Entrepreneurs did well – seeking more services

For full-time entrepreneur members of TEK, the average annual income grew for the second consecutive year, reaching nearly €88,000 according to the 2023 labour market survey.

Nearly half of the respondents in the labour market survey reported stable incomes, while the distribution of income growth and decline was almost equal, with slightly more experiencing growth.

On the other hand, the median income remained unchanged for the third consecutive year.

Significantly, the average daily billing rate for full-time entrepreneurs decreased from approximately €1,100 in 2022 to €755. However, the median rate increased from €605 to €700.

The incomes of part-time entrepreneurs also showed growth.

According to TEK’s labour market survey, approximately 6% of TEK members are entrepreneurs, with about one-third of them being full-time. TEK members’ entrepreneurship is primarily about leveraging one’s expertise part-time, following interests, or supplementing income.

Entrepreneur members are requesting more diverse services from TEK.

“In quite a few open feedbacks, there were requests for TEK to establish a registry or platform where TEK’s entrepreneur members could showcase themselves and find service providers among other TEK members. This has come up before, but probably never as prominently as now,” says Martti Kivioja, TEK’s entrepreneurship expert.

Additionally, there were requests for contract templates, legal documents, and tax advice among the services offered.

“Tax advice is currently outside the scope of TEK’s services, and for those in need, we recommend the service package provided by Suomen Yrittäjät (Finnish Entrepreneurs), which also includes tax advice.”

Roughly 20 percent of the respondents operate in companies with more than 10 employees. About half of TEK’s full-time entrepreneur members are sole entrepreneurs. Including part-time entrepreneurs, over 70 percent are sole entrepreneurs and less than 10 percent of sole entrepreneurs operate in companies with more than 10 employees. Thus, TEK members’ companies are small micro-enterprises. 

Almost two-thirds of the respondents who are full-time entrepreneurs have not insured themselves against unemployment. There is a slight increase compared to the previous year.

An increasing number of full-time entrepreneurs have not insured themselves against unemployment. – This is either because of a strong belief in the profitability of their own business or alternatively, unemployment security is considered expensive and it is not believed that sufficient security is obtained in relation to payments, Martti Kivioja estimates.