I cannot fathom the number of times I have listened to the dreams of an employee wanted to have their own business and “be their own boss.” The hopes and dreams of these lost souls are heartbreaking. Most often these are men (rarely women) stuck in boring, painful jobs with little hope of breaking out but are dying for an alternative. How I would love to wave the magic business wand and give them their own business.
Business Paradox
The problem with having your own business is complicated by the hard facts of entrepreneurship. While you might like being an architect, having your own business means little time will be spent on architecture and plenty of time on HR, finance, taxes, etc. The dream then fades because this business owner has to meet payroll every 2 weeks.
Going Solo
A nice compromise is found in being your own boss but not have any employees. Yes, it limits your income but it does eliminate a bunch of hassles. Now when the work does not produce, you can look in the mirror and have a come to Jesus moment with the employee – yourself!
Going solo comes under several different terms but the term Freelancer has been the most common. A new term has come up “Solopreneur.” This is usually a professional that has services that can be provided to a business and the can work as an independent contractor rather than an employee. This frequently has great benefits for both business and solopreneur. It can be a long or short-term relationship.
2-way Benefits
It enables the business to have highly skilled team members without having them permanently on the payroll. It enables the business the ability to end the relationship when the project or activity is over.
For the solopreneur, it gives the security of constant income without being tied down to employee status and the problems that come with being an employee. Everybody wins.
The United States Census shows nonemployer status as over 23 million for 2013 (the last year data is available). It is a growing number even though the IRS and government rules puts a damper on that activity.
Going independent requires some thought and planning but it can be done and it is worth it!