10 Self Employment Myths

By MBO Partners |

Updated Friday, July 5, 2019


Being your own boss, working when and where you like, and turning your passion into a career make self-employment appealing. But people are often hesitant to make the leap due to concerns about job security, experience level needed, or income potential. But many of these fears lack a factual basis. If you’re considering going independent, it’s important to know the facts!

1. Self Employment isn’t a long-term career path

While some people will cycle through part-time work and traditional employment, only 24% of independents say they would prefer a traditional job, and 74% of independents are “very satisfied” with their career path.

2. There’s no job security

Because most independents work with a variety of clients, they don’t have to rely on a single employer for income.

3. You need decades of experience

Millennials go independent in larger numbers than any other generation! Over one-third of independents are Millennials.

4. Going independent is expensive

While it’s important to have a financial cushion, getting started doesn’t have to cost a lot. If you work from home, you may only need a desk, chair, and a computer with Internet.

5. Independents aren’t offered exciting projects or work

Independent work lets you pursue your passion. 44% of Millennials with traditional jobs say pursuing a passion or interest is an advantage of working independently.

6. Independents have limited income

Because you set your own bill rate as an independent, you aren’t bound by a salary that you might be stuck with in a traditional job. In fact, independents make $65,300 on average—that’s 15% more than the median U.S. family income of $56,516.

7. Working for yourself is lonely

When it comes to your work environment, there are many options. Coworking, private office buildings, hot desking, or hourly spaces are all ways to get your social fix.

8. You need to have a big network

You don’t need a large network to get started. Treat networking as part of your job; find a mentor in your industry, reach out to past employers or clients, and attend networking events to build your base of contacts.

9. There’s no career growth

Budgets, policies, and set career paths can be limiting at a traditional job. As an independent, you can pursue the professional development needed to grow your career.

10. Contracting is for people who can’t find real jobs

Independents truly love what they do. 65% say going independent was their choice entirely, and the large majority plan to remain independent or even build a bigger business. Going independent means pursuing the type of work you love and excel at—there’s no job more real than that!



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