Solopreneurs your time has come.
According to futurist Jacob Morgan, author of The Future of Work, there's never been a better time to be self-employed. He spends most of his time researching how technological, demographic, marketplace, and political changes will affect the workplace over the coming years. And he says all signs point to the ascendance of the self-employed worker. "The big picture for freelancers is excellent," he says. "It's going to be a huge area going forward."
So why are more people ditching the 9-5 and choosing to be self-employed?
As a society we seem to be productivity and performance obsessed – addicted to being busy. Often without even really understanding why, whether it fulfils our own purpose in life or whether it makes us truly happy. It dawned on me that productivity is the killer of creativity, simply because we have no time to think. We are too busy attending to tasks and achieving goals that have been set for us. Our aperture is so narrowly focused on completing these tasks to certain deadlines and within certain parameters – what’s sometimes referred to as 'flow state' or the 'sandbox', the 'gold-gilded cage' or 'golden handcuffs'.
I’ve done extensive research on the future of work and how that will change over the next decade. I did this of course as part of my own transition from corporate life to going solo. I discovered that there a many benefits to taking the plunge. I also realized that, while the idea of it was daunting and equally tempting, I needed a strategy and a game plan. I needed to be clear on my value proposition, market, business model and go to market plan. And having done it, I saw the light at the end of the tunnel. In this post you’ll find the most recent stats, trends and tips to help you make a choice – be your own boss or stay where you are – it’s different for everybody.
But one thing is for certain - the world of work has changed and is evolving rapidly.
Let’s start with a summary from research done by Leapmesh in the US, which accounts for 50% of the global freelance/self-employed market:
54.40% of solopreneur are female and 45.6% are male.
20% of solopreneurs earn $100k to $300k without needing to hire staff
53.2% of solopreneurs have a bachelor’s degree or higher
54% of solopreneurs are above the age of 35
51.6% of solopreneurs operate from home, while 21.6% run their businesses in an office
Of all the solopreneurs surveyed in 2023, 41.6% have been running their business for less than one year
Only 10% of solopreneurs come from technology related industries
13.13% of solopreneurs reported feeling lonely and isolated in their work.
14.8% of solopreneurs are between the ages of 18 and 24
The primary motivators for solopreneurs include the desire to have more control over their lives (34.35%), to have a greater financial reward (22.58%) and to do something they are passionate about (22.01%)
29.54% of solopreneurs rely on selling products for a steady stream of income.
Only 3.6% of solopreneurs have an average revenue of more than $83,000 per month.
If you are still on the fence, here are some tips, global trends and future predictions for solopreneurs that might encourage you to get started. If you already have, then this might give you the confidence that you are on the right path and you’re not alone. So, keep going.
The demand for freelancers is increasing
Online talent marketplaces are thriving
Flexible workspaces are expanding
An array of tech tools enable collaboration and independence
#1 The demand for freelancers is increasing
With the emerging hybrid working model, freelancers and gig workers are in greater demand. It keeps companies nimble in uncertain times. It allows them to tap into wider talent pools and access the market's best talent. They are no longer constrained by geography and proximity. And it’s more cost effective than maintaining a full-time workforce. Upwork’s Future Workforce Report 2022, a representative survey of 1,000 U.S. hiring managers, reveals that many companies have turned to skilled independent talent as a core workforce strategy to bridge the talent gap. The key findings point to the fact that there are more benefits to hiring independent talent than not. In the words of Irish researcher Andrew Burke: “Freelancers are unique economic agents in their own right who can add significant value to organizations throughout all the stages of innovation development” — and more and more employers are recognizing this trend.
#2 Online talent marketplaces are thriving
According to Finance Online’s stats for 2023 there are the 1.1 Billion (the World Bank records 1.56 Billion as at January 2023) freelancers worldwide with an annual contribution of $42.9 Trillion to the world economy. Talent marketplaces like Upwork, Fiverr, Toptal, Flexjobs, Freelancer.com, SheWorks etc., are matching freelancers with companies that want to hire freelance talent. This trend is likely to continue with freelancers and solopreneurs having the option of selecting projects they want to work on and giving employers a choice of talent best suited to their needs. For freelancers the competition is fierce on these platforms though and having to constantly pitch for work with no guarantee of being hired is sometimes demotivating.
#3 Flexible workspaces are expanding
Affordable co-working locations are mushrooming up, which is an excellent alternative to working from home. According to Statista, there are approximately 18,700 coworking spaces around the globe. According to projections, there will be some 41,975 coworking spaces worldwide by the end of 2024. There has been a 158% increase in coworking spaces since 2020. 69% of office workers say they are more productive when they can work in a variety of settings during the workday. Here’s a useful summary of global and regional coworking space stats from Gitnux. 84% of coworkers feel motivated and engaged. This ability to have human connection makes a big impact on workers’ overall levels of happiness as well, as 89% reported that they are happier since joining a coworking space. 69% of coworking space members said they had learned new skills in a coworking space.
#4 An array of tech tools are enabling collaboration and independence
Technology is empowering and enabling a more fluid work culture. For example, it's easier to stay in touch with clients and work closely with their employees with chat, file-sharing, web-based collaboration, and knowledge-management tools proliferating. And with videoconferencing becoming more of a norm, you can interact with multiple stakeholders no matter where you're working. A plethora of no-code, low-code tools are now available enabling individuals to run their businesses with laptop and an internet connection.
So why should you go solo:
Stay in control and be your own boss
Become independent and self-reliant
Get paid what you deserve
Expand at a sustainable pace
Keep upskilling and grow your value
Stay in control and be your own boss
Find work-life balance
#1 Stay in control and be your own boss
Well, that sounds fabulous, doesn’t it? No office politics, no loud neighbors, no marathon meetings, no terrible bosses… As a solopreneur you have full control over your business. You are the CEO, CMO, COO, CFO CTO, office manager, janitor and general dogsbody – not really that fabulous. But it’s possible and there is an ever increasing range of products tailored specifically for freelancers and creators from App, website, blog, design, analytics, video, finance, payment methods, AI, marketing, project management, automation, customer service. These are easily accessible and affordable with online comparisons that help choose the most appropriate and cost-effective options.
#2 Become independent and self-reliant
Instability in labor markets has created the need for self-reliance and increasing numbers of Individuals are monetizing their talent by starting their own businesses or becoming self-employed.. Being stuck in a low-prospect career leads to frustration and often spawns new ideas and new and successful brands. The self-employed are becoming a force to be reckoned with. New associations, communities, groups, societies, and clubs will form to provide support and share best practices and knowledge locally and across regions. This will all be supported by new regulations such as work environment responsibility for companies that engage self-employed workers, platform workers, subcontractors and freelancers. More governments will pass legislation to protect freelance workers and we have already seen some launching e-Residency programs.
#3 Get paid what you deserve
Highly skilled talent and consultants will command attractive remuneration, and organizations will employ them on fixed-term contracts. They will be brought in to solve critical problems. Another big advantage is that there's no ceiling on earnings. Say goodbye to unpaid overtime. Despite that, they will still be more competitive in terms of cost to organizations than larger scale consultancies and will easily be integrated into existing teams. According to Upwork 75% of US freelancers say they earn more than they did in their previous salaried position. This article in Business News Daily points to the fact that in most countries freelancers earn more than average workers, providing a balanced view of the pros and cons.
#4 Expand at a sustainable pace
‘Sustainable pace’ is the pace of work that you can maintain indefinitely. It is important to work out what that is, to avoid burn out. This article explains the concept and while it refers to teams the principles apply to individuals as well. Freelancers are in control of their own destiny, choosing who they partner with and how they wish to grow their business over time is entirely in their own hands. If they have a clear vision, strategy and business plan they can grow at their own pace. They can choose the projects, clients and brands they want to work with that best suit their purpose and goals so that work becomes more meaningful.
#5 Keep upskilling and grow your value
Education has been democratized and there is no limit to what they can access in terms of building their skillset. There is a growing trend in skills-based hiring now with more emphasis on upskilling both within organizations and with the freelance workforce. This creates a nimble and flexible talent pool that is always at the cutting edge the necessary new skills that organizations need. It is easier for freelancers to keep their skills fresh with subscription based online course marketplaces, free MOOCs, e-learning platforms as well as specialist forums and communities.
#6 Find work-life balance
It’s now possible to create your own schedule and work flexibly at your own pace. Finding work life balance with more productive focused work time, and quality personal time with family and friends. Getting off the treadmill and doing what they love, having time to think and be creative strategize and see the bigger picture, solopreneurs are able to imagine different paths to success and fulfilment. Time to feed their minds with new ideas, fresh perspectives and valuable knowledge. Time to create, time to learn new skills and find new tools to make life easier. While it can be a juggling act, it is necessary to build a routine that prioritizes wellbeing – Taking care of mental, physical, emotional and social wellbeing leads to financial wellbeing too.
So the future looks bright for Solopreneurs. Although the security of a regular monthly salary, lack of paid benefits and loneliness are some of the challenges that solopreneurs do encounter, they are surmountable and the benefits in my opinion will outweigh the risks in the future.
If you've found this post useful please leave your questions, comments, share insights from your own experience, or perhaps different points of view. Follow me on LinkedIn, Facebook, Instagram, Twitter and Medium where I will be sharing more practical tips and content like this as well as free strategy blueprints for business, brand, product and marketing. I’d love to have your feedback. Join the conversation and share this with your network - knowledge shared is power multiplied.
If you are an aspiring solopreneur or an entrepreneur and need strategic business and brand advice or even an intrapreneur who wants to catalyze change within your organization, visit brandcrib.com and join the community. Alternatively email me on georgette.kolkman@brandcrib.com. I’d be happy to help.
Wishing you success, prosperity, personal growth and positive change.
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