Once upon a time, you would get a job after college and stay with this company until you retired, when they would give you a gold watch and send you on your way. The current workforce is much less permanent and only stays, on average, for a few years with a company. Additionally, many people eschew standard 9-5 desk jobs for the Gig Economy, in which they can work on whatever they want whenever they want. Being your own boss is a very appealing way of life, but it's not for the faint of heart. Here's what you need to know.
Related: Tired of your day job? In search of freedom? The answer is YouEconomy
1. There are many benefits to being your own boss.
When working in a traditional employer/employee relationship, you don't have much control over where, when, or how you work. When you're your own boss, you can choose to only do the projects that interest you the most; work in a cafe if you want, or even work late at night. The lifestyle is so appealing that people flock to partake in it. Last year, 34% of the workforce were freelancers, and that figure is expected to rise to 43% by 2020.
Plus, you're less likely to get sick when you don't have you don't have to rub shoulders with people in a traditional office, and you can save yourself a lot of time and money by not having to commute every day. The average American spends 26 minutes per trip, which can lead to serious health complications.
2. The catch:It's all up to you.
When you're a freelancer, earning your business and meeting deadlines is up to you. It is doable if you are able to do the following:
Build a website and social media presence
Keep your portfolio up to date
Keep your business cards handy
Nurture relationships with past clients – they'll refer you and will return as customers
Create professional contracts so everyone is on the same page regarding deadlines and payments
Complete all jobs on time:you are more likely to get referrals and renew your business
Other responsibilities include:
Insurance:If you don't already have health insurance, be prepared to take the tab.
Taxes:Freelancers are responsible for employment taxes and social security.
Retirement :you have some options here, but there is no corresponding benefit.
Related: YouEconomy:The movement changing the way we work and live
Learn more about the challenges and benefits of the gig economy in the infographic below.
SOURCE:JOBVINE.COM
