Want To Quit Your Job, Start A Business And Make Tons Of Money? This New Company Will Help You Do It

want to quit your job start a business and make tons of money this new company will help you do it
want to quit your job start a business and make tons of money this new company will help you do it

Want to quit your job, start a business, make tons of money and work remotely so that you can live and travel anywhere? These days, it seems like everyone wants to do exactly that. Just look at Google’s Year in Search for 2021: The phrase “how to start a business” was more popular than “how to get a job.” And a recent survey backed it up: A third of Americans are quitting their jobs to be their own boss. So the new company Wethos Virtual Studios has come along at the perfect time. The concept: Wethos helps creatives to find the confidence to begin or continue their entrepreneurial journey by offering a free platform where freelancers can team up and transform a one-person shop into a full-service business.

“The idea for this company was born out of personal pain and experience,” says Nashville-based CEO Rachel Renock, who founded the company with New York-based COO Claire Humphreys. The former advertising executives had worked across big brands like Covergirl, Toyota and Hershey, then both quit their agency jobs at the age of 25 in pursuit of more meaningful work. They teamed up to build technology that helped them scale their own freelance studio to $1.4 million in revenue in just 18 months.

“After leaving the big agency world behind to become freelance founders, we quickly realized the limitations of running a one-person shop and—like so many of our friends and peers—we started subcontracting with others to pitch bigger projects and take home bigger paychecks,” says Renock. “At the time, existing software was focused primarily on freelancers as solopreneurs, which left us cobbling together expensive tools that significantly chipped away at our take-home pay. That pain led to us solving our own problem by building software to streamline and scale our business and when we saw the exceptional growth of the freelance market due to the pandemic—we released that software to create what is now known as Wethos Virtual Studios.”

Since launching only a year ago with 100 freelance studios, Wethos has experienced exponential growth. In September 2021, Wethos announced an $8 million round of funding led by Third Prime. Currently there are 23,000 freelancers using the platform with 200 new users signing up each day. 

Since its creation, Wethos Virtual Studios has helped businesses large and small, from side hustlers to small studio owners. “Our scoping tools have helped people bring in upwards of $40,000 on the side,” says Rencock. “Freelancers on Wethos are also widely distributed across the U.S., showing that a future of freedom and flexibility is possible regardless of geography. And 23% of our users are Black-owned businesses, spanning from creative and marketing to video production studios.”

MORE FOR YOU

To support the concept, Wethos recently staged a buzzy competition for freelance entrepreneurs who are trying to get their businesses off the ground. The competition will award $10,000 to three entrepreneurs hoping to start their own business or looking to grow their already existing business. It’s a national campaign, but the company did some wild postings in New York and Atlanta, taking over buses and more. Submissions are open until February 28 and winners will be announced on March 16, 2022. “This competition will help three new business owners master the challenge of starting a new company and avoid the mishaps we had experienced,” says Humphreys.

We caught up with CEO Rachel Rencock to find out more about the company, what motivates her and how other entrepreneurs can follow in her footsteps.

The Concept: We built Wethos because we want to make it easier to start and scale a freelance business. Our platform offers a free, end-to-end operating system where you can seamlessly set up a business bank account, quickly scope projects, bill clients and pay collaborators. A big part of what attracts people to us is our growing database of crowdsourced scopes and services, which are available to everyone on the platform. Those scopes and services come with pricing recommendations that are informed by tens of thousands of data points on how the 27,000 freelancers using Wethos are charging. The more freelancers using Wethos, the bigger and better the database gets, and the more valuable it becomes to our community.

The Secret to Success: A lot of our recent growth can be attributed to two main factors: the first factor being our pricing data. We are constantly hearing from our users that our scope templates and pricing recommendations have helped them rethink the way they approach projects and the way that they approach their business. It’s helped them learn their value by recognizing how much free work they’re giving away without shaming them. 

The Big Resignation: The second big thing driving our growth is the macro market: 4.5 million Americans are quitting their jobs a month, higher than ever before. Specifically, the second largest category seeing a mass exodus next to retail is business and professional services. As agencies and corporations try desperately to force people back to the office, it’s driving people to freelance that maybe would never have considered it a viable path before. It’s been two years and folks have become accustomed to the freedom and flexibility of working remotely. As more people choose to go independent, we’ve become the de facto platform that brings a lightweight agency infrastructure to the independent freelancer, without the agency baggage. And it’s all for free. That’s a pretty appealing offering if you ask me.

Starting a Business: Freelancers are founders, so the first thing I’ll say is that starting a business is hard and it’s not for everyone. It requires resilience, adaptability and an ability to learn how to really believe in yourself and your potential. With freedom and flexibility comes accountability, and it can be very scary to realize that your success is fully contingent on your own ability to make it happen. If you’re cognizant of this, then choosing an independent path can literally change your life. I would encourage anyone thinking about taking the leap to deeply consider why they are going freelance and what success looks like to them in this new role, mentally, spiritually, and financially.

The Freelance Challenge: Today, leaving a corporate job means leaving your corporate paycheck and benefits, a risky move when only 5% of freelancers make over $100k a year. The truth is that it’s not that freelancers are doing something wrong, it’s that they’re operating in a system that has been built to work against them. It’s nearly impossible to quantify your value in a market that keeps wages shrouded in mystery, it leaves freelancers shooting in the dark when it comes to pricing, making them vulnerable to being taken advantage of. Second to this, there are only so many projects you can take on as a one-person shop, which stifles earning potential. Wethos brings three main ingredients to help more freelancers break through the six-figure ceiling, including wage transparency, new-age financial services and tools to team up.

Remote Work: The big pro about the cultural shift towards remote is that you can be a digital nomad and work for a big company now, so you don’t have to stay in one place. Remote work can empower us all to create a healthier work/life integration if we choose to embrace it. We can shift work to fit in and around our lives rather than building our lives around work. Physical institutions like work and school have dictated where and how we live for decades, and remote work presents an opportunity for us to more freely choose where we live. The challenge we’re faced with is that historically community has been based in proximity, you hang out with those that you live in close physical proximity with. In a world that is connected by the internet, proximity is no longer the main driver of relationships and community. This is neither a good nor a bad thing, it’s just a different thing that we have yet to fully adapt to, leaving many feeling isolated and lonely right now.

Traveling as an Entrepreneur: We were remote before the pandemic hit, so I am a big traveler. I tend to go to two to three different cities a quarter and work out of them for a week at a time. Sometimes I’m there to take specific meetings, and sometimes I’m there to just mix up my environment. What’s great about it is that I’m now able to build these micro-networks across multiple cities instead of embedding myself deeply in one city and being constrained by proximity. My home base is in Nashville where I live with my girlfriend who’s a touring musician, so it works out. I just got back from NYC last week, I’m going to Miami next week, then LA and Charleston in April. 

Work and Travel: Honestly the most challenging thing about traveling while working is working across timezones, which comes down to more than just a scheduling headache. It requires a real lean into asynchronous communication, instead of trying to recreate an office environment where we are all together at once for the same hours. Asynchronous communication is hard because it requires a lot more reading and writing that a lot of people are not down with. As a creative person myself, I love to brainstorm and talk through ideas ad hoc so I understand where people are coming from when they say they want to go back to the office. However, I’ve also realized that what I see as fun brainstorming others see as wildly distracting, so ultimately a remote environment is more inclusive of everyone’s needs. As I have honed in on what it is I need in order to get through more reading and writing on a regular basis, remote work has enabled me to become more thoughtful in my communication, more organized in my day-to-day tasks, and it helps me create better boundaries to take a step back when debates get heated or emotional. 

Advice for Getting Started: Just get started. It’s easier said than done, but you have to stop waiting for someone else’s permission to go after what you want in this life. No one is going to take you seriously until you start taking yourself seriously. Too often what is in people’s way is not an external obstacle, but an internal perception they have of themselves and what they are capable of. Your internal perception has been shaped by external experiences your entire life, but you won’t be able to use your voice externally until you rewrite that story in your own head. 

READ MORE:

• Work From Home Or Anywhere: Top 30 Companies For Remote Jobs In 2022

• The World’s 50 Most Beautiful Countries (You Won’t Believe Where The U.S. Ranked)

You May Also Like