10 Self Employment Myths

By MBO Partners | July 1, 2021

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Why is self-employment appealing? Being your own boss, working when and where you like, and turning your passion into a career are just a few of the perks. But people are often hesitant to make the leap due to concerns about job security, experience level needed, or income potential.

However, many of these fears lack a factual basis. If you’re considering going independent, it’s important to know the facts!

1. Myth: 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 76% of independents are “very satisfied” with their career path.

2. Myth: 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. Myth: You Need Decades of Experience

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

4. Myth: 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. Myth: Independents Aren’t Offered Exciting Projects or Work

Simply put, independent work lets you pursue your passion. More than 80% of full-time independents say they are happier working on their own, and many academic studies have shown that having work autonomy and control leads to better mental and physical health as well as higher levels of happiness.

6. Myth: 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 the last year, independent work generated $1.21 trillion in revenue, equal to about 5/7% of U.S. GDP.

7. Myth: 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. Myth: 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. Myth: 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. Myth: Contracting is For People Who Can’t Find Real Jobs

Independents truly love what they do. By and large, they pursue the path of self-employment because they chose to do so—because they like it and the perks that go with it. In 2020, 76% of independent professionals said they were very satisfied with their career choice. 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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