Simplify Your Solo Business With These (New) Tools
Free or affordable financial and marketing products designed for solopreneurs.
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When I started, solopreneurs were like aliens.
Banks were looking at me funny; friends were confused about how I made money, and the legal wireframe for self-employment was all messed up (at least where I live).
It was difficult to create a website. Difficult to issue invoices to foreign clients. Difficult to do anything.
Not anymore.
A 2022 Statista report predicts that by 2027, the U.S. will have 86.5 million freelancers, a jump from 57.3 million in 2017. That’s an impressive 51% increase in just 10 years. This data suggests that freelancing could soon overshadow conventional jobs. This isn’t a passing phase; it reflects a broader change in our work culture. — Forbes
Solopreneurs are now a powerful force, and we need a professional environment designed around our needs. As we become more, businesses start to pay attention. Let’s see what they’ve created for us.*
*I’m not affiliated with any of the products, services or people in this newsletter.
Secret to Success: Use the right tools to make your solo business easy.
What we’ll cover in this newsletter:
How to start a solo business (legally) and keep your finances in check.
Banking for solopreneurs — what’s available.
The easiest way to create an amazing website as a solopreneur.
Why not get some publicity by jumping on a podcast?
Start investing — here’s a cool option.
Plus, well-known, awesome platforms that make it super easy for solopreneurs to make money (and deserve another mention)
How to start a solo business (legally) and keep your finances in check.
Collective is an AI-powered back-office platform for solopreneurs. It provides business formation services, S-election, payroll, tax, and bookkeeping services for one-person businesses and a personal dashboard to manage their finances.
On their website, Collective say the way you organize your business as a solopreneur makes a big difference in how much you pay in taxes. If you contact them, they’ll advise you on the best way to set up your business for success (even if it’s a side hustle).
They also offer a cool way for you to stay on top of cash flow, invoicing, business expenses and more.
Banking for solopreneurs — what’s available.
While big banks like Bank of America have decent options for solopreneurs and freelancers, the industry moves slowly. Most brick-and-mortar banks still charge hefty monthly fees ($16 per month) and require minimum deposits ($200).
They have their benefits. Bank of America’s business accounts feature QuickBooks integration and a virtual financial assistant, for example. Also, if you’re a fan of in-person banking, it’s perhaps the best option in the USA at the moment.
However, most solopreneurs prefer free, flexible, all-online accounts that make it easy for them to manage their business finances, all for $0 per month, with a $0 minimum deposit.
Many of the services of these “neobanks” are designed with freelancers & solopreneurs in mind. Neobanks are fintech companies that are FDIC-insured. While some of you may be worried about how safe neobanks are, you should know that they’re expected to meet rigorous fraud prevention requirements. Neobanks you can use for your business include Revolut (what I use), Bluevine, Lili, Found and more. These can be used internationally.
Their basic service allows you to track transactions, send and receive money, send invoices and more. Most neobanks offer debit cards, too, so you can withdraw cash directly from your business account. Most accounts also come with an international IBAN, should you need it.
It’s also worth mentioning that you should NOT mix your business and personal banking, even though self-employed people technically can. However, this would make financial management and tax returns really difficult.
The easiest way to create an amazing website as a solopreneur.
Platforms for creating websites are a dime a dozen. As someone who’s tried 569530 of them, I can tell you that sooner or later, most make you want to smash your laptop.
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