2023 Year in Review: Expanding the Independent Economy at Wethos
As we bid farewell to 2023, let’s take a moment to reflect on the incredible journey our community had here on Wethos. This past year has been one of growth, both for our platform and for the independent economy as a whole.
From expanding internationally to fully revamping our platform for freelancers and creative studios, we've been privileged to witness the transformative power of expansion of the folks on Wethos in our 6th year.
Putting More $$ Into Independents’ Pockets 🤑
In 2023, our community of independents and creative studios experienced unprecedented growth. Tens of thousands of businesses pitched hundreds of millions of dollars worth of proposals on Wethos. ALl while the market saw an astounding 4.6 million independent earners in the US alone surpassing the six-figure mark. This milestone is a testament to the strength and potential of the independent economy, where more individuals are embracing an entrepreneurial path and finding success on their own terms.
Embracing UX Excellence ✨
Not only did the independent economy flourish, but we also took a big leap forward by completely redesigning our core platform so it can truly act as a business co-pilot in its V2. We're proud to have launched Wethos AI, an innovative tool that revolutionizes the proposal creation process. With the personal template libraries, enhanced proposal redesign, and other advancements, we've collaborated with our users to build a platform that empowers businesses to start and scale in minutes on their own terms.
Spotlighting Milestones 🔦
🤯 $480M pitched
in projects created by businesses using Wethos this year.
🤝 1 in every 3
projects created on Wethos were won by the freelancers and agencies who pitched them.
🚀 $9M closed
the largest amount of projects a single agency won using Wethos this year.
📆 Monday
the most typical day invoices were paid.
📈 45% of the workforce
the percentage of Americans freelancing in 2023.
Celebrating our Expanding Community 🌎
At Wethos, we're passionate about fostering collaboration, as we believe independent doesn’t mean alone on Wethos. In 2023, we launched our peer network, allowing folks to connect with and learn from other entrepreneurs and work with one another on projects. Thanks to referrals and word-of-mouth, we expanded our reach internationally, without needing to spend on marketing.
The Wethos community can be found in various corners of the globe, with 55% of our users residing in the United States, primarily in vibrant cities such as New York City, Los Angeles, and Atlanta. Additionally, 45% of our community comes from a range of countries like Canada, the UK, India, and the Philippines.
2023 Product Releases 🚀
Throughout the year, we rolled out several exciting updates and features to enhance the Wethos experience:
Q1: Dashboard
We introduced an intuitive dashboard and redesigned our proposal feature set, allowing users to navigate and use our core platform features with ease. We also launched Wethos Pro to launch our offering for full-time independents.
Q2: Templates
This was the big redesign quarter as we unveiled template libraries, making it easier to save community templates or create your own. We also 3x’d our community templates available and introduced client contact management.
Q3: Wethos AI
Wethos AI made its debut, empowering users with cutting-edge technologies to simplify proposal creation. We also introduced project budgeting and payment schedules for built in automation to help you move faster.
Q4: Collaboration
The introduction of collaboration features with the launch of the peer network and referral offering. Additionally, the agency offering Wethos Team launched with more benefits focused on teams to collaborate.
2023 Top Scope of Work Templates 📚
Our community scope of work templates continued to be incredibly valuable library for our users in 2023. Drawing on inputs from tens of thousands of studios on our platform, our ever-expanding repository of templates covered areas such as SEO, consulting, and larger agency initiatives. Here are some of the top templates used to scope projects in 2023:
Insights and Inspiration: 2023 Top Blog Posts 💬
Throughout the year, we shared valuable insights and practical tips in the effort to help more independents start and scale their businesses. Here are some of our most popular blog posts from 2023:
✨ Behind the feature: AI-Generated Proposals, the future of proposal creation: Delve into the technology behind our AI-generated proposals with Claire (CPO) & Anay (Software Engineer).
📺 What TV Entrepreneur Are You? (Quiz): From our favorite shows including the White Lotus, Succession, and more, we’ve created a “very scientific” study to find your match.
🤑 How to get paid as a freelancer: Explore the variety of methods available to ensure timely and fair payment for your work as a freelancer.
💡 5 elements to include in your portfolio to attract clients: Learn how to create a compelling portfolio that captivates potential clients and showcases your skills.
💬 How to send a cold DM: Tips & Sample Scripts: Utilize the cold DM template to make effective initial connections with potential clients.
Macro Trends: The Continued Expansion of the Independent Economy 📈
Beyond our platform it's important to consider the larger context of the independent economy. In 2023, the number of independent earners in the United States reached an impressive 72.1 million individuals, representing 45% of the overall workforce [source]. Among them, 4.6 million independent earners crossed the significant threshold of earning six figures. These trends reflect a shift in the way people work and the increasing opportunities available in the independent sector.
As we look ahead to the future, we're excited to build on the momentum of 2023 and continue our mission of empowering businesses and creatives alike. Thank you to our incredible community for your trust and partnership. Let's make 2024 another year of growth, innovation, and collaboration.
Here's to a prosperous future where independents and agencies continue to grow and make more in 2024!
The Wethos Team