We’ve all thought about it… Whether it was a rough day at the office, yet another traffic jam, or simply a boss who’s a jerk, each and every one of us has pondered just how great it would feel to march into work and say: “I quit!”
In fact, according to a recent report from FreshBooks — the #1 invoicing and accounting software in the cloud designed exclusively for freelancers and growing service-based businesses — 24 million Americans want to work for themselves by 2021…
So, what’s holding them back?
FreshBooks found the reasons vary, ranging from financial concerns to a lack of confidence in the ability to successfully run a business:
Top Five Reasons 24 Million Americans Are Too Afraid To Say “I Quit!”
35% worry about inconsistent income
It is not surprising that even the most eager self-employment participants might have second thoughts about giving up the security of a guaranteed paycheck. However, the risk seems to pay off for most people that take the leap. According to FreshBooks’ 2019 Self-Employment in America study, 55% of currently self-employed Americans said they’re earning more money working for themselves.
28% don’t have the cash to invest or need to pay down debt first
The prospect of giving up a steady paycheck AND doling out your own life savings or taking on more debt can certainly be daunting. But self-employed Americans report they are healthier and happier, with a whopping 96% having no desire to return to a regular job.
27% lack a complete business plan
If you didn’t go to business school, writing a business plan can seem like an impossible task. But, with the advent of business planning software such as BPlans and easy-to-use accounting applications such as FreshBooks, it’s easier than ever before to start and run your own business, and you don’t need an MBA to do it.
27% worry about earning less money
In addition to the nerves that come with saying goodbye to a steady paycheck every two to four weeks, it is only natural to wonder what your income is going to look like when you head out on your own. Not only do 55% of Americans report earning more money when they become self-employed, 63% believe the quality of life boost they get is more important than the dollar signs.
20% don’t want to give up health benefits
This is a valid concern. What’s interesting is the connection the study found between self-employment and improved well-being. Americans working for themselves say they’re happier and healthier since leaving their jobs. 7 in 10 say they have better work-life balance, 55% are less stressed, and 54% say they’re healthier overall.
There is no question that more and more Americans are either seriously considering or finally deciding to take the leap into self-employment as they seek more control over their careers, a better work-life balance, and less debt from pursuing a college degree.