Ready to leave the 9 to 5 job and start working for yourself? Have the drive and motivation to do some really big things in life, and ready to see how it can go for you? Then becoming a solopreneur may be right up your alley. This article explores the determinants of a solopreneur, the difference between a solopreneur and an entrepreneur, why you may want to become a solopreneur, the benefits of becoming a solopreneur, the secrets of successful solopreneurs, and some ideas for you to test out.
A. What is a Solopreneur
A solopreneur is simply anyone who sets up and runs a business on their own. Freelancers are often seen as solopreneurs as are those who start any other type of business without the help of someone else. You may have a few people who work for you, but you take on all the risks of running the business yourself, without a partner or outside help in that way.
How is a Solopreneur Different from an Entrepreneur?
These are very similar types of individuals. All solopreneurs are considered entrepreneurs, though it does not go the other way around. A solopreneur is going to do it all, while an entrepreneur is more likely to manage others and delegate.
An entrepreneur may start a business, but they have a whole team that helps to get the work done with them, including marketing, accounting, and more. Solopreneurs are often on their own. They will handle all the little parts of their business. They may perhaps have an accountant to help out during tax time, but this person would not be an employee of the business.
The Life of a Solopreneur
Most solopreneurs are not looking to build up a whole empire. They want to work for themselves and they would like to make a good paycheck, but they want their business to still be manageable enough that they can make the majority of the decisions on their own. This does limit how much the solopreneur is able to take on.
For example, the solopreneur only has so many hours in the day. This forces them to pick the right tools so they can be as efficient as possible. The solopreneur does not need to worry about employees and payroll and benefits either though, which can take out some of the stress of their day to day lives.
When you are looking for a way to start your own business, but you want it to be manageable and personal, rather than a big empire that needs a ton of work and people to keep it going, then becoming a solopreneur may be the right choice for you.
B. The Difference Between A Solopreneur and an Entrepreneur.
Solopreneur is not a term that is brand new, but it is one that is seen more often in recent years than before. Many solopreneurs are passionate about their work and what they can provide to the world and their customers but figuring out the difference between a solopreneur and an entrepreneur can be challenging. Some common differences between these two includes:
Solopreneurs are Founders and Employees
Someone who is considered a solopreneur is able to manage all aspects of their business, without delegating tasks out to others. They create the business and are the main person responsible for delivering and producing the products. They may occasionally hire a freelancer to get some work done, but most is done on their own. On the other hand, an entrepreneur will hire a team and manage that team to get work done.
Solopreneurs Have One Business Focus
Most solopreneurs are excellent at niche offerings to their customers. This helps them to find their own space in the industry that they choose, while also ensuring that they do not take on too much at once. An entrepreneur will often focus on many things and diversify themselves to make their company bigger. If you are looking to start a social media company, a solopreneur may have a few packaged services to offer, while an entrepreneur would offer a lot of individualized options for the customer.
Solopreneurs Do Not Build Businesses to Scale
Entrepreneurs often dream of making their companies large. So they design them in a way that it is easy to keep it growing and getting bigger without more work later. For solopreneurs, their goal is to make the business profitable and keep it there just for themselves, without scaling the business.
Financial management is Different
As an entrepreneur grows their business, there will have more financial responsibilities. They have to handle payroll, taxes, benefits, and profits along with other financial goals. For those who are solopreneurs, there are fewer things to consider financially. They can go with something as easy to manage as a sole proprietorship, which allows them to handle all of the profits and everything else that comes with the financial decisions of the business.
There are a lot of benefits to being both an entrepreneur and a solopreneur. Understanding how each of these works and deciding what kind of business you want to run can make the decision easier.
C. Why You May Want To Become a Solopreneur
The idea of becoming a solopreneur has mushroomed of late. There are many people who are enticed by the freedom and the flexibility that comes with starting a business that they run and manage each day. They can get all of the benefits of being their own boss without having to hire others and worry about payroll and other headaches. Some of the top reasons why you should become a solopreneur today include:
The Ability To Control Your Schedule
One of the best things about being a solopreneur is that you get to control your own schedule. There is no boss to report to each day so the hours you work do not matter. You need to stick with the deadlines that you agree upon with your clients, but you will know about those upfront and can negotiate them. If you need an afternoon off for an appointment or want to take a vacation, or even if you know you work better late at night, you can make those decisions and tailor your schedule to fit that.
You Choose Your Income
Many employees find that they are limited on how much they can earn. The human resources at the company may put a cap on it or they are not able to get a raise because of budget concerns and other issues. When you become a solopreneur, you get to choose how much you are worth. If you want a raise, you can take on more clients or change your rates. And you do not need to ask anyone for permission to do that.
Choose Who You Work With
How many times at work have you been stuck with a client or boss who does not share your vision or who seems to belittle you all the time. This can be a challenge but you keep taking it because you want that paycheck. When you become a solopreneur, you no longer have to feel stuck. You can choose which clients to work with. And you no longer have annoying or bad employees or a boss to report to at the end of the day.
There are many reasons why becoming a solopreneur is such a great option for so many people. You need to be motivated and organized to get it done, but for those who are ready to take control over their own lives, becoming a solopreneur is one of the best options out there.
D. Benefits of Becoming a Solopreneur
A solopreneur is an individual who decides to start and run their own business. they can often do this from home without having to hire a lot of employees or worry about the added expenses. There are a lot of benefits to becoming a solopreneur, even compared to working as an entrepreneur. Some of these benefits include:
You Are In Control
A solopreneur gets to be in control over the business. They can set their prices, they can set their hours, and they can choose the type of work that they want to do. This is control that most employees do not get to enjoy when they are at a regular job. This freedom is what entices a lot of people to look at becoming a solopreneur to gain more freedom over their money and their lives.
You Get to Make the Decisions
One of the best things about being a solopreneur is that you are the only one in charge of that business. This means you get to make all of the big decisions. If you are bad at making decisions, then this kind of business arrangement may not be the best one for you. But for those who do not want to answer to someone else, being a solopreneur may be a great option.
You Get to Keep the Profits
Solopreneurs often do not have the same costs as other businesses. They can do the work from their home so they will not have to pay for office rent. And without employees by their side to do the work, there are no salaries and benefits to pay and no payroll taxes either. This means more of the profits go to your pockets.
You Can Outsource
While most of the work in a solopreneur business is done by the individual, if there are a few things that come up that you aren’t knowledgeable about or that you do not have time for because life gets in the way, it is possible to outsource. Freelancers are great for helping with some projects or hire an accountant to help during tax season.
These are just some of the benefits that you can enjoy when it comes to being a solopreneur. With the right mindset and a great idea and time management on your side, you can become your own boss and enjoy all the benefits of a solopreneur.
E. Secrets Of Successful Solopreneurs
The idea of becoming a solopreneur has grown in leaps and bounds. Many people enjoy the idea of working for themselves while running a business that is manageable that they can set the hours and do the work on their own. If you are looking to become a solopreneur, take a look at these top secrets to see success!
There are a lot of business owners who want to aim big and make their business as large as possible. This may seem like a great idea, but then you are an entrepreneur instead. If you like the idea of being a solopreneur and just want to make enough to support yourself without the hassle of a big business, then your goal is to aim small and let the rest take care of itself. This can take a lot of pressure off and makes running your business easier.
Do Less Selling
Many solopreneurs feel like they need to do more selling to get anyone to take a look at them. They want to be heard above the crowd and get all of the sales possible. While it is noble to be so motivated to a goal, that is not how this is going to work. Overselling is going to annoy the customer and they may put you on mute in places like social media. Be more personable, meet the needs of potential customers, and find new ways to show your product, without the selling, and see how much that will make a difference.
Find Your Passion
If you are not passionate about your business, then you are going to get really tired of it quickly. Solopreneurs often are in charge of every aspect of the business. you will spend a lot of time around the product or service that you plan to offer as the business idea and it will be hard to stick with it some days when you are tired or frustrated. The good news is, if it is your passion, you will have a lot more good days than bad, and you can continue to turn this into a good profit. While you are at it, make sure to have a good accounting software or accountant by your side to help you continue making profits.
Plan For Your Passion To Unfold
It’s fine to have a passion, but you need to move to action to make your passion come alive. The best way to do this is to spend time planning out where you want to go and how you want to get there. The first is all about making sure you have a marketable vision and the second is to develop ways to achieve that vision. Without a plan your vision will remain a dream and your work will not bear the fruit you want. In fact, in most situations it will frustrate you because you find you are not achieving what you have set out to accomplish.
F. Low Cost Solopreneur Ideas
The first step to becoming a solopreneur is to figure out the idea of your business. There are many great business ideas to choose from, but you need to find the one that goes the best with your passion. Add in an idea that does not cost a lot to startup, and you are ready to go. Some of the best ideas you can use as a solopreneur include:
There are so many great options for writing and all you need to get started is a good computer and some writing software like Word. You can be a blog writer, eBook writer, or freelance copywriter to help out business. even some advertising jobs need writers to help get the work done. You can choose your niche and the type of writing you would like to do and then get to work.
Social Media Manager
Many companies are looking for people who can handle their social media accounts for them. From adding more customers to the site to handling posts, interactions and more, there is always a need for those who know how to work with social media accounts, especially for big companies. You can choose a niche to work with or offer different packages and it will not cost much to start.
For those who are a little more creative and into designing, a web designer could be a good choice. There are many individuals and businesses who are looking for someone to create a professional looking website for them. With a good computer, a little knowledge, and a few templates already designed (you may want to design your own website ahead of time too), you can get going with this new career choice.
Do What You Are Good At
If you have some experience with taxes for instance, then becoming a tax professional may be a good idea. You will need a good computer to store the information on and probably a few tax software options to help you diversify for different clients. This can still all be done for relatively cheap based on which options you choose.
No matter what experience you have under your belt you can use that experience to help others. The real trick is to find a problem that needs to be solved, check your own ability to solve it and then develop the ways and means to set yourself up as the expert in solving that particular problem.
There are so many great ideas out there for becoming a solopreneur and it is possible to do this without spending a lot of money out of pocket. With the right idea and a little hard work, you are certain to get this new business off the ground and running in no time.
If you are ready to become a solopreneur then start the process to make it happen. If you need advice, support or need to sharpen your skill areas before jumping it, there are people who will help you. My experience tells me that most people make it as solopreneurs when they have support along the way. This means that you may need to invest some money so that you can make money in the long run. This is all about making sure you have the right mind set to set yourself up as a successful solopreneur. If you are want some help in this area consider The Bizwoli System.
Thank you for reading,
As always, stay safe, keep well and continue becoming the best version of yourself.
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