Did you know that the independent workforce is growing over five times faster than traditional employment? Thanks to the rise in popularity of on-demand business models like Uber, Lyft, and Airbnb, people are waking up to new possibilities of work and realizing that rigid work schedules and assignments don’t have to be their reality.
Whether you’re thinking about becoming your own boss, or are simply looking to supplement your existing income with independent contract work, you’re in good company. Thirty-five percent of the US workforce have already gone independent, and while the physical therapy world may be lagging a bit behind, there’s no doubt that this trend will continue to pick up steam across industries.
Here are the top four benefits of becoming an independent contractor:
More Freedom and Purpose
Think back for a moment about why you decided to become a physical therapist in the first place. Maybe it was the opportunity to solve mysteries, serve a wide variety of patients, or enjoy a dynamic career that keeps you on your toes. Now compare that to your current experience at work. Perhaps you’re one of the lucky ones who has found themselves in a dream job--if so, good for you! But the reality is that too many physical therapists today are stuck in cramped clinical settings with work that fails to keep them fulfilled. As an independent contractor, you have the freedom to decide what projects you’ll take on based on your passions. You’ll experience the thrill of running your own small business and discover a renewed sense of passion and purpose.
More Flexibility and Control
Being your own boss gives you exciting new opportunities for flexibility. You work when and how you want to work. With Luna, for example, therapists have the freedom to set their own work schedules on a weekly basis. Saving up for a trip to Spain? Schedule a few more hours this month to boost your income. Hoping to attend your son’s soccer tournament next week? Go for it! This level of flexibility can also come in handy when you’re working a full-time job at a clinic and using Luna to secure supplemental income.
A Healthier and Happier Life
With more freedom and flexibility, independent contractors tend to be happier and more optimistic than their full-time employee counterparts. In a study by McKinsey Global Institute, 97% of contractors reported they were much happier than those who worked for someone as an employee. Independent contractors have also reported feeling a greater sense of pride in their work and feel that they are making a bigger difference in the world.
More Financial Opportunity
As an independent contractor, there is no cap to your earning potential as there might be in a salaried position. The more work you do, the more you get paid. Period. According to research from MBO Partners, one in five independent contractors were making more than $100,000 a year in 2015, and there will be 3.8 million independent contractors bringing in six figures annually by 2020. Part time independent work is also thriving as more and more people look to diversify their income streams and pursue new areas of interest.
With all of these benefits, what exactly is holding people back from becoming independent contractors? Perhaps it’s the perceived financial risk, having to take on administrative tasks like billing and scheduling, or fear of finding and retaining a base of clients. For physical therapists, it could be the hurdles around documentation and dealing with insurance companies. These are all valid roadblocks, for sure.
Here’s the good news: with Luna, we take care of all of this for you and so much more. That way, you can enjoy all of the benefits of being an independent physical therapist with none of the risk. Curious to learn more? See how Luna can help you become your own small business owner and serve as your safety net as you embark on this exciting new journey.