Money-Smart Solopreneur. Laura D. Adams

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      Permalancer

      This is someone who works as an IC for one company over a long period of time. The word is a mashup of “permanent” and “freelancer.” If you do a significant amount of work for one client, you might call yourself a permalancer.

      Example: Steve is an audio engineer who works with individuals and companies to create audiobooks. He’s been working with a large publishing house almost exclusively for the past few years as the demand for audio products has grown. Steve bills the publisher a set rate per completed audio project.

      Self-Employed

      This is a broad term for someone who works for themselves. They earn income from their trade, profession, or business, instead of from an employer. They are their own boss, and no one else controls how they work. They may choose to work alone, with partners, with hired employees, or with other self-employed people. And they might call themselves any of the terms in this section, such as a consultant, freelancer, IC, or entrepreneur.

      Example: Barbara is an independent housecleaner who maintains regular appointments with a portfolio of clients. She works full time and bills by the hour for her cleaning services.

      Side Hustler

      This is someone who has a full-time, W-2 job and runs their own business on the side. They might offer a product or service that they intend to eventually develop into a full-time business, or they might just enjoy having an additional income stream. They could work on their side gig alone, with partners, with hired employees, or with other self-employed people.

      Example: Justin has a nine-to-five job working for a fintech company as a marketing director. He also provides marketing services and consulting to several small businesses on the side. He typically charges a monthly retainer or a project-based fee, depending on the scope of his clients’ needs.

      Small-Business Owner

      This is a general term for someone who works for themselves. They make decisions for the business and enjoy its profits. They might work alone, with partners, with hired employees, or with other self-employed people. Note that the U.S. government defines a “small business” as having up to 500 employees.

      Example: Betsy runs an antique shop in a downtown main street location. She has two full-time employees, including herself. When the shop’s profits are higher than expected, Betsy also takes dividends from the business.

      Solopreneur

      This is a broad term for someone who is self-employed with no employees. It’s a mashup of solo and entrepreneur, meaning that they run a business single-handedly. However, solopreneurs commonly work with other business owners to achieve their objectives. Solopreneurs are typically service providers with specialized skills, such as consultants, virtual assistants, writers, and coders, who want a flexible and straightforward business.

      Example: As a writer, speaker, and spokesperson, I work with a variety of clients on short-term and long-term projects and campaigns. I don’t have employees, but I commonly use other businesses and ICs, such as website designers, social media marketers, and accountants, to assist with my work.

Tips for Defining Your Business

      The bottom line is that whatever you choose to call yourself, if you earn income on your own and not as wages from an employer, you’re a business owner. There is no legal or financial difference between being a business owner and being self-employed or an IC. The different terms for self-employment have gray areas and overlap. Ultimately, how you represent yourself to potential clients or fellow guests at cocktail parties is entirely up to you.

      If you’re still not sure how to label your business, here are some tips:

      $ Use the same business label as your competitors. If you have competition or know successful people doing similar work, find out what they call themselves. Search on LinkedIn or Google to read their business descriptions or bios for clues about the norms in your industry. If you call yourself a solopreneur because you think it sounds more prestigious than “freelancer,” it could hurt your business prospects if your potential clients aren’t familiar with that term.

      $ Use the same business label your potential clients would use. The language you choose to describe your business should match what your potential clients and customers would search for. Do they type “independent contractor” or “consultant” into search engines? If you’re not sure what your ideal clients are looking for or where they would find you, the easiest way to find out is to ask them. And when a new client does discover you, be sure to ask them how. Find out what search terms, platforms, or people were responsible for your connection.

      $ Use your business label consistently. When you decide on a business label, use it throughout your marketing: on print materials, websites, social media accounts, and bios. Say it with confidence and a professional attitude when you talk about yourself. If you’re not consistent when you write and speak about your business, you may end up confusing people. Choose the label that works for you and stick with it.

Refine Your Business Vision Exercise

      There are many versions of solo businesses, and yours may evolve over time. Consider the type of venture you want to build or may have already created, and answer the following questions:

      $ How will I describe my solo business when speaking with others, such as potential clients, collaborators, or business partners? (For example: “I’m a freelancer,” or “I own a small business.”)

      $ How would other people in the same industry or profession be likely to describe my solo business?

      $ Consider any competitors who you think are successful. What are three specific reasons that you consider them a success?

      $ Once you’ve decided how to label yourself and your business, where should you include it (e.g., website, LinkedIn profile, media kit, business cards)?

      Whether you call yourself a founder or a freelancer, at the end of the day, what you need to know to succeed in your solo business is pretty much the same. In the next chapter, we’ll review some of the main pros and cons of being a solopreneur.

       CHAPTER 2

       PROS AND CONS OF BEING A SOLOPRENEUR

      There are many advantages to working for yourself, but there are downsides, too. To succeed as a solopreneur, you’ll need to understand the many responsibilities that come with being a business owner.

      Every entrepreneur has different reasons for becoming self-employed. I get many questions from Money Girl podcast listeners, blog readers, and members of my Dominate Your Dollars Facebook group about their self-employment journeys. Some are wondering how to start a side gig to create additional income for paying debt, education expenses, or retirement contributions. Some have already launched new, exciting solo businesses with hopes of someday exiting their uninspiring day jobs.

      I’ve connected with folks who want to create СКАЧАТЬ