How big is the GIG economy???

Bigger than you think. According to a recent study by McKinsey & Company, between 20-30% of the working population in the US and Europe are free lancers (doing gigs.)

That translates to over 160 million people. Not too shabby, I’d say.

Rather than wade through the 148 page study, check out this latest post at Consultants Mind, a favorite blog of mine on consulting.

Although aimed at management consultants in both large and small firms, I find this blog well written and useful for solo-professionals too (including us technical consultants.)

To distill the data even more, here are some key points from the blog post:

Most consultants CHOOSE to work independently. More than 70% surveyed do so because the want to — not because they have too. This group is happier too — no great surprise.

One in six traditional workers say they would like to go independent. But many don’t because they lack the ideas, ambition, or grit. (If you have the ambition and grit, stick around and I’ll help you with ideas…)

Digital platforms enable freelance work. Thanks to the Internet and computers, it is easier than ever today to start and run a consulting business — from anywhere in the world. But you do need to develop your on-line presence to make this work.

This is NOT new. According to the author, 100 years ago 45% of the population was self-employed. As small farmers in rural Nebraska, all my grandparents and great-grandparents fell into that category. Furthermore, the author predicts the percentages will rise again in the next century.

The author was pretty critical of the original McKinsey report, saying the 148 page report was about 100 pages too long. He’s right – brevity is always better.

So save yourself some time and hop over here for more details.

Finally, the author challenges “retirees, students, and caregivers” to jump back into the economy – even if partially. If consulting is YOUR gig, follow me at JumpToConsulting and I’ll share my ideas on how to make your jump.

Consulting is a great life for those who choose it. I’m glad I chose it almost 40 years ago!