Amount of Self-Employed Americans Expected to Drastically Increase by 2020


Many experts and analysts project considerable increases in self-employment in America, reports Quartz.

An Overview of Self-Employment in America

Over the past few years, the notion of work in the United States has seen considerable changes. Traditionally, the majority of Americans sought out careers as employees for various firms, corporations, and other businesses. However, the once popular trend is currently changing.

More and more Americans are pursuing new avenues of work in the field of self-employment and the gig economy. According to Entrepreneur, the rise of artificial intelligence will prompt approximately 800 million people to seek new lines of work.

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Many Americans are already ahead of the curve and looking at freelance work and the gig economy. 72% of millennials have already affirmed their preference to work for themselves, as opposed to working for a boss or employer.

Mike McDerment, CEO of Freshbooks, also provided his take on the shifts towards self-employment:

Americans are increasingly disillusioned with the notion that a successful career means climbing the corporate ladder. Whether or not the shift to self-employment occurs at the velocity our study indicates or not, the real significance is the mindset shift of the American workforce.

More on the Mounting Trend of Freelance Work

While the appeal and freedom of freelancing appeals to many workers, uncertainties about how to enter the business are concerns for many individuals. However, USA Today has some tips on how and when workers should leave their positions as employees to become full-time freelancers.

Firstly comes the clientele. Without clients, the freelance business is impossible to sustain. Therefore, aspiring freelancers are recommended to build a network of reliable and profitable clientele prior to resigning from their current stints of employment.

Next on the list of tips for new freelancers comes savings. Regardless of the field, freelancers are strongly urged to have considerable amounts of savings stored in case one stream of income evaporates.

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One freelancer’s personal strategy serves as a testament to the importance of having plentiful amounts of funds in savings:

I have two years worth of savings in case business is slower during some months.

Last but certainly not least comes patience. Freelancers who aspire to enter the business of self-employment must exercise moderate levels of patience. Establishing a profitable network of clients takes time. It is unlikely to happen in a week or even a month. However, freelancers and other independent contractors remain confident that the advantages of self-employment outweigh potential pitfalls, affirm analysts.