The gig economy is growing. For example, independent professionals are projected to make up 60% of the workforce by 2027. What’s more, 96% of self-employed professionals don’t want to return to a regular job.
As a result, if you’re thinking about ditching your 9-to-5 grind to start your own business, this might be the right time for doing so.
MagnifyMoney has conducted a study compiling 25 occupations where you can be your own boss.
As a result, you can now choose from a number of top self-employed careers for your new business. For example, food service managers, construction managers and real estate agents.
Key Findings
According to the MagnifyMoney study, becoming a food service manager is the top occupation for those seeking a self-employed career. For example, around 37.6 % of food service managers are self-employed. What’s more, a food service manager typically receives $54,240 annually. This can be a decent income for a job that doesn’t require a college degree.
Construction managers come second on the list. For example, 39.8% of construction managers are self-employed. And they earn an average of $93,370 annually. You will need a bachelor’s degree to start working as a construction manager.
A real estate agent is the third top job for self-employed people. For example, 56.4% of real estate agents are self-employed with average annual earnings of $48,690.
Following is the complete list of the 25 most popular careers for becoming self-employed. As a result, these may be the kinds of careers you wish to build your next business on:
- Food service managers
- Construction managers
- Real estate sales agents
- Managers, all other
- Massage therapists
- Clinical, counseling and school psychologists
- Taxi drivers and chauffeurs
- Construction laborers
- Management analysts
- Carpenters
- Interpreters and translators
- Landscaping and groundskeeping workers
- Veterinarians
- Plumbers, pipefitters and steamfitters
- Substance abuse, behavioral disorder and mental health counselors
- First-line supervisors of landscaping, lawn service and groundskeeping workers
- Nonfarm animal caretakers
- Lawyers
- Web developers
- First-line supervisors of construction trades and extraction workers
- Coaches and scouts
- Medical and health services managers
- First-line supervisors of personal service workers
- Financial managers
- Manicurists and pedicurists
How MagnifyMoney Prepared the List
When choosing a self-employed career, pick the occupation that already has plenty of self-employed people. You also want to make sure that the occupation you plunge into not only gives you good wages. It should also ensure that your wages will grow with time.
MagnifyMoney included 579 occupations and compares the data pulled from the US Bureau of Labor Statistics (BLS) to prepare the list. As a result, it looked at the following metrics:
- Percentage of workers who are self-employed in the given occupation
- Estimated employment change (%) 2018-2028
- Projected annual occupational openings 2018-2028
- Percentage change in estimated employment change 2018 to 2028
- 2018 median earnings
- Percent change in earnings 2017 to 2018
- Education needed
To prepare the final list, MargifyMoney first ranked each profession using the above metrics including education required. Then, the company calculated the average ranking for each occupation across the six metrics, giving double weight to the percentage of workers who are self-employed in their given occupation. Next, it used the average ranking to assign a score to each occupation. Occupation with high scores ranked on the top.
Though MagnifyMoney looked at the education required for occupations, it didn’t use it to create the ranking.
How to Grow Your Self-Employed Business
You have picked an occupation to venture into. As a result, you should start making strategies to grow your self-employed business. You cannot succeed in your business without a proper plan.
For example, here are some tips to grow your self-employed business:
- Know your target audience well
- Focus on a specific problem your business solves
- Highlight your expertise
- Make a customer acquisition plan
- Create a kickass marketing strategy
Additionally, you should start being active in your local communities. For example, you will want to connect with people at the local level. As a result, it helps you build a large business network. For example, you can explore opportunities to promote your business to local communities in local events.
For example, participating regularly in local chamber of commerce meetings helps build strong business relationships. As a result these meetings can fuel the growth of a business.
About MagnifyMoney
MagnifyMoney helps people lead financially healthy lives. For example, it provides its audience with free tools, calculators, and resources to answer their personal finance questions. Click here to know more about MagnifyMoney.
Image: Depositphotos.com