Filipino Millennials: Why Millennials are into Freelancing/Entrepreneurship?

It’s 2018, and most millennials are now graduating from college and about to venture into the real world. This means more responsibility and more adulting. There is no doubt that most millennials, who opt out of the corporate world, realize that they would rather choose a freelance path or “be their own boss” by starting their own business than be stuck in a small box inside their office. Who wants to drown into the habit of doing routine work 8 hours a day, right?

So the question now is, why do more and more millennials opt now to venture into the freelancing world or would rather be entrepreneurs than pursue the proverbial corporate ladder?

 Technology

Millennials grew up with technology, aggressively improving right in front of their eyes. It changed everything from communication and expression through different social media platforms like Facebook, Twitter, and Instagram, to learning from different educational websites and the power of search engines like Google. Technology changed and still changes the way people live in general. Everything fits right in their pockets. And, with just a tap or click, results will instantly show up. This is why freelancing looks less stressful and hassle-free to this younger generation.

Results – Based Environment

Millennials hate the usual 8-hour work schedule because it’s eating up too much of their time. An 8-hour schedule doesn’t also mean productivity all throughout because there are a lot of distractions to consider like office politics, an uninspiring workplace, and awkward relationships with co-workers. Millennials want to maximize each day by not only going to work, but spending some time at the gym, hanging out with friends, or doing some more work after. This is what freelancing offers; more freedom and control over their time. This means no more 2-hour traffics, wasting energy from an 8-hour work, and lesser stress physically, mentally, and emotionally.

Freedom

Millennials don’t want to be constricted with rules and being bounded with assignments and deadlines that make them feel uncomfortable because they know that they are always worth more than what they are required to do. Millennials work smart not hard. They would rather work at home to avoid stressing themselves with traffic. They  need an environment where they are given the freedom to choose to do the things they love!

If you are seriously considering living this kind of life as a freelancer or business owner, you need to maintain and sustain it. One of the #adulting tips that we could give is to register yourself as a freelancer or register your business. Freelancers who have legally registered themselves and have consistently paid taxes now experience the full benefits of freelancing Here’s why! 

 Why You Need to Register your Freelance Business

Freelance professionals get offered a lot of opportunities for their expertise. Some of them include job referrals, international travels, and financial rewards.

For landing bigger clients and bigger opportunities, having a legal entity/career is key. You only land bigger deals when you go through vendor accreditation or you have passed the compliance / finance team of your client. You should be able to issue Official Receipts. Also, having all of these legal documentary requirements show clients that you are serious with your freelancing business/ career.

As an entrepreneur or freelancer, it is necessary to think long term. It might look easy to deal with cash payments today, but in the long run, there might be a need to take bigger risks and offer different payment options for clients with that comes an official receipt and business permits. It also may entail you to take out loans from the bank to further grow your business. Dealing with financial institutions like commercial banks and investment companies will ask you for proof of income, and this proof would normally be your Income tax return (ITR) which you will have if you consistently pay taxes.

In addition, without the proper documents, you may not enjoy be able to enjoy certain rewards that you aspire for — such as travelling to countries, having your own car and house or event getting health cards. One of the requirements of getting a VISA, getting a car or home loan and even securing a health card is to show proof of income.

So where should you start to get your proof of income? Pay your taxes!

Paying for tax in the Philippines can be a hassle-free experience. How? Get started by signing up with Taxumo for your free trial!

Sign up HERE today!  ALSO, use our code for a 500 peso discount!

 

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