Money-Smart Solopreneur. Laura D. Adams

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СКАЧАТЬ a spouse’s career if needed, continue earning an income while traveling, or promptly respond to the demands of their young children or aging parents. Some parents start small entrepreneurial ventures with their children as a way to bond over shared activities, instill life and business skills, and boost their kids’ confidence.

      First, I’ll cover the eight pros of being a solopreneur that mean the most to me. Then I’ll review eight cons to consider if you’re thinking about or have already started working for yourself.

The Pros of Being a Solopreneur

      Whether you make the leap to full-time self-employment or freelance on the side of a regular day job, here are eight advantages you may enjoy.

      1. You Do Work You Love

      One of the greatest benefits of self-employment is having the power to do work that you genuinely love. Feeling passionate about the services or products you offer can undoubtedly improve your chances of success.

      Building something you own, instead of helping someone else grow their business, makes you proud. Relying on your ideas, skills, and perseverance is incredibly empowering. You may find yourself bragging about your work instead of dreading that moment when someone asks what you do. People seem more interested in your job when you’re passionate about it!

      Plus, when you enjoy your job, it doesn’t feel like work. Most of us spend more hours working than doing anything else. So why not make it something you believe in and find fulfilling?

      2. You Control Your Income

      Another alluring advantage of self-employment is being able to earn as much as you want. While a business’s profit potential depends on many variables, if you’re motivated, you can reach realistic income goals. Some solopreneurs make a good living from day one, although it typically takes months or even years to earn the income you want.

      Your solo business may allow you to earn more or less than you would at a W-2 job. You can make as much as your customers will pay. For example, if you’re a computer programmer employed by a technology firm, you might earn $75 an hour. But as a freelance programmer, you’d likely find companies willing to pay you $150 an hour or more. We’ll discuss setting rates for your business in Chapter 8.

      If you commit to working hard and offering excellent products or services that are in demand, you’ll eventually make the money you want.

      3. You Can Get Things Done Faster

      As a solopreneur, one of your competitive advantages is the ability to work efficiently and quickly. You don’t have the red tape that often comes with a W-2 job, when you have to wait for approval from a boss’s boss to get something done.

      You can deliver products and services to customers faster than a large company could. You can be flexible when a client needs a customized project. Your ability to meet quick deadlines can also translate into higher earnings.

      A huge benefit of working for yourself is your ability to be proactive when market demand shifts or you see the opportunity to offer a new product. Being nimble allows you to serve customers better with innovative solutions. When you’re self-employed, you can make business changes and decisions as fast as you’d like.

      4. You Control the Destiny of Your Business

      Most entrepreneurs would likely call themselves “driven” or say that they like to be in control. When you’re self-employed, you’re not beholden to a company or a boss. You can’t be fired, downsized, or forced to attend meetings.

      Having your own business means that you get to create your future. You decide how to brand, delegate, and scale your company. It can be as challenging, creative, or busy as you want to make it.

      Depending on the type of work you do or want to do, it could satisfy both professional and personal goals. For instance, you might have a side gig consulting for nonprofits with missions that are important to you. Or you could create a business that allows you to leverage a skill you already have or want to improve, such as teaching music lessons, guiding fishing trips, or being a travel photographer.

      Starting a new business endeavor can help you pursue networks of people or activities that you are genuinely interested in. By experimenting with low-risk opportunities, you can find out if you like the work and if there’s adequate demand. Then you can make the call on whether to move on to something else or continue investing your time and money.

      5. You Choose Your Colleagues

      Bad bosses and irritating co-workers drive many self-employed people away from the W-2 world. The people who interviewed you for the position may have seemed lovely, but you don’t really know someone until you’ve worked with them. Being subject to unreasonable leaders or devious teammates can make work about as enjoyable as a nap on a fire-ant hill, and unless you want to start applying for new jobs, you’re stuck with them.

      But when you’re the boss, you control the partners, vendors, employees, and clients you work with. You’ll never have to endure mandatory fun (such as team-building events) or an office culture that rubs you the wrong way.

      Unless you manage every aspect of your business, you’ll likely rely on other solopreneurs or small businesses for help with a variety of tasks. But if they don’t give you the results you want or have a bad attitude, you can easily find replacements. Being self-employed means that you call the shots about whom to hire and let go. As your business grows, you’ll have more control over the people, companies, and industries that you want to work with.

      Being your own boss means you can and should surround yourself with great people. Weed out anyone who doesn’t uplift you or have good energy. If you have a client who’s a jerk, you can fire them.

      Yes, there are times you will have to keep a difficult client because you need the income. But remember that you’re still in charge. Working with people you enjoy and who make you feel confident is one of the best things about being in business for yourself.

      6. You Decide When to Work

      One of the most valuable parts of having your own business is the flexibility that comes with it. Depending on your business, setting your own hours, wearing workout clothes all day, and cuddling with your pet while you work may be possible. You may be able to take care of your kids or aging parents more easily when you’re self-employed than if you had to report to a day job.

      As long as the work gets done, you can create work habits that fit the lifestyle you want. You set your own priorities when you’re self-employed. In some cases, you might work more hours than you would in a W-2 job. But it can still feel healthier because you organize it around your schedule. If you need to work late into the night or on weekends to have more free time during the week, you can make it happen.

      Being a small-business owner gives you a freedom that rarely comes with a W-2 job. Yes, venturing out on your own or starting a side hustle can come with risks and struggles—but it can also turn out to be well worth the effort.

      7. You Choose Where to Work

      Many solopreneurs can work wherever they want. That could be a tiny studio apartment, a leased space in an office park, or a coffee shop abroad. You could live a remote lifestyle while you travel frequently and work anywhere with an internet connection. I’m writing this and doing other work from home during the coronavirus pandemic that’s caused so much turmoil in the global markets. Having the option to hunker down and СКАЧАТЬ