Being a Solopreneur is no easy feat. The number of startups that fail each year is an attestation to this fact. To successfully become a solopreneur and thrive doing so, you need knowledge and information. Knowledge you will find in this blog post. Here, you will find all you need to help you quickly launch your dreams of being self-employed. Therefore, if you want to start your business as an entrepreneur, keep reading.
Who is a solopreneur?
A solopreneur is a person who runs a business alone without having any partnership. In most cases, he functions without an office and has no co-founder or w-2 employees. “solopreneur” is a compound word from fusing “solo” with “entrepreneur.” So we have it that a solopreneur is an entrepreneur who functions alone-A solo entrepreneur.
A solopreneur is someone who starts and operates their own business without the assistance of other personnel. This individual also bears all risks for the company, manages it, and arranges it on their own.
A solopreneur is a sort of entrepreneur that launches a firm with the intention of being the single employee who does all of the labor. Freelancers and contractors who work alone might also be considered solopreneurs.
The following are some jobs that lend themselves well to the solopreneur business model:
- graphic designer baker,
- cleaning service for child caregivers,
- personal trainer and content writer,
- Photographer, web developer, podcaster, artist, and programmer
Difference between a solopreneur and an entrepreneur
Although both terms sound slightly similar, it is essential to differentiate between them categorically. Both the solopreneur and entrepreneur are self-employed. However, the entrepreneur is usually more significant because he is always looking towards expansion. The reason is that he has reasonable assistance from partners and the input of workers under his payroll. As a result, the entrepreneur can drive more work and push boundaries, unlike the solo entrepreneur.
Generally, the idea behind solo entrepreneurship is that the person who is practicing hopes to expand into an entrepreneur one day. It can only be different if the business is merely a side hustle or a part-time engagement. Either way, both forms of self-employment offer work independence, freedom. However, while the solopreneur immerses himself fully to perform all tasks, the entrepreneurs, on the other hand, delegate and manage.
Working alone versus delegating
Entrepreneurs frequently act as the company’s face, making connections to build the firm while their team handles the day-to-day operations. Solopreneurs, on the other hand, undertake all of the labor, including everyday activities and networking.
Multiple options vs. a single product or service
Solopreneurs focus on a single service or product, whereas entrepreneurs may expand their firm to encompass several goods and services. A solopreneur, for example, may provide graphic design services, but an entrepreneur may establish a digital marketing business that provides graphic design, copywriting, and video marketing. They have the devoted personnel to make this happen.
Possibilities for advancement
Because solopreneurs prefer a smaller business that allows them to make decisions and get things done, they naturally have a limit on what they can do because they work alone.
For an entrepreneur, the sky’s the limit since they can increase their staff as they earn income. Consider a restaurant owner who wishes to build another restaurant location.
The amount of time devoted
Solopreneurs typically work additional jobs while running their firm, especially at the beginning. An entrepreneur frequently devotes their entire time and attention to their firm. A solopreneur’s business may just be a portion of their total revenue and something they concentrate on in their leisure time due to the inherent lower size.
Benefits of Solo entrepreneurship
There are many reasons people might seem interested in starting and running their own business. Whether it is the desire to be independent or to create an alternative source of income, here are two primary perks of being a solopreneur.
It helps you leverage the massive opportunity through the gig economy
The gig economy has come to stay, actively revolutionizing the regular workforce. As a result, the possibilities are endless for solo entrepreneurs– An excellent fit for freelancers and independent contractors. Additionally, the internet and social media explosion make it easier to land gigs/jobs and make it a viable and sustainable business.
It places you in charge of your time and schedule
Maximizing your creative periods is one advantage of self-employment. as a result, you can decide to leverage those times of the day when your creative energy is at its peak- A way to protect your energy at work. That way, you can maximize your productivity for meaningful work. As a bonus, you get to establish a work-life balance that suits your lifestyle because of the flexibility involved.
Now that you know what you stand to gain by walking the path of self-employment (solo entrepreneurship), you need a rundown of steps to help you start your solo business. Below is a breakdown of how you can plunge in to begin your business as a solopreneur.
Day-to-Day Solopreneur Advantages
Have you ever worked for a supervisor that micromanaged you? What about a coworker who was extremely tough to deal with? When you pursue a solopreneur path, these concerns become a thing of the past.
You’ll never have to answer to anybody except yourself, allowing you to operate precisely how you want. You manage yourself, from your daily routine to the sequence in which you approach your duties.
This also facilitates decision-making. You become every link in the chain instead of organizing meetings and moving things up the chain. If you need to sign off on something, you simply do so – no more back and forth!
Work from any location
Another of the perks of being a solopreneur that many seek out while pursuing this job is the opportunity to work from anywhere in the globe. If you are not tied to your native nation, you can travel the world while working online.
All you need is a laptop and an internet connection to operate your business from anywhere. As of 2020, there will be over 10.9 million ‘Digital Nomads’. These are individuals who travel the world for extended periods of time while working online.
You, too, may join these ranks if you go the solopreneur route.
How to start your business as a solopreneur
The fundamental principle of solo entrepreneurship is deciding what you will do. Essentially, it comes down to figuring out what skills you have and what services or products you intend to offer. As a result, the value you create for people, together with your marketing strategy and work ethic, will take you to the top.
Here are a few pointers to get you started on the right foot towards being a successful solopreneur.
Take time management seriously
Because you will be working all by yourself, there will be no boss over your neck to make you do things at the right time. As a result, most solo business owners face the dreaded menace of poor time management, especially when personal life conflicts with your business. The only way out is to be a time management master. An excellent way to start is by getting as organized as possible. Sometimes, a to-do or checklist helps, while timeboxing is the way to go for others. Additionally, you can break down your tasks into smaller achievable bits. That way, you can appreciate the steady impact of your work without feeling like burning out.
Organization is key
Without proper organizational skills, your time management efforts would go to waste. As a solopreneur, you must develop strategies for making the most of your time. Habits, rituals, and tools are excellent strategies for staying organized. Essentially, the general idea of getting organized is settling into a routine that works for you and maximizes your input. It also means being aware of your most productive time of the day; while some people may be early birds, you could be a night owl. However, it is typical for your productive periods of the day to suddenly change depending on lifestyle changes which may be physiological or environmental. In the end, you get more organized by paying close attention to yourself and your routines to figure out what works for you as a solopreneur.
Outsourcing does not take away your solo entrepreneurship
In your journey as a solopreneur, there are no rules that you must carry out every task by yourself. Freelancers and independent contractors are also solo entrepreneurs on the same journey as yourself. Therefore, you should not be afraid of outsourcing boring or repetitive tasks to people willing to engage themselves. Essentially, it forms part of the beauty of solo entrepreneurship, where people are at liberty to choose tasks to engage in or not commit themselves. Therefore, you can create more work or personal time for yourself by outsourcing tasks you would instead not do to others.
Develop a good understanding of your market.
As a solopreneur, it is pointless to establish a viable business without correctly understanding how the market works. You need to check out your competition by running a comprehensive market analysis. That way, you can position your business to offer considerable difference from the usual to drive more sales for your business. Additionally, you should invest in relevant informational materials- thankfully, the internet is replete with myriads of information about various markets and niches. Also, networking with other solo business owners is an excellent way to gain a deep understanding of the market.
Automation remains a time-saving asset in every business.
Your designation as a solo entrepreneur saddles you with every responsibility of running your business. However, automation can be an effective weapon in your arsenal. You can effectively manage repetitive tasks with business process automation, like automated email responses, product recommendations, seasons greetings, etc. Additionally, you can utilize online invoice generators to generate online invoices for your clients. Also, you can generate 1099 Form for other independent contractors as evidence of payout, especially when you do some outsourcing.
Furthermore, every solopreneur should embrace technology since it helps you cover more than you would have with manual efforts.
Because you function alone as a solopreneur, you need to leverage tools and automation to help you cover up and maximize your input. Several apps, tools, etc. that support productivity you can purchase for a seamless workflow. That way, you don’t feel the burn of working alone, and if you intend to transform into an entrepreneur, it is within your reach.
How can I start my own company?
Starting one’s own company can be pretty challenging. However, the primary factor is to have a business idea. You can conduct market research and survey to see how your idea fits, what problems or needs it solves, and how you can market it. You will also have to write a business plan, fund your business, set up a location, and begin marketing.
Is a solopreneur an entrepreneur?
A solopreneur is an entrepreneur who runs solo; without any co-founder or W-2 employees. He starts and manages the business independently, occasionally outsourcing some tasks to independent contractors for a small fee.
Can a solopreneur have employees?
When a solopreneur begins to have employees, that makes him an entrepreneur, however, a solopreneur, through networking and collaboration, can work with other people- outsourcing to drive his business forward.