Working independently has a number of advantages over working in an office, including the fact that you’re your own boss and can work at your own pace. It can also be more cost-effective, as you’ll only be paying for the services and products you actually need to get the job done.
There are many things that make an entrepreneur, freelancer, solopreneur, and office worker similar to each other and also quite a few things that differentiate them from each other.
According to the Bureau of Labor Statistics, 30.5% of workers in the U.S are considered self-employed. That’s more than the number of people who work for just a single employer (29.3%) and has been increasing every year since 2009. But what do all these terms really mean? And how are they different from each other?
In this article, I’ll explain the differences between these four common work statuses: office worker, freelancer, solopreneur, and entrepreneur.
What's the Best Way to Make Money?
when it comes to getting paid, the traditional methods of getting paid still reign supreme.
When it comes to talking about a particular work, the conversation always changes from "should I do this?" to "how can I make the most money?
working for someone
Start-ups and small businesses rely heavily on referrals, networking, and word of mouth to grow their customer base and their profits. These people know what makes their customers tick and how to talk to them.
The 9-5 job is a high-paying and well-defined job. If you are considering working for someone else, choose a company that will pay you a salary to work a fixed number of hours each week.
Are you a freelancer? If you are a freelancer, You can do this full time, for pay, or part-time. you have the freedom to work when, how, and with whom you want.
There are many ways to earn income as a freelancer. The new freelance economy is a much more flexible and freelance working career.
Using services to build your business
There are many different types of entrepreneurs and successful entrepreneurs come in all different shapes, sizes and abilities.
Some people have the idea in their mind about what they want to do, then they go about finding investors to help them get their ideas off the ground. Others have a good idea, but they don’t know how to start the business. They need a little help to bring their ideas to life.
There are many different paths that people can take to become an entrepreneur. Some people make their careers out of their own ventures. Some people hire people to do the work for them and see how much they can make. The list goes on and on.
personal traits of an Office worker
An Office Worker is one who holds an employment relationship with an employer and works in an office or other facility of an employer. Usually, the employee works for an employer who also has employees.
Office Workers usually work at a desk in an office. They have their own office space, a desk, and sometimes a computer and phone.
Characteristics of an Office worker
- completing tasks to the best of their abilities
- solve problem arise from your responsible job duties
- productive and motivated on your job duties
- collaborative work environments
- comfortable to work in collaborative work environments
A freelancer is a person who operates as an independent contractor and gets paid for their services by other companies and/or individuals. With 61 million freelancers in the U.S., it’s clear that more people are choosing to work this way than ever before.
And this increase in the number of freelancers is not just limited to the U.S. – in other countries like the UK, Germany and France, there has been an increase in the number of freelance workers of 20 to 50% over the past 5 years.
Important characteristics of a freelancer include
- Consumer-friendly attitude
- Experience worker
- Attention to detail and workmanship
- Ability to adapt and innovate
- Experience with high-volume production
- Producing results quickly and accurately
Some of the top professions around the world are well-suited to freelancing, including writing, graphic design, accounting, teaching, and healthcare.
What is the difference between a 9-5 job and freelance work?
When someone works in an office with a permanent boss and a set routine, your schedule is set by the company or the government. with supervision from the Manager to make sure you have tasks to complete. The work you do varies depending on their skills and what they do.
The idea of working 9-5 is often seen as “boring” and “lacking freedom”, but it can actually be the exact opposite.
Your employer will provide benefits such as
- Health insurance
- Matching 401k
- Paid vacation time
- Paid sick leave
- Annual Leaves allows for more time
Working 9-5 jobs can be effective if you know how to make it work for you. The major key is to have a backup plan in case your 9-5 job doesn’t work out the way you want it to such as layoff due to economy condition, terminated due to poor performance and lack of motivation.
There are different levels of the work, from someone that uses your skills as a freelancer to work for someone else, to using your expertise as a freelancer.
The amount of work you do depends on the contract and the amount of time you are willing to do the work. You are paid per project as you usually have the right to say who you work for.
Most of them prefer flexible work hours. For example, there are contract writers who work during their days off, or accountants who work on weekends.
One-Man Show Solopreneur
One of the most common labels that people use to describe themselves as they grow a business is that of a solopreneur. This is because solopreneurs work out of their own house. That means they don’t go into an office or a co-working space.
In fact, they don’t usually even have a job. Solopreneurs don’t need a fixed contract, as they don’t want to be tied down by a boss or a company. Instead, solopreneurs can work for as long as they like, in their own way and at their own pace, and go where they please.
At this point, you might be wondering why anyone would choose to work for themselves. You might think there are plenty of people out there who want to work for themselves, but they want a fixed contract, and therefore an office, a dedicated office space, and so on.
Here’s a characteristic of a solopreneur:
- Launch their businesses out of a garage or home office
- Run a business independently
- Focus on their lifestyle
- Delivers valuable results over time for the same client
- know their businesses better than anyone else in their industry
- Enjoy make important business decisions
This is a list of example of successful solopreneurs:
Design Studio Owner
7-Figure Website Owner
Profit focus Entrepreneur
According to the U.S. Bureau of Labor Statistics, there are more than 2.2 million small businesses in the U.S., and 91% of those are owned by their owners. You can call yourself an entrepreneur in the sense that you’re self-employed or own your own business.
Almost all entrepreneurs make their money from the main source of revenue: selling products or services.
According to the Census Bureau, 47% of all small businesses in the U.S. (those with less than 500 employees) reported sales of less than $250,000. Most entrepreneurs work for themselves (or run a small business on the side) because they love what they do or they’re passionate about what they do.
Here’s a characteristic of an entrepreneur:
- Highly motivated individuals
- Entrepreneurs are managers
- Focus on their business
- Maximize profits to grow the company
- Leverage the hiring of workers to perform the duties of the business
While having a formal business plan is important, you will get better results and provide the best products and services if you let go of the formalities and embrace your inner entrepreneur.
Truly understanding your needs and foreseeing the future is very important when you are creating a business. It is crucial to establish a solid business model before launching your new venture.
Things you need to do before quitting your job
If you think running your own business is something that's suitable to do on your own. It's time to prepare for the next step in your life. Quit your job and find a new challenge.
Before leaving, make sure you've done everything you can to prepare yourself.
Things to prepare before quitting your job include:
- Having a clear vision of where you want to go next
- Making sure that you have the necessary financial resources
- cut back on daily expenses and stop living beyond your means
- pro-active attitude towards finding ways to grow your business
- Develop discipline and determination to work hard
- Identifying and developing new potential customers
- Having networks and contacts ready to support your business
- set financial goals to build wealth by investing
If you have other questions about how to make a living as a freelancer, entrepreneur, or consultant, please feel free to leave a comment and I will do my best to answer your question.