The $200K Freelancer's Freelancing is the Ultimate Job Security covers something we often hear from small business owners and independent workers - they feel more secure than if they had a traditional job.
In our interviews the primary reason given for feeling more secure is multiple sources of income. The article nicely describes this. Key quote:
As long as I keep a good mix of clients, and don’t rely too much on any one for my income, I can never be fired in a devastating way.
Other reasons given for feeling more secure include not being at the mercy of a mercurial boss, limited risk of losing a job due to uncontrollable corporate actions such as mergers or large layoffs and more flexibility to adjust as economic conditions or opportunities change.
In our most recent MBO Partners State of Independence survey of independent workers, 42% said they felt being independent was more secure than having a traditional job. Almost half of baby boomer independents (49%) said being independent was more secure.
Lack of job security - and growing concerns about economic uncertainty in general - are key drivers of the shift towards independent work and especially side gigs.
Because of this, we're going to be spending more time exploring the role economic uncertainty is playing across the small business economy.