To qualify as self-employed, how long must the individual have worked in the same industry?

To qualify as self-employed, the criterion typically states that an individual must have worked in the same industry for at least two years. This requirement is in place to ensure that the individual has enough experience and stability in their self-employment to demonstrate consistent income. Lenders and financial institutions look for this duration as evidence of an established business, which helps assess the borrower's ability to repay loans based on their business earnings.

Having two years of experience provides a more reliable understanding of both income trends and the viability of the self-employed individual's business. While shorter periods can indicate potential for success, the two-year benchmark is commonly recognized as a sufficient duration to build a track record, helping to reduce the risk perceived by lenders.