If you are an aspiring entrepreneur, there has never been a better time to start your entrepreneurial venture. Millions of people have left their jobs to go into business for themselves and work in the comfort of their own homes.
Having a job is no longer as secure as it used to be. Having a profitable business can provide income diversification. It can also provide some financial security in case you lose your job or decrease your work hours due to changes in your employment.
Even if self-employment doesn’t make you a fortune, it may bring enough financial abundance to increase your contentment as well as give you more freedom from financial stress and worry.
Becoming self-employed is one of the simplest ways to earn more money. You can start a business part-time and generate an extra source of income in addition to your day job.
You can turn your extra income into a full-time business when it becomes more profitable. You can generate multiple streams of income from your business like other entrepreneurs.
Unlike big companies that have to deal with recession, collapsing currencies, downsizing and corporate bankruptcies, many small businesses are thriving even during tough economic times.
Why?
Solo entrepreneurs running Internet-based and home-based businesses have extremely low overhead and other business expenses; so, these micro-business are better structured to endure economic downturns and difficult times.
Millions of independent workers are making a living without a traditional job; this broad category of entrepreneurs include, freelancers, independent contractors and the self-employed.
According to the Bureau of Labor Statistics, the independent workforce is expanding at a rate more than 5 times faster than the general U.S. employment.
In addition to financial rewards, there are many health and psychological benefits of self-employment and working from home.
According to the 2015 edition of the State of Independence report from MBO Partners (a business services company focusing on the self-employed), 79% of independent workers are happier being self-employed; 59% of independent workers also reported that they were healthier than if they held a traditional job.
Almost 18 million Americans are full-time independent workers; combined with 12.4 million part-time independent workers, the regular U.S. independent workforce is over 30 million.
- One in four (27%) independent workers earn over $75,000 annually.
- 49% earn $25,000 to $75,000 annually.
- 24% earn less than $25,000 annually.
Top Reasons Why People Work As Solo Entrepreneurs
These independent workers gave multiple reasons why they work as solo entrepreneurs; so, the percentages are over 100%.
Top Reasons Given By Full-Time Independent Workers:
- 61% wanted to control their own schedule
- 54% wanted to be their own boss
- 48% wanted to do what they love
- 38% wanted to earn more income
Top Reasons Given By Part-Time Independent Workers:
- 61% wanted to supplement their income
- 43% wanted to pursue their own passion
- 16% wanted to explore a new opportunity
- 15% wanted to gain skills to advance their career
The Industries With The Most Self-Employed Workers In 2014 [Infographic]
According to Pew Research, 14.6 million Americans were self-employed in 2014. In turn, they provided jobs for 29.4 million others. Those 44 million jobs represented 30 percent of the national workforce.
Credit: Statista
Having a job is not fulfilling for most people and it’s no longer as secure as it used to be. Many previous employees end up starting their own businesses because they have been laid off, restructured, demoted, under-valued, discriminated against or bullied at work.
The report that 79% of freelancers, independent contractors and other independent workers are happier being self-employed can offer some inspiration and motivation for any aspiring entrepreneur thinking of starting a business.