As you may have noticed, secure, well-paying employment is hard to find and keep. Coronavirus made job insecurity far worse, forcing millions to find a path from employment to business ownership. Perhaps you know the feeling of wanting to quit the 9-5 or fearing the 9-5 will quit you first.
In 1990, America’s three largest companies were based in Detroit, earned $250 billion and employed 1.2 million people. In 2014, America’s three largest companies were based in Silicon Valley, earned $247 billion, and employed 137,000 people, according to data supplied by Entrepreneurship Learning Initiative .
Fewer jobs mean less security. Facing eroding security coupled with bad leadership at work, people increasingly seek to rely on themselves for employment. In 1995, 9.3 percent of workers were engaged in alternative work, popularly referred to as “gigs”. In 2005, it was 10.1 percent. By 2015, 15.8 percent of workers made up the gig economy.
HUGE increase, thanks to COVID-19
Upwork, a platform that matches freelancers with jobs, conducted a study since Coronavirus layoffs began, and the results show a dramatic increase of Americans engaged in freelance and gig work.
According to the study, 36% of the U.S. workforce performed freelance work in the 12 months between September 2019 and September 2020.
Other findings are startling. The share of independent professionals who earned a living by freelancing full time increased 8 percentage points to 36 percent since 2019. As further evidence of widespread job insecurity, 58% of non-freelancers who are new to remote work due to the pandemic are now considering freelancing in the future.
Recent college graduates are turning to freelancing in response to a tough job market. Approximately half of the Gen Z workforce (age 18-22) have freelanced in the past year, and of those, more than a third (36%) started since the onset of COVID-19.
More on the Upwork study in the below infographic.
So, 36 percent of those of us who are employed are now doing freelance or gig work. That means that 36 percent of us are now getting a taste of the “unbossed” life, and will certainly want more.
If you are one of them, or considering a side-hustle, there is a path from the 9-5 to business ownership.
The path from employment to business ownership
First, do something that you like. Your success will be limited and you won’t have much fun building a business that you don’t like. The choices are limitless, and you don’t have to spend a fortune.
You aren’t far from starting a business. How would it feel to stop commuting? How would it feel to never have to submit a vacation request again? How would it feel to no longer be required to attend long, pointless meetings? How would it feel to not have a bad boss anymore?
The path from employment to business ownership starts with a few small daily decisions
It won’t happen overnight, but every day, you can make progress. Each day:
- Block off time
- Write down your ideas and observations
- Add to your contact list
- Build a social media presence
- Refine your product or service
- Set sales goals and move on them
Welcome to One Click Advisor! We would be remiss if we didn’t give you a brief tour of the site and what it can do for you. If you are looking to plan a business a little better or start one, we have a number of free things for you here. Your challenges and opportunities can be sorted into one of three areas.
Marketing, because it brings in the customers. Start or continue that plan here.
Operations, because it keeps your customers. Start or continue that plan here.
Finance, because it is the scoreboard. Change the “score” and explore financing here.