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Are you Self-Employed, Freelancer, Business Owner or a Solopreneur?

December 12, 2017 by OSYB Staff

If you are on those people who have decided to move away from working in a conventional work environment and have chosen to make your own hours and earn income in a particular way, this blog is for you.  Have you defined yourself as self-employed, freelancer, business owner or solopreneur?  Do you understand the nuances?  If uncertain, here is how Intuit QuickBooks’s defines them:

  • Self-employed – ” Earning income directly from one’s own business, trade, or profession rather than as a specified salary or wages from an employer.
  • Freelancer – “A person who pursues a profession without a long-term commitment to any one employer.
  • Business owner – “Individual or entity who owns a business entity in an attempt to profit from the successful operations of the company. Generally has decision making abilities and first right to profit.
  • Solopreneur – “One who organizes, manages, and assumes the risks of a business or enterprise.

The definitions may sound similar and almost interchangeable, yet each one has a unique difference.  For example, the business owner is someone who has a specific product or service to sell while a solopreneur might have created an innovative idea or solution.

Knowing how to frame yourself and using the appropriate job descriptor will help your clients understand exactly who you are and what you do.  There could also be some very minor tax implications, as well, although all of you will be required to pay self-employment tax. You will also likely file out 1099 tax forms to report your income.  Always consult a tax professional for your unique needs.

Find out More:  What’s The Difference? Self-Employed, Freelancer, Business Owner, Or Solopreneur

Image Credit:  Deposit Photos

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