The Independent Contractor: It’s All About Financial Freedom and Professional and Satisfaction in Freelancing

What's inside the mind of a freelancer?
Infographic: mediameerkat.com

There are over 16 million independent workers in the US today. More than 20 million are forecast to join the freelancing workers before 2013 ends.

Alternative workers accounted for $626 billion in personal income in 2010 or about $1 in every $8 earned.

Who are these freelancers?

47 percent of them are male, 53 percent female; 48 percent or over 7.78 million are gen x-ers; 30 percent or almost 4.75 million are baby-boomers; 12 percent or nearly 1.9 million are gen y-ers; and 10 percent or roughly 1.5 million are matures.

According to the Bureau of Labor Statistics, 82 percent of independent contractors prefer an independent or alternative work arrangement to being an employee; 9.1 percent would prefer an employment arrangement.
The average age of independent contractors is between 30-49 years old. Nearly half have a college degree, while the average income is approximately $52,600.

Why do they do it?

According to Pew Research Center, self-employed workers are “significantly more satisfied with their jobs than other workers. They’re also more likely to work because they want to and not because they need a paycheck.”

In fact, according to MBO Partners, 58 percent of independent workers are highly satisfied. Why? Seventy-five percent say doing something they like is more important to them than making the most money; 74 percent say they like an occupation where it is easy to tell when they’re making a difference to someone; and 67 percent say flexibility is more important to them than making the most money. In addition, freelancing serves as a stepping stone to entrepreneurship and small-business development.

Success magazine asked independent contractors of their success secrets. Thirty-seven percent revealed they learned from other achievers; 22 percent said waking up early is the secret; another 22 percent said making a plan is the key; 16 percent shared that writing down their goals all made the difference; while 3 percent owed it all to delegating.

Stressed and tired of the way your 9-5 office routine goes? Why not tread the path of freelancing independent contractors? You never know you might find the fulfillment and satisfaction you’ve been looking for?

Adapted from: “The Independent Contractor.” Success, March 2012.