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23 April 2022

Why are so many people taking the plunge becoming self employed and what are the technologies that enable them to do so?

Sole traders in Australia

Australian entrepreneurs have been flocking to become their own boss. Australian sole traders and freelancers are on the rise, with 56% more Australian entrepreneurs since 2000. The Australian business market is unique. Sole proprietors account for 30% of all business in Australia.

Aussie solopreneurship is on the rise due to various factors including:

  • Less reliance on traditional employment contracts
  • Lower barriers to entry and greater freedom of self expression
  • Letting your creativity flourish

Why are so many people deciding to become their own boss?

At a high level, here are some of the benefits Australian entrepreneurs can expect should they decide to go solo.

  • Greater ownership over your business, including working from anywhere
  • More flexibility in terms of time management
  • The ability to be more creative with your work
  • Becoming financially independent
  • Protect your intellectual property from being exploited by a larger business

What technologies are critical for success?

Being self employed is hard, but thankfully there are some technologies that can help! In addition, the price point of these technologies are decreasing every year, making them more accessible for Australian sole traders to persue their dream.

Australian sole traders typically use a mix of technologies to manage their businesses. This may include a combination of cloud-based applications, social media, and marketing automation tools.

  • Some entrepreneurs set up shop by utilising agile project management tools like Trello & Slack which make it easy for them to collaborate with team members, clients and contractors.
  • Australian sole traders typically use cloud-based accounting applications manage their finances. The key is to find a simple solution (introducing Sole) to make sure you can stay on top of your finances and be ready come tax time!
  • Aussie entrepreneurs are embracing social media as a marketing tool - Australian sole traders are using Facebook to post updates on their business, particularly targeting niche audiences that wouldn't otherwise be accessible.

What are other people saying about being self employed?

There are many reasons why people decide to become their own boss and start their own business. Everyone's experiences are a little different, and the added flexibility of being a sole trader means that you can make your experience your own in so many ways. Here are a few real-life examples from recent discussions at an industry event:

  • "It was the best decision I ever made. I could see how my income was affected, but it also had a deeper impact on me emotionally."
  • "I wanted to be my own boss. I wanted a lifestyle change, a total life-change."
  • "The beauty of self-employment is that you get to choose what you do, when you do it and how you do it."

Conclusion

There are many benefits and challenges to becoming self employed in Australia. One of the major advantages is you can determine your own work schedule, which means no more working until late hours or dealing with a demanding boss! Many Aussies have taken the plunge on becoming their own boss, could 2022 be the year for you to give it a shot?

Want to try Sole for your small business?

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Ready to up your numbers game with the best accounting software made in Australia? Sole is made specifically for the self employed, and we want to see your business succeed.

Try our free trial so you can help your business:

  • Manage income and track expenses through multiple categories
  • Make sending invoices a dream with Instant Pay integration included as standard.
  • Reports readily available to easily provide information to your accountants.
  • Get ready for tax time with Sole's Tax Estimator.

Head over to our website and claim your 30 day free trial today.

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