How corporate greed forced the creator economy into existence.

Household debt, housing prices and homelessness are on the rise while major corporations are turning record profits. Here's why a shift in work culture is inevitable.

How corporate greed forced the creator economy into existence.
Photo by Jon Tyson / Unsplash

The corporate landscape has changed.

The cracks in traditional institutions like education and politics get wider and wider each passing year. We've been told since a young age to go to school, keep our heads down, work extra hard and one day we'll be rewarded with a white-picket fence and a yard.

Well, the housing market has gone awol. Inflation is rising faster than we anticipated. Our purchasing power is going in the toilet while we beg and plead for our 3-6% salary bump each year. Allow me to visualize this for you.

Did you know that 45 of the 50 biggest U.S. companies turned a record profit since March of 2020? Sounds great until you realize that the majority of these firms actually cut staff and gave the bulk of profits to their shareholders. Yikes.

This situation is getting worse. Salaries are not increasing fast enough to keep up with the rest of the economy. Debt and homelessness are quickly rising, forcing the income inequality gap to get wider with each passing year. The 1% is thriving.

So what happens when you force the 1% into a corner? They revolt.

trump rally / trump protest phoenix
 
Here is our video recap: https://www.youtube.com/watch?v=bJGUIMWrL3Y&t=0s&list=PLZ-RIhY52KR15j928hDU6BNWvjMoRIteX&index=99
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People are leaving their jobs in record numbers. Employers are having an increasingly difficult time retaining employees. And if 2020 taught us anything, it's that all these jobs that "couldn't be done remotely" sure as hell can be.

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In the wake of the Covid pandemic, a growing number of workers are rethinking what they want in a job and a lifestyle.

So where are all these workers heading? They're leaving to find an alternative path forward. One that gives them more control over their futures and livelihoods. It's not necessarily because they want to, it's because it might be their best hope at a future.

The data is clear - self-employment rates are on the rise. In British Columbia, self-employed individuals now make up 18% of the work-force (up from 13% in the years prior). Thanks to the gig-economy, it's estimated that 30% of Americans are now self-employed.

‘I’d rather bet on myself’: Workers are quitting their jobs to put themselves first
As the U.S. job market recovers from the pandemic, some workers are feeling more empowered to prioritize their own well-being above their employer.

Taller than the Trees
Photo by Sean Pollock / Unsplash

Enter the Creator Economy. 🎨

The creator economy is a term used to describe the shift in power we're seeing from traditional institutions to the individual. Over the last 10 years, advances in technology have fundamentally changed the way humans connect.

Information is democratized. All of our collective knowledge is available on the internet, including university education. Today, anyone can learn how to build an audience, create a brand or use no-code tools to bring their ideas, thoughts, apps and products to the world.

The people who are embracing this world of opportunity have been dubbed as "creators". This is mostly just a fancy word for the new school of entrepreneurs and self-employed individuals. Personally, I resonate with it much more than "entrepreneur" as it better represents what I do each day (I create businesses, brands, videos and products).

Why become a creator?

There are a number of incentives to becoming a full-time creator, the three biggest ones have to be:

  • Money - The starving artist trope is gone. As a sole creator or entrepreneur, you reap 100% of the rewards. Creators are entrepreneurs who can unlock additional income streams and earn anywhere from an extra $50/month to $20,000,000/year (and no, that's not a typo).
  • Freedom - When your salary doesn't come from a 9-5, you gain a ridiculous amount of freedom in life. Some creators keep their day jobs, others travel the world and do yoga for 2 hours/day. The point is that you get to decide how you spend your time.
  • Fulfillment - Imagine creating something that positively impacts hundreds, thousands or even millions of people. We're living in an age where a single person could literally change the world for the better.

There are a number of unique career paths opening up for people who want to work for themselves.

  • Build Software. Jon Yongfook is the solopreneur behind BannerBear. He went from $0 → $30k MRR in less than two years by building a niche product that serves an audience better than the competitors. He openly shares his journey on Twitter and his revenue numbers on his open page.
  • Create Videos. Matti Haapoja is a Canadian content creator who makes videos about filmmaking, tutorials and personal finance. Although many people think YouTubers make the majority of their money from AdSense, Matti is open about the fact that the majority of his wealth comes from courses, digital products, sponsorships and selling stock footage.
  • Write on LinkedIn. Justin Welsh earned his $1.3 million net-worth by showing up each day to write high-engagement posts on LinkedIn. He became so good at building his audience that he eventually created the LinkedIn OS: a course around growing your following on the platform.

Is becoming a solopreneur right for you? 🤔

Entrepreneurship also isn't for everyone; there will always be a place for skilled employees in our economy.

However I do encourage you to explore the idea. With tools like Webflow, Zapier and Gumroad it's never been easier to monetize your skillset outside of a traditional employment scenario.

Choose the path that makes the most sense for you.