Ways to Achieve Success as a Standout Independent Contractor

The Present and Future of Independent Contracting in America

A Glimpse at the Numbers

According to government data, nearly a third of American workers are functioning as independent contractors. In a study conducted by Intuit, it was predicted that by 2020, approximately 60 million people, or 40% of the workforce, would become freelancers or temporary workers. Given that we’re now beyond 2021, the surge of interest in freelancing, especially with the global pandemic’s impact, is undeniable.

The Shifting Trend

There’s no mistaking the growing movement towards freelancing and independent contracting, enabled by advancements in technology and the Internet. Traditional company perks like pensions and 401k matching are on the decline. More and more individuals are embracing the freedom and autonomy that comes with breaking free from full-time work constraints.

Happiness in Independence

79% of independent contractors report increased satisfaction from working autonomously, according to MBO Partners’ 2019 State of Independence report. As someone who has been consulting for the financial tech sector through my own website for the last seven years, I am convinced that freelancing will soon surpass traditional full-time employment. The potential earnings for a skilled freelancer can easily exceed a regular employee’s salary, provided they manage their schedule efficiently.

The Perks of Being an Independent Contractor

Here’s a rundown of the benefits of working as an independent contractor or freelancer:

1. Freedom to Pursue Interests: You can select projects that genuinely interest you, rather than being trapped in repetitive tasks. If you build a solid freelancing career, numerous opportunities will open up.
2. Potential for Higher Pay: Contractors often command higher hourly rates, sometimes 30%-100% more than full-time employees, since they don’t receive standard benefits like healthcare or paid vacations.
3. Flexibility in Work Location: Many contracting positions offer the flexibility to work remotely. My personal experience in the financial tech world assures me that a quiet, distraction-free space often leads to greater productivity.
4. Pursue Your Passion Projects: Freelancing offers the flexibility to work on projects you love. For me, Financial Samurai has been a passion project that continues to generate revenue and provide enjoyment.
5. Quality Time with Loved Ones: The flexibility allows you to spend more time with family and friends. My personal experiences have taught me the importance of prioritizing relationships over work obligations.

Keys to Success as a Rockstar Contractor

For those seeking to thrive as an independent contractor, here are some tried-and-true strategies:

1. Add Value Respectfully: Always aim to contribute positively, but also know when to keep opinions to yourself to maintain harmony.
2. Understand Your Role: Recognize that contractors and employees are treated differently. Stay professional and understand your place in the organization.
3. Set and Manage Expectations: Work according to your contract, set boundaries, and maintain your work-life balance. Overworking without pay might not pay off.
4. Continuously Network: Keep building and nurturing professional relationships. Opportunities often come from connections within the industry.
5. Know Your Value: Research market rates and assess your worth honestly. Charge appropriately for your services, considering the benefits that full-time employees receive.
6. Maintain Gratitude: Always appreciate your clients and opportunities. Show respect and thankfulness, as you never know when a connection might become valuable again.

Final Thoughts

The YOLO (You Only Live Once) economy is here, and it appears to be here to stay. The allure of being a rockstar contractor continues to grow, attracting those who seek freedom, flexibility, higher earnings, and the ability to pursue passions. While there are challenges and risks involved, the rewards can be significant for those who navigate this path wisely.

Remember to read my book for additional insights, and always be aware of your worth, manage expectations aggressively, never stop networking, and above all, be grateful for the opportunities you have.

In this evolving economic landscape, the prospect of freelancing as a primary career choice is more feasible and appealing than ever before. It’s a journey filled with potential and fulfillment for those willing to take the leap.