The 'risks' of working for yourself
It might feel like diving in headfirst, but is it really as risky as it seems?
Hey there,
Working for yourself can feel daunting. Many see it as uncertain and risky. But it's one of the most resilient options today. Let me explain why.
The power of independence
When you work for yourself, you gain flexibility. You decide what, when, how, and where you work. This autonomy makes you more adaptable and independent. You learn to pivot quickly, respond to market changes, and follow your passions.
World Bank data shows that 46.7% of all workers worldwide are self-employed. In the US, there are about 76.4 million freelancers, growing by at least 2 million yearly since 2017. By 2028, there will likely be over 90 million freelancers. Many are tired of companies closing down or laying off employees at the first sign of trouble. They prefer investing in themselves and building their own businesses, seeing it as a more stable and rewarding path.
Three reasons why building a business for yourself makes you more resilient
Acquiring lifelong skills: Learning to craft and sell your offerings equips you with skills for life. No matter how the market changes or what new ideas you have, you’ll be able to transform them into profitable offerings. These skills ensure you can always adapt and thrive, regardless of external circumstances.
Stop trading time for money: Working as an employee usually means selling your time. As a solopreneur, you productise part of your work or choose more scalable business models. This shift requires new skills, time, investment, and long-term thinking but ultimately frees you from the time-money trade-off, allowing you to focus on what matters most.
Closer to the money and more options to earn: Being your own boss means cutting out intermediaries. You're closer to your clients and have more income sources, reducing financial dependence on any single employer. This direct connection gives you more control and opens you up to multiple revenue streams. We often underestimate the many ways we can earn if we have never taken the time to think about it.
That said, working for yourself is not easy. It’s those challenges that make you resilient. But it’s like being a single tree exposed to all the wind and weather. You might gain the skills to handle whatever life throws at you, but it’s not so much fun.
Building solo businesses together
A smarter and easier way to navigate self-employment is by building your solo business together with others. Think of it as being part of a forest, where trees are connected through their roots, sharing resources and support. This mutual aid gives us more stability, makes us more competitive, and amplifies our impact.
Here’s how building your solo business together can help you:
Share the load of wearing all the hats. As a solopreneur, you're responsible for everything—marketing, sales, admin, and more. It’s overwhelming and impractical to master all these areas alone. Why struggle to figure out everything by yourself? By joining forces with others in a similar situation, you can tap into proven resources and expertise, saving time and reducing stress.
Have more collective impact by choosing what matters Self-employment lets you choose meaningful work. You can impact not just one client but many. By collaborating, that impact is amplified. You have the freedom to choose who you surround yourself with, further aligning your work with your values and passions, making your career more fulfilling and impactful.
Tap into existing networks when transitioning to climate and social impact work. Breaking into new fields like climate and social impact can be tough without a network or resources. Connecting with experienced peers provides invaluable shortcuts, mentorship, and collaboration opportunities, easing the transition and increasing your chances of success.
If I’m without a project, I know I have other people who would make introductions and help me find new opportunities. I feel a sense of safety.
Navigating uncertainty and scarcity, together: It is true that working for yourself removes the ceiling on your earnings, but it’s important to realise that it also removes the floor too. That can be scary and requires skills and support to navigate the uncertainty and scarcity that can come with it.
I’ve written about what helped me to deal with this here.
Opening roads by partnering up on pioneering work. When you want to change how this world is run, you need to do things differently. Going against the grain feels lonely, so having others to share the struggles with and who believe in you when you doubt is powerful.
At IMMA Collective, we believe in building solo businesses together. Instead of being a single tree exposed to the elements, let’s create a supportive forest, sharing resources, connections, and support.
We are now accepting applications for experienced solopreneurs to join our Nurture Membership. Plus, there's just one spot left in our Seed cohort starting on July 31st.
Spotlight
A few IMMA members have recently launched their newsletters.
Camille Emefa Acey from The Wind Down has launched Closing Remarks, where she shares news and views from the world of non-profit closures, project endings, and our changing relationship with longevity in civil society.
Christina Clark from Workculturati is writing The Sync, which explores how to co-create the conditions for you to thrive at work. The latest issue focuses on the power of rest and how investing in proper relaxation now is a gift to your future self.
10 opportunities for you
We comb through numerous job boards to find freelance opportunities, saving our members hours of time. Here is a selection:
🧑💻Admin Manager - Correct Caulking
📍Remote
💰$30 – $35 per hour
🤝Part-time
🧑💻Community Activators - Ocean Generation Remote
💰£100 - £350 per day
🤝Contract
🗓️August 22, 2024
🧑💻Finance and Operations Manager - EduSpots
📍Remote
💰£180 - £200 per day
🤝Contract
🗓️August 18, 2024
🧑💻Fundraising Group Moderator - Social AF
📍Remote
💰£20 per hour
🤝Part-time
🗓️August 8, 2024
🧑💻Marketing Communications Specialist - Terraformation
📍Remote
💰$30 - $45 per hour
🤝Part-time
🧑💻Marketing Coordinator - Puro Earth
📍Remote
🤝Contract
🧑💻Branding & content - England Squash
💰 £18k
🤝RFP/Tender
🗓️August 19, 2024
🧑💻Invitation to Tender - Virgin Money
🤝RFP/Tender
🗓️August 9, 2024
🧑💻Consultant - Clean Air Fund
🧑💻Junior Graphic Designer - Fermata
📍Remote
🤝Contract
Found something interesting for a friend. Share the newsletter with them.
Behind the Scenes at IMMA:
Here is what happened at the “IMMA headquarters” over the last few weeks. We built desks, had pasta, and started working together as a core team of three.
Our next Seed cohort is kicking off tomorrow. There is only one spot left if anyone wants to join last minute. The next cohort after that will start at the end of September.
We are having one last Impactful Connections on the 14th of August before we change up the format. If you want to meet inspiring people in the climate or social impact space, this is our free introvert-friendly networking event.
Thanks for reading,
Take care,
Lilli
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Whenever you want to stop working by yourself and want to build your purpose-driven solo business together, consider joining IMMA Collective.
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