Being your own boss and sole employee can be very lucrative and fulfilling, and the trend is on the rise. A recent Intuit QuickBooks Small Business Index Annual Report reports that U.S. businesses with no employees increased from 76% in 1997 to 84% in 2020. The pandemic and technological advancements were cited by many as reasons for starting their businesses - 56% began post-2020. The freedom and flexibility of owning your business is an appealing aspect for many including Social Security disability beneficiaries who are returning to the workforce through Social Security's Ticket to Work Program.
The solopreneur lifestyle allows beneficiaries to be professionally productive with more autonomy to attend doctor's appointments and meet personal and medical obligations. Another big draw for people with limited mobility is the freedom to work remotely - from home or anywhere they please. In my experience, many Ticket to Work participants are either unaware that the program allows for self-employment or simply hadn't considered starting their own business. A vocational expert at their Employment Network (EN) or state Vocational Rehabilitation agency (VR) can assist beneficiaries in aligning their strengths, passions and interests with a business.
Challenges And Solutions For Solopreneurs
Unstable Income: Having income rise and fall can feel uncomfortable and make budgeting difficult. I encourage self-employed clients to build an emergency fund. Having 3-6 months' worth of living expenses can cushion downturns. Small, consistent contributions to savings always helps as well. You can request upfront payments or milestone-based payments to help ensure cash flow for the duration of longer projects.
Healthcare Costs: Paying for healthcare can be very expensive especially if beneficiaries are in the midst of ongoing treatment. There are organizations that you can join to cut costs. The Freelancers Union or National Association for the Self-Employed (NASE) offer group health insurance plans at lower rates. Telehealth options allow you to save money on routine care and manage health needs.
Stress: Handling every aspect of a business on your own can be overwhelming and stressful. The Intuit QuickBooks report found that in 2024, 60% of solopreneurs planned to hire help. Platforms like Fiverr or Upwork showcase the work of affordable professionals. You can hire freelancers or virtual assistants to handle bookkeeping, graphic design and administrative support.
How Ticket To Work Helps
If you are wondering about the viability of self-employment, the TTW Program is here to help. You can continue to receive Social Security Disability Insurance (SSDI) benefits and Medicare coverage during a Trial Work Period (TWP) and earn as much as you'd like.
The Social Security Administration (SSA) provides valuable work incentives through the TTW Program. SSDI beneficiaries can test their ability to work while continuing to receive cash payments during the first non-consecutive nine months of the TWP. The 36-month Extended Period of Eligibility (EPE), allows SSA to review work and earnings to evaluate benefits eligibility. These work incentives create a powerful advantage to individuals testing out self-employment or entrepreneurial experiences.
The Many Varieties Of Self-Employment
Deciding to try self-employment or starting a small business often allows Ticketholders to add workplace accommodations into the design of their business. Customization is a key benefit. And beneficiaries are only limited by their imagination on what they'd like to create.
I have witnessed people work in industries that include transportation, hospitality, customer service and retail. They have started businesses that are as diverse as a psychology practice, Uber/Lyft drivers, online tutors, writers and IT support.
Self-Employment Resources
Here are some resources that may be helpful for aspiring solopreneurs:
Starting a business can be challenging, but many find the freedom of being their own boss is worth the work because it's fulfilling and lucrative, and aligns with their personal and professional goals. Individuals in the Ticket to work Program can get free help and encouragement from vocational experts to help smooth them along the path to solopreneurship.