- Business Insider interviewed five individuals from Generation X who transitioned to self-employment due to difficulties in securing full-time positions.
- While some are adding to their income with lower-paying positions, others have abandoned their efforts.the job market.
- A study by Business Insider revealed that 12% of working individuals aged 44 to 59 were independently employed in 2024.
Since losing his position as a Walmart manager, 50-year-old DJ Perdue has submitted approximately 10 job applications daily over the last year and a half. Following months of being turned down, he chose tolaunch TeenyTown, an indoor play area for children in Union City, California.
I needed to take action,” Perdue said to Business Insider. “And it was something I had always dreamed of doing.
Perdue aimed to concentrate on his four children. He mentioned that he utilized his severance pay and bonus from his previous job to establish a business during his period of unemployment.
Although attendance at TeenyTown has remained consistent, he mentioned it’s still not sufficient to support his family. Perdue stated that he earns enough to pay for rent and utilities at the play area, but has struggled to afford other expenses. His fiancée, who is still working, has shouldered most of the financial responsibility, he added.
“I’m roughly two months away from losing my business unless I secure a job soon, as I can’t continue to rely on that income,” Perdue said. He mentioned that he recently had to sell his house and relocate to a more affordable rental.
Perdue is not the only one who has turned to freelance work following a job termination. Business Insider interviewed three other individuals from Generation X who mentioned they made a similar shift.
Some individuals view personal projects as a short-term solution. For others, working for themselves is like a lifeline while looking for employment in a slow-moving job market.
No matter the cause, being self-employed is a fairly typical option for Generation X. According to a Business Insider analysis of data from the Census Bureau’s Current Population Survey, 12% of working individuals between the ages of 44 and 59 were self-employed in 2024.
Quitting the search for employment
Although the job market is difficult for all, it can be particularly hard for experienced workers who have salary and position expectations. Many also encounterconcerns about ageismor appearing to be overly qualified.
Rick J. Sanchez, 49, started his professional journey in the field of hardware and software distribution sales, later establishing an Allstate insurance and financial services business. He then transitioned into roles focused on business development and startups. However, upon returning to the job market in 2023, he faced difficulties in securing a position.
“You aren’t able to list founder, president, or board chair of any position on your resume and expect a response,” Sanchez stated.
Following a year and a half of searching for employment, Sanchez established Mentratik, a public relations and crisis communication company.
We’ve only been operating for roughly a year,” Sanchez stated. “But it’s much better than spending each day searching for employment on the streets.
Making a pivot
In the first quarter of 2024, 3% of all companies had completely closed down in the preceding year, according toU.S. Bureau of Labor Statisticsdata. Despite the high rate of business failures, some individuals engage in personal projects to remain active and regain a feeling of purpose when the…The system seems to be working against them..
After losing his job in April, 48-year-old Rob Santoliquito chose to take a different path, starting his own business.a Screenmobile franchiseIn West Chester, Pennsylvania, there is a business that focuses on screen replacement. Much like Sanchez, he has valued the new beginning. Santoliquito mentioned that he told his wife when he started his previous job, “If this doesn’t work out, I’m never returning.”
Santoliquito stated that he doesn’t have any regrets regarding his career, which provided him with a secure route and significant earnings during its duration. In recent years, though, he sees the broader job market as a “shrinking pie” and mentioned that businesses are keen on cutting staff, particularly for more costly employees.
Sallie Griffiths, a former executive who spentdecades building business developmentTeams and training realtors, she mentioned that as she has aged, she has observed that the same kinds of opportunities are less common now.
Following her most recent job loss in May 2024, Griffith secured a full-time position at a franchise, earning approximately a quarter of her previous income. She still takes on additional jobs, combining part-time roles such as managing a law firm in the U.S. Virgin Islands and pet-sitting to make ends meet.
Griffith also started a consulting businessto assist entrepreneurs in launching new ventures and established a foundation to support disadvantaged women in her community in obtaining better-paying employment.
“Currently, I’m managing around five different tasks simultaneously,” Griffith stated.
Madison Hoff played a role in this article.
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