What is a solopreneur?
A solopreneur is a person who sets up a business for which they are the sole employee.
A solopreneur is both the owner and the workforce of their business. They are responsible for organizing, managing, and assuming the risks of their enterprise. Have you ever thought about becoming a solopreneur?
We’ve all heard the saying, “A penny saved is a penny earned.” What if you could diversify your income with the talents you use every day in your tech job? Well, the good news is you could. And, that penny earned can offer the benefit of added financial security. If you’ve ever been the company’s “go-to” for questions and guidance to newcomers, you can monetize that.
You could use your lunch hour, evening, and earned personal time off for financial gain. In the case of consulting, you can choose who you want to work with, and with freelance work, you can choose the projects.
A typical project could involve a one-hour evaluation of a current system or helping a startup choose the right platform for its business. Maybe it’s an area where you already have a passion and you want to offer your services to support their mission. You have talent to share, so share it and get paid for it.
Here’s what we’ll cover in this article:
- Side Business Statistics
- Combining Full-Time Work with Consulting
- Financial and Professional Benefits of Combining Full-Time Work with Solopreneurship
- Income Boost
- Network Building
- Building Personal Brand
- Expanding Skills
Side Business Numbers
According to Bankrate, nearly 40 percent of Gen Xers (ages 43-58) say they have a side hustle and 25% of those with a side income use it to build their savings. This added income can be treated as a safety net and, if you enjoy the work, it’s something you can continue into retirement. Diversifying your income is a smart way to have more control over your finances.
Balancing a career to build a robust retirement fund can be challenging, especially in a volatile job market. That’s where starting a side business in consulting or freelance work can make a significant difference. Not only does it provide a supplementary income stream that can be funneled directly into your retirement savings, but it also keeps your mind sharp and engaged.
Solopreneurship allows you to leverage your years of expertise and industry knowledge, offering advice to businesses that can greatly benefit from your experience. You can explore projects that align with your passions or interests, giving you the flexibility to work on your terms. This approach not only boosts your financial security but also keeps you intellectually stimulated as you transition into retirement.
These side ventures can become a more significant part of your professional life, offering a smooth transition into semi-retirement. With the gig economy on the rise, now is an excellent time to consider how your skills can be monetized outside of traditional employment.
How to Combine Full-Time Work with Solopreneurship
When you combine full-time work with solopreneurship, it’s critical to prioritize your daily tasks. It’s smart to time block and leverage project management tools to keep both jobs on track.
These recommendations may speed up your side project work:
- Choose projects and clients that align with your expertise. This will maximize your effectiveness and efficiency.
- Consider working in industries or sectors that overlap with your full-time; this will give you an edge.
- Make a true evaluation of the scope of work. Do you have enough time to consult or complete a project to your standards?
- Look at starting small. Your first project could be a small, less time-consuming project to test the waters before you commit to bigger projects.
After you’ve committed to your first client or project, it’s important to clearly define your work hours for your full-time job and consulting business to avoid burnout. Set realistic expectations for yourself and share them with your consulting clients and your employer. For example, if you plan to use your lunch hour to work on consulting projects, communicate that with your employer. Or if you plan to take PTO for your side job, schedule that time so it doesn’t conflict with other responsibilities.
Financial and Professional Benefits of Combining Full-Time Work with Solopreneurship
Income Boost
One of the most compelling reasons to combine full-time work with solopreneurship is the potential to boost your income. Unlike a traditional salary, which is fixed, working on your own offers the flexibility to set your rates and take on as many projects as you can handle. You can use this additional income to accelerate your savings, pay off debts, or invest in further professional development. For many, a side business income becomes a financial safety net, providing peace of mind in uncertain economic times.
Network Building
Another perk is this exposes you to a wider range of clients, industries, and professionals, significantly broadening your professional network. Every project presents an opportunity to connect with new people who may open doors to future opportunities. Whether it’s a referral for another side business gig, a job offer, or a partnership proposal, the connections you make can be invaluable. Plus, this expanded network can be a resource for your full-time job, bringing fresh perspectives and solutions to enhance your performance and value within your primary role.
Building Personal Brand
In a solopreneur role, it’s more about you and your personal brand than your employer. Each project you complete successfully contributes to your reputation as an expert in your field. A strong personal brand helps attract more clients and enhances your credibility and influence in your full-time job. Being known as a thought leader or a go-to expert can lead to promotions, speaking engagements, and other opportunities that further elevate your career. In essence, this new way of working allows you to showcase your skills and expertise in a way that can significantly boost your professional standing.
Expanding Skills
Working as a solopreneur often requires tackling diverse challenges, pushing you to develop new skills and stay current with industry trends. Unlike a full-time job, where your role might be more specialized, consulting and contract work demands a broader skill set. This could involve learning new technologies, mastering project management, or honing negotiation skills. The hands-on experience gained can be directly applied to your full-time job, making you more versatile and valuable to your employer. Staying updated with industry trends through independent work ensures that your skills remain relevant in an ever-changing job market, safeguarding your long-term career prospects.
Combining full-time work and a side business can create a powerful synergy that benefits your financial health and professional development. By boosting your income, expanding your network, building a personal brand, and enhancing your skills, you can supplement your current career and set yourself up for greater success in the future.
Are you an experienced expert ready to redefine your career?
Knowledge Hive is your key to transitioning to contract/solopreneur work. Whether you’re a seasoned professional looking to leverage your skills on your own terms or a business leader seeking to tap into a wealth of knowledge, we offer the perfect solution.
Think of Knowledge Hive as your matchmaker. Our role is to “match” you with a business that would benefit from your expertise. You’ll build your profile and the platform will match you up with individuals and companies that need your help. And, no chasing unpaid invoices with us. We’ll secure your payment BEFORE you get started.
Join the Knowledge Hive community today and become a Knowledge Hiver. Experience the freedom and fulfillment of flexible work, or gain access to the brightest minds in your industry. Let’s build a future where expertise meets opportunity.
About the Author:
Christine Hopkins is a freelance writer who writes on several topics and knows firsthand what it takes to transition from the corporate world of life in a cubicle to contract work as a solopreneur.
Knowledge Hive is the brainchild of two women with more than 35 years of experience in the tech industry. They aim to offer a resource for experienced professionals with talent and skills to share.
