Study: 1 In 2 Professionals Will Be Independent Contractors By 2020

Why Becoming A "Business-of-One" Can Be Better For Your Career

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In April 2014, the Career Advisory Board, established by DeVry University, partnered with MBO Partners, to conduct The Future of Work: Preparing for Independence – a survey designed to identify the traits of successful contract workers in the United States. [You can see the full report by clicking HERE >>]

MBO Partners projects that 1 in 2 American workers will either move to independent work, or spend at least part of their working hours as self-employed professionals by 2020. The study showed some very good reasons why more of us might want to ditch being employees and embrace becoming businesses-of-one. Here are a few:

  • Independent contractors' average pay is $87,000+/year - Granted, they must pay their own taxes and health benefits, but many of those surveyed also don't work full-time hours. Which means, the pay rate is better than their full-time employee counterparts.
  • Contract work is more desirable - Career goals for contemporary professionals are changing and many are choosing self-employment in order to control the type of work assignments they pursue (67 percent), to have a greater sense of flexibility and work-life balance (64 percent), and to follow a passion (59 percent).
  • More seasoned workers can leverage their experience better - The majority of contract workers surveyed were 35+ and had taken the skills they built while working full-time to enable them to market them independently - and at a higher rate.

3 Tips for Becoming A Successful Independent Contractor

For those of you who would like to create more career opportunities and income potential as an Independent Contractor, here are some tips:

1) Make networking a priority. 82 percent of respondents said that word-of-mouth was the main way they received work income. Especially for women, who said 57 percent of their contract assignments came from former employers.

2) Have a specialty. 90 percent of respondents said that having relevant technical skills and a specialty within the industry help to land more contracts.

3) Be very self-motivated. Over 90 percent of respondents said you must be a self-starter, self-motivated, and be able to cope with an unpredictable revenue stream to succeed. Many of them have been successful independent contractors for 9+ years and said it gets easier with time.

Being a business-of-one definitely has its perks, but it doesn't come easily. Just like running a larger business, you must have certain qualities to succeed. Check out the complete study to learn more!

P.S. - Looking for more help on building your skills so you can become a successful business-of-one? Visit the free website I founded called "CAREEREALISM," and learn how to catapult your career in a time when EVERY job is temporary.

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