You've successfully subscribed to Vikrant Duggal
Great! Next, complete checkout for full access to Vikrant Duggal
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info is updated.
Billing info update failed.

10 Facts and 5 Trends about Independent Consulting that will blow you away

Vikrant Duggal
Vikrant Duggal
• 1 min read

I run Consulting Club and I wanted to share some thoughts I wrote about in December, 2020. [Note: I will update this post with sources once I find them, but for now trust]

Independent Consultants say they feel more secure working and the proportion of them saying this is growing. 70% of them will stay on this path and call themselves high-earners.

Who makes up Independent Consultants? Three groups:

  • Babyboomers
  • Millenials
  • Gen Z

Independent Consultants are saying they are healthier and happier. They have autonomy and control. They feel more secure as self-employed than full-time employed.

Independent Consultants help fuel 5.7% of the US GDP. How much is that in dollars? That's $1 Trillion in revenue to the U.S. Economy. The space is massive and there's room for this to grow.

Skilled professionals with specialty expertise has increased significantly in the past decade. It grew a ton in 2020 with many doubling down on education.

You've heard the term "side hustle". Well, compensation up and down the income ladder is falling short. It just hasn't kept up with the rising costs of education, healthcare, and housing. so, what does a person do? Use their skills as a side hustle!

Microbusinesses and startups are better off partnering with Independent Consultants.

Most Independent Consultants were already working remotely. This is growing due to pandemic.

Interest for people to become Independent Consultants has growwn. By 2025 it's expected to grow to more than 50% of the workforce. That's 3X the growth of employment.

Trend 1: Technology continues to enable and empower independent workers while also making it easier to start and operate an independent business.

Trend 2: Using independent workers improves business flexibility and agility for employers.

Trend 3: Workers increasingly want the autonomy, control, and flexibility independent work provides.

Trend 4: The need for many workers to generate supplemental income continues to grow due to stagnant wages, fewer middle-wage jobs, and increasing costs, especially for housing, health care, education, childcare, and retirement.

Trend 5: A growing support infrastructure of products, services, and programs makes it easier, cheaper, and less risky to become independent.

You can check out what I'm doing with Consulting Club here.

Consulting