The current economic landscape is fertile ground for self-employment. And what makes this scenario even more encouraging is the fact that almost all freelancers — also known as solopreneurs — are crazy about the work they do! The allure of losing a boss and gaining independence to work when, where, and how you want — is causing more working professionals to take the plunge into the world of freelancing.
Regardless of whether you're considering becoming a solopreneur or if you've already gotten your feet wet, here are 7 more benefits you may not have thought of that further the argument for what makes solopreneurship the sweetest gig in town!
Working shouldn't be just about the money — for confirmation, just ask anyone who brings home a big paycheck but still loathes their job! Are you passionate about what you do? As a solopreneur, you can focus on doing what you love as you continue to hone your craft. All those things you do in your spare time might just be worthy of pulling in some major income.
Maybe you’re an amateur photographer. Maybe you’ve dabbled in illustration, web development or even dog training! Have a quick brainstorm to discover the optimal break-even point between passion and getting paid:
First, make a list of all your skills — all the things that you're pretty good at. Next, make another list — but this time write down your hobbies and passions. Once you're finished, compare the two lists side-by-side. Look for skillsets that intersect with your passions. If you love to travel and are fluent in several languages, you’d make a great translator, travel blogger, or tour guide.
Now it's time to consider your financial goals. Do some research on what kind of demand there is for the things you're passionate about. Jobs for mathematicians, data analysts, and graphic designers are on the rise. So if you’re a techie, the cybersecurity industry is waiting for you!
Be sure to do your due diligence research salaries on the internet, but also crunch the numbers on your monthly expenses so you have an idea of how much money you'll need to bring in. If you’re a talented gamer, you can expect to earn $300 per project on average. Contrast that with software consultants, who can expect to bring in an average of $92,200 per year.
Before you quit your day job to pursue a freelance career following your passion, you'll not only want to make sure you can pay the bills, but you'll also want to check and see if special training or certification is required to qualify for the jobs you're interested in. By doing thorough research and being realistic with your goals, you'll be able to find a freelance job that fulfils you and pays your bills!
In a traditional job, you’re pretty much stuck working with whomever your boss tells you to work with. But one of the many perks of being a freelancer is you get to pick and choose who you spend your time with!
If a client is difficult to work with and impossible to please, it is fully within your rights to politely but firmly decline to work with them. If someone balks at your fee, don't be afraid to stand your ground. There will always be deal-hunters out there but quality clients will know what a job is worth and will be more than willing to pay for a superior product.
Having a few nightmare clients under your belt will help make it that much clearer when you find a great client who treats you with respect and pays well. When you stumble upon superstar clients, you'll want to go the extra mile to build the relationship into a lasting partnership. If you're able to provide top notch service to clients like these, they're very likely to tell their friends, which means you'll end up with more work than you know what to do with!
When you have a traditional job with a boss and you prove to be a competent worker your reward is generally… more work.
If you're a freelancer that's in it for the long haul, it's important to proactively combat burnout. And the most effective way to do this is by balancing your workload so you don't feel like a hamster on a wheel running from one project to the next with no time for yourself.
And while newbie freelancers are generally hungry for whatever work they can get their hands on, more experienced freelancers will generally know how to be more selective about taking on higher paying projects so they can work smarter, not harder.
Working 9-5, right? The traditional rules of work dictate that you need to show up in the office early and leave late — even if you've finished your tasks hours ago. That's just the way things have always been. But that doesn't mean they should stay this way.
As a freelancer, you no longer have to spend the bulk of your day chained to a desk just to show your coworkers what a busy working bee you are. As a solopreneur, you needn't subject yourself to the status quo of what's deemed to be acceptable working hours. If you've always been a night owl, leave the shame of sleeping late behind. And if you're a morning person, you're free to get your work done early so you can enjoy the rest of your day. When you're in business for yourself, it becomes more apparent that it's the quality of work that matters, not the quantity.
That said, you'll soon find that discipline and structure have their place in a successful freelancer's life. It'll be up to you to figure out your own customised routine that helps you achieve the perfect balance between getting things done and not overextending yourself.
It used to be that when you'd see someone in a coffee shop busily typing away on their laptop, you'd assume they're an unemployed screenwriter working on the script that will undoubtably be their big break. Not so anymore!
Technology has helped society to come around to the idea that you don't have to be in an office every day to get a job done. The ability to work from anywhere is one of the many reasons freelancing has become as popular as it has. Whether you choose to work from your home, a rented office space, a cafe, or a beachside bar in some exotic location — it's ultimately up to you to decide where you do your best work.
When you're a freelancer, you have the opportunity to use your skills in a variety of different industries.
For example, a writer could create content about music, home improvement, medicine and finance — all in the same week! A photographer could do weddings, actors’ headshots, family portraits or food photography. Regardless of what skills you have, there are infinite opportunities for flexibility when you're a freelancer. This type of versatility basically guarantees you'll never get bored, but also gives you an opportunity to find the place where your passions and opportunity intersect.
When you work for yourself, you'll never have to worry about being laid off. If you're a competent freelancer in a high-demand field, you’ll always have work. The only way you can lose your job is if you fire yourself!
More than a third of the American workforce freelanced in 2020, with many other countries close behind. Solopreneurs contributed $1.2 trillion to the US economy and continues to grow as a global phenomenon. Will 2021 be the year you join the freelance movement?
Many would-be freelancers hesitate because of the hassles associated with owning a business. We get it.
That’s why Xolo offers solutions customised specifically to the needs of freelancers and solopreneurs. We can invoice your clients, handle your business expenses and make that pile of paperwork disappear like magic. We can even help with taxes and protection from liability.
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