The advantages of being a self-employed contractor are well known—being your own boss, having the flexibility to choose your hours and place of work, and the ability to deduct business expenses from income tax are all powerful incentives to choose self-employment, especially given that the traditional “job for life” that many of our parents and grandparents enjoyed has all but disappeared.
Statistics indicate that self-employment is on a steady rise and by 2020, 40 percent of the workforce in the U.S. and 45 percent of the workforce in Canada will consist of freelancers, independent contractors, and on-demand workers.
The rise in self-employment has led to an explosion in demand for coworking space, particularly from millennials in tech industry startups. According to deskmag’s 2017 Global Coworking Survey, the number of coworking spaces is growing by 22 percent per year, and the number of coworking members is growing at 40 percent per year. Multi-billion dollar tech superstars such as Uber and Instagram were incubated in coworking spaces.
Depending on your finances and family situation, working from home can be advantageous, but it can also leave you isolated and/or subject to distractions that can impact your productivity. If working from home is not suitable, but you don’t need or can’t afford traditional private office space perhaps it is time to investigate the benefits of coworking.