Freelance has been on a peak of public interest for a while now. In 2022, “solopreneur” is the word we have to learn! What are the basics of being one? Let’s unpack the meaning first!
How A Solopreneur Beat A Freelancer
Solopreneurs are already all over the world – it’s not like this occupation is new. Yet, that lifestyle got increasingly popular in the past year. After the pandemic, so many office workers strived to be a solopreneur or solo entrepreneur. They don’t have to abide by any rules, travel to the workplace every day, or work in teams. Merriam-Webster says that it’s the “one who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner.” So, what can be better than that? While it’s appealing to have full control of the business, its purpose is still to serve the customers. Be it freelancing, IT, or managing, all those options can put constant stress on a solopreneur. There are no employees to consult or transfer your work to. It can be challenging to rest at that pace.
On the other hand, there’s no such thing as a huge financial risk. When you hire employees, the business should earn a certain amount of money monthly – otherwise, the boss won’t be able to pay employees. A boss without workers can save some cash. Moreover, most solopreneurs don’t have a lot of expenses overall. They work at home and require the minimum. That said, a bigger part of the earnings goes to the boss. In addition, one can make up their working schedule and take days off whenever they feel like it.
Influencing the World
Whether the solopreneur status suits you or not, it definitely changes our world. After so many people left their jobs and moved on to their businesses, corporations struggled to find employees. A high salary is not a problem either – solopreneurs are looking for a proper work-life balance or hope to make a change in our society. These entrepreneurs want to stand out, instead of fitting into the company! 51 million people are independent workers according to a 2021 MBO Partners report. That said, less than three percent of those people filed as businesses with employees. 82% of them want to keep their business small, while 56% want to continue their solopreneur path without other employees involved. They have one huge advantage over people in big business: solopreneurship lets people focus on their well-being and sanity rather than numbers.
How is a freelancer any different? With the success of social media, many freelancers transferred their businesses to sites like Instagram and TikTok. Solopreneurs are closer to influencers than freelancers. Although it didn’t look like it was growing bigger at first, now you can achieve anything with internet fame. A solopreneur with a small following can still make between $60,000 and $100,000 a year! They use social media services to expand the business, work with private label producers and other services for sales, then create a product on their own. For example, Kylie Jenner and her family members created their own makeup brands. Now, they earn millions.
We’ll see an even bigger increase over the years – with diversity being the main point to respect about solopreneurs.
Sources: Entrepreneur, World News Era, U.S. Chamber Of Commerce