success. When they were extremely niched, they were solving a very direct problem which helped them get more leads. Out of all the conversations I had, those that struggled were copywriters. I think with AI on the market, a lot of their clients let them go or wanted to pay them less/scaled down their scope of work. They were left floundering if they did not have a good pipeline or marketing strategy and if their business was referral based.
“They wanted to build an actual business to be stable, but were left often on the reactive instead of being proactive. They were applying to freelance roles online, using freelance marketplaces like upwork and competing against many freelancers for one job instead of having a strategy to actively pursue clients. That's not to say EVERY copywriter is doing poorly - I have worked with 3 this year that have seen greater success but it was due to the fact that they decided to up the ante on their DM game and set aside dedicated time each week to reach out to people and keep track of who they are reaching out to, their answers, and when to follow up.
“They also decided to become more active marketing their business in order to be seen by more people. Overall, I think in 2024, it really depended on how niched you were, how much you actively went out and dedicated time to pursuing clients and decided to hunker down on creating revenue. It was not a year to "rest on the laurels", so to say. Many people saw some struggles because they were doing well and let their business continue to operate as usual, which was a tough wake up call when the market began to shift.”
Kiri Mohan - https://www.linkedin.com/in/kirimohan/
Let’s explore some of the reasons some freelancers found it tough in 2024:
| Stage | Challenge | Implications | Strategic Response |
|---|---|---|---|
| Market Entry | Increased Saturation | More competition | Develop unique value proposition |
| Global Dynamics | Remote Work Expansion | Price Compression | Specialize in niche skills |
| Technological Shift | AI Competition | Potential Displacement | Continuous skill upgrades |
| Economic Pressure | Rate Reduction | Lower Income Potential | Diversify service offerings |
| Skill Development | Differentiation Need | Survival Requirement | Target high-value expertise areas |
The Tech Layoff Effect = More Freelancers Across the Board
One of the biggest shocks to the freelance market in 2024 was the wave of tech layoffs. Thousands of tech professionals, from engineers to designers, found themselves suddenly seeking work outside of the corporate world. The result? An influx of highly skilled freelancers entering the market, ramping up the competition.
With more freelancers in the mix, the competition for clients has only gotten fiercer.
Lower Market Entry and Pricing Pressures
Another factor contributing to the challenge is the lower barrier to entry in freelancing today. It’s easier than ever to set up a freelance business, thanks to the abundance of platforms and online marketplaces. But this has led to more competition and, unfortunately, lower pricing in many cases. Freelancers new to the market, eager to land their first jobs, are often willing to undercut more experienced professionals, pushing prices down across the board.
In 2024, I’ve seen this firsthand. Some clients are more price-sensitive than ever, looking to hire freelancers at rates far below what I consider fair. It’s frustrating, especially when the quality of work suffers as a result of these lower rates.
The Economic Aftershocks of COVID-19
The ripple effects of the COVID-19 pandemic are still being felt in the economy, and the freelance world is no exception. Many businesses, still trying to regain their footing after the pandemic’s disruption, have become much more conservative with their budgets. Outsourcing work, which was once a priority, is now often seen as a luxury.
Freelancers are being asked to do more for less, and while it’s a reality we’ve all had to face, it certainly hasn’t made the past year any easier. With budgets shrinking, fewer companies are willing to take risks by hiring freelance talent at the rates they once did.
AI and ChatGPT: The Wild Card
Then there’s the rise of artificial intelligence and tools like ChatGPT. In the freelance world, we’ve seen these technologies become both a threat and a tool. On one hand, AI is taking over tasks that were traditionally handled by writers, designers, and other freelancers, reducing the need for human freelancers in some sectors. On the other hand, it’s also opened up new opportunities for freelancers who can adapt and use these tools to their advantage.
For me, AI has been a double-edged sword. While it’s been a useful tool in speeding up certain tasks, it’s also created uncertainty about the future of freelance work.
The Rise of Freelancers: A Growing Trend
Despite these challenges, freelancing is still on the rise. According to a recent study by MBO Partners, over 72 million Americans are now freelancers, with nearly 60% of full-time freelancers being Gen Z and Millennials. This shift is reshaping the workforce, as more people opt for the flexibility and autonomy that freelancing offers over the traditional employer-employee structure.
In fact, another study by Emergent Research and MBO Partners found that the pandemic accelerated this trend. Covid-19 led to a 90% increase in full-time freelancers and a 130% increase in side-giggers. While freelancing isn’t without its inconsistencies and financial uncertainties, it’s become a much more attractive option. It always was. And people are waking up to that.
But pricing is also on the rise for us experienced ones. A survey by the Association of Independent Professionals and the Self-Employed found that UK freelancers are expecting their day rates to increase by 12.2% in 2025, with the average rate jumping from £457 to £576 from Q2 to Q3 in 2024.
Another freelance copywriter, Kirsten Lamb, said:
“While income wasn’t as high as it was before 2023, things definitely picked back up in 2024. I worked with several high-paying copywriting and content marketing clients. The clients and the budgets are definitely still there. Don’t lose your optimism. Here’s to a better 2025 for all of us.”
I’m still freelancing in 2025 and beyond
2024 may have been a challenging year for many freelancers, but it’s also highlighted the shift in our world. I have no plans to pivot from this lifestyle. For now, it works for me. While it’s easy to get discouraged when faced with lower pay, increased competition, and uncertain client budgets, it’s important to remember that freelancing is still a viable and often preferable option for many people. More than ever, freelancing offers independence, flexibility, and the opportunity to create your own path, despite the challenges.
So for me? I’m still freelancing.
Is it tougher right now? I think so.
Will it be different in 2025? Not sure.
But either way: I’m in it for the long-haul.
I’m persevering. I’m ready to branch out from my usual blog writing and SEO offerings - In the latter half of 2024, I was doing more consultancy work, brand strategy work and offering comprehensive content marketing strategies to forward-thinking businesses who are leaning more into brand storytelling and BoFu content. So maybe we refine how we position our offerings, and we come out stronger. With more authority. And a better batch of clients.
Here’s to a stronger 2025 for all!
