Debunking 10 Independent Contracting Myths 

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Last month MBO Partners debunked myths about engaging with independent contractors, Debunking 10 myths about independent contractor engagement , this month MBO debunks myths about being and independent contractor.  MBO writes:

The ability to work when and where you like, be your own boss, and turn your passion into a career make independent work broadly appealing, but that doesn’t mean it is for everyone. Running your own business can be stressful and it will require more than a few long hours.

Nevertheless, people are often hesitant to make the leap to independent consulting due to stigmas around job security, experience level needed, and income potential. But many of these fears don’t have much factual basis. If you’re considering becoming part of the independent workforce, keep these 10 myths in mind.

1. Independent contracting isn’t a long-term career path

Many people view independent contracting simply as an option to earn extra money while in between traditional jobs. While some people will cycle through part-time work and traditional employment, the proportion of people who work independently but would prefer a traditional job is just 24% in 2017—the lowest percentage in our study’s history.

2. There’s no job security

Nearly half of full-time independents say they feel more secure working independently than at a payroll job. Because most independent work with a roster of different clients, they don’t have to rely on a single person for revenue. On the other hand, with a traditional job, you are solely reliant on your employer.

Of course, one of the most stressful parts of working independently can be maintaining a constant pipeline of work. Networking, building your online presence, marketing your services, and partnering with others in your industry are all great strategies for getting new work.

3. You need decades of experience

Although your experience will affect the types of work you can accept, as well as what you charge for your services, there’s no minimum amount of experience you need to transition to independent consulting. Millennials are actually a dominant presence in the independent workforce, comprising 38% of full-time independents.

4. Going independent is expensive

While it is important to set aside funds before going independent—a cushion of three to six months of general expenses is recommended—getting started doesn’t have to cost a lot. If you are working from home, you may only need a desk, comfortable chair, and computer with Internet. Although a home office doesn’t come free, it can be fairly inexpensive if you’re willing to get creative. There are also many budget-friendly collaborative tools that you can use to get your business up and running such as email, video chat, and file-sharing software.

Read the full story at Debunking 10 Independent Contracting Myths | MBO Partners

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