A large number (40%) of “traditionally-employed” Americans plan to make the leap to self-employment within the next two years, according to the newly released Annual Self-Employment Report from FreshBooks.
Paul Cowan, Chief Marketing Officer at FreshBooks says the report shows, “that Americans see self-employment as a way to achieve career fulfillment, better work-life balance and improved health and wellness, which are all things that have risen in priority because of the pandemic.”
Other key findings:
- 63% of survey respondents say agree self-employment is the best career choice in times of uncertainty, such as the pandemic
- 54% of those under age 35 plan to be full-time self-employed in the next five years
- 72% of already self-employed women believe they’re more in control of their careers than ever
- 72% of respondents shared that they are happy being self-employed, compared to 68% of traditionally-employed.
The biggest obstacles to self-employment:
- Worries about cash flow and inconsistent income (32%)
- Worries about earning less income (28%)
- Loyalty to employers (27%)
- Lack of a business plan (25%)
The data in The Women at Work section shows women still face more barriers and obstacles to self-employment compared to men. For example, 28% of women view giving up healthcare and benefits as an obstacle to becoming self-employed, compared to 20% of men. In addition, 78% of current female employees eyeing self-employment believe being an entrepreneur will enable them to advance quicker in their careers than staying traditionally employed.
Self employment stock photo by Artie Medvedev/Shutterstock