Struggles of Solopreneurship
Hello All,
As someone who has been a solopreneur for many years, I have a great deal of experience with both the rewards and the challenges.
I love being my own boss, not having to deal with managing people (which is, in my opinion, a completely separate area of expertise), having flexibility in terms of the type of work that I want to do as well as the customers that I want to work with (and vacation time :)). Perhaps more importantly, I feel a great degree of gratification from my work, very much enjoy exploring my creative side and am a bit more willing to take (calculated) risks.
On the flip side, being a solopreneur can be lonely. There is an energy that comes from being in an office environment or having people to brainstorm with, that as a solo worker is difficult to replicate.
You also have to find ways to stay motivated, avoid the irresistible urge of procrastination (a tv or bed in the next room can be very alluring) and build habits that promote discipline.
We also wear many hats and if you are like me, significant portions of my day can be spent troubleshooting . A computer issue can take me hours to figure out (“have you tried turning it on and off” is a solution that I use often). Coming up with good copy for a social media post or a sales page can be agonizing. (I’m often mystified by why some content does well while others fall flat). Keeping up with technology and the sheer number of options available that will supposedly make my work easier is frequently overwhelming. I have trouble delegating and often don’t have the time to even explore other possibilities.
And then of course there are the financial challenges of being a solopreneur, which are numerous, and I have included in this week’s blog post.
So, if you are a solopreneur and can relate to some of what I describe above , know that you are not alone (even though you technically are :)) But I think, despite these hurdles, the journey (at least for me and hopefully for you) is worthwhile.
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From the Blog
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Interest Rate Cuts Impact on Small Business: According to this article from Bloomberg small businesses are disproportionately impacted by interest rate fluctuations since the most common form of loan for a small business is a line of credit which is based on the bank prime rate.
Canada’s new Digital Services Tax Act: Canada has just rolled out its new Digital Services Tax Act, which essentially targets large tech companies by levying a 3% tax on their revenue from online services. The aim of this tax is to level the playing field for Canadian businesses. The downside is that it will likely increase the cost of good and services that Canadians tend to use and to whom this will apply (think Netflix, Google, Facebook etc.)
Solopreneur Struggles According to Reddit: Always interesting to see what other people have to say.
CRA and Subcontractor Fees Paid to Non Residents: CRA has revised its position on withholding taxes for subcontractor fees paid to nonresidents for services in Canada. Now, reimbursements made to nonresident corporations for subcontractor fees after September 30, 2024, are subject to a 15% withholding tax, reversing the previous stance from 2008. Note that this only applies to services provided by non residents who perform the work in Canada.
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Wishing everyone a most excellent weekend.
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