The New Solopreneur

The New Solopreneur

Table of Contents

The nature of working in the knowledge industry is changing – more and more, workers are choosing employer independence AND at the same time, more are having to adopt independent employee status.

Opportunity Knocks

What is a Solopreneur?

Whatever the reason, we’re here to shine a light on the opportunities and help share and provide solutions to those moving into the new dynamic between knowledge worker and independent contract, solopreneur, entrepreneur, freelancer, coder, marketer, designer, consultant – whatever descriptor works best to describe your unique situation

Solopreneur Ideas

Full-time work often brings a false sense of security, permanence and stability that many crave when asked about working for yourself. But as anyone who’s ever been laid off, made redundant – after a buyout, retrenchment, relocation – whatever the excuse – will tell you: this couldn’t be further than the truth.

In reality,  Independence can provide better outcomes with planning than “full-time” work – having 6-10 bosses or paychecks gives a lot more redundancy than one.

Being a non-W2 means you should take back control of your life and finances – but it can take a bit of education for both you and your employer(s), especially if you’re transitioning from an existing W-2 Employer. Knowing that you now set your hours and contract is probably the first break-through thinking you need to decouple from the 40+ unknow hours that W-2 workers typical find themselves in

The Changing New Way

Shrinking capital, big-tech dominance and its ownership of engineers have inadvertently and by accidental design, created a perfect storm: Not enough capital is as available as it was over the last 20 years to fund crazy, zany and risky new ideas while the engineering brains that would drive them are locked in pretend safety nets of comfortable $500k salaries and benefits.

There’s not much we can fix this but we can help a return to bootstrapping and building a new world of ventures that can find alternative funding while still keeping people paid

Breaking the Misconceptions

As a self-employed person – whether as self-employed or as a paid employee in your corporation, you can still avail of major tax advantages, and still contribute to a pension. But this is the the chance to grow and take better advantage of the tax situations that everyone else thinks is reserved for millionaires – like business travel, business expenses, and charging your corporation rent – all things we want to cover

Bigger Than Us

Crossing this chasm isn’t easy even if it’s inevitable – but people who are present when making this change will often see the bigger picture and if, like us, you want to be part of more – we think that we can not just revolutionize our way of working but resuscitate communities that aren’t hubs for big modern companies away from the mega-cities like New York, Dublin, Munich, San Diego and remote tropical locations.

Knowledge workers combined with great internet access can and should work from anywhere –as global digital nomads – using the environment to lower their input costs just like bigger corporations do – without having to give up the necessary amenities of big city living. Or, stay in the city you love and work part-time – either sub-letting or co-swapping your living space to experience somewhere new and also bring outside cash flow into previously suffocating communities anywhere in the world

Proper Financial Planning

We recommend that you engage with the right financial planners but we think you should do your homework too. A 401(k) isn’t recommended by everyone, its also not the only way to prepare for retirement, and nor should it be. It also might not be enough.

While you may be aware of how credit cards and airline miles work, are you aware that your corporation can also apply for bank-airline credit cards? Being able to separate not just your personal and business expenses isn’t just recommended, its a must. And so is separating the payment methods. If you have more than one business, especially involving physical units – like or a store or mobile vending units, or different business entities with different revenue streams, you should consider multiple LLC’s and maybe an S-Corp.

We’re not here to tell you what you should do – but you might enjoy reading about what you could do.

Solopreneurs vs Entrepreneurs

Entrepreneurs often start as solopreneurs but not all solopreneurs want to be entrepreneurs and hire more people – this is part of the broken system we find ourselves in.

The even bigger dream

We think that the current model is a little broken – it doesn’t work for the worker. In Europe, with greater employee benefits – more and more companies will seek to circumvent those laws by looking at US contractors – harder working, English-native, more business savvy – provides a highly productive input with lower balance sheet costs And enable workers in all sectors, helping you make your money work for you and bringing travel and networking into a new blended work/life balance that works JUST FOR YOU while also giving back to the community devastated by unmanaged capitalism and sadly selfish capitalist greed.

David Quaid
Author: David Quaid