For people wanting to go it alone and provide products and services as a sole trader or limited company of one, online technology is making it easier than ever to achieve their goal.
But the financial side of things can seem daunting. With the emergence of virtual banking, which offers low cost, flexible and simple ways to manage finance, this is now less of an issue.
No longer do one-person operations need worry about working with customers in different countries or with different currencies, as virtual banking supports rapid, low cost international payments and can manage different currencies from a single account.
Virtual banking also provides users with a real-time picture of their finances as well as a virtual paper trail to help deal with legal and tax requirements. To demonstrate the range of businesses virtual banking can support, here are some examples:
People who want to turn their craft hobby or artistic skill into a living or just earn extra income, can now achieve this much more easily thanks to companies like Etsy, which provides a global online marketplace for selling creative and hand-crafted goods.
Etsy connects sellers with 33 million buyers. With such a large potential customer base, having a virtual bank account helps keep the financial side of things simple and inexpensive for the micro-businesses that use the platform.
Accounts can be set up quickly with the ability to receive payments from e-commerce platforms like Etsy. This means individuals can start receiving payments from the sale of items as soon as their items are listed on the marketplace.
Virtual bank accounts keep overheads low and customer service is available at any time of the day for any issues that might occur. In addition, if the business grows, a virtual bank account avoids the need to arrange a business account that might come with fees.
Some people in the professional services field are choosing to go it alone, thanks to the growing ease of working for themselves.
Whether it’s an accountant or actuary that finds the demands of working for a multinational professional services firm too much, a lawyer who feels the traditional firm doesn’t play to their strengths, or simply someone that wants to work for themselves, there is now greater scope for them to work independently.
Likewise, there are experienced personal assistants who have set up businesses around their skills. Rather than working for a handful of senior execs in one firm, they work remotely with a range of small businesses to help them with various tasks, such as managing calendars, arranging business travel or researching and organising event venues or workspace.
Although accountants are unlikely to be phased by the financial side of operating alone, the convenience virtual banking provides is still beneficial. The low costs, along with the convenience and simplicity of virtual banking, will let these individuals focus on building their client base.
Writers for hire
An increasing number of journalists are now trying their hand at other types of writing as the media industry continues to face challenges. This could be expanding their journalism work to several publications, copywriting for businesses or starting their own publication.
In addition, blogging (and even vlogging) has become an alternative career path for many – for example new mothers (or fathers) discussing their experiences of parenthood or hobbyists who take their passion for something to a new level.
As a result, there are plenty of content creators that can benefit from using virtual banking for their new venture.
These are just three types of self-employment that can benefit from the use of virtual banking, but regardless of your profession, the ability to manage your finances will ease the transition to working for yourself.