Solopreneurs: Pros & Cons

What is a Solopreneur?

A solopreneur is an independent, sole entrepreneur who operates on their own terms. This individual doesn't have any employees and assumes full responsibility for every aspect of their business, spanning from marketing endeavors to financial matters.

What Kind of Solopreneurs Are There?

• Freelancers: The most common solopreneur style. These are individuals who work independently for a variety of clients. They have their own business and work by themselves. This term usually applies to solopreneurs working on digital marketing, web design...
  
• Consultants: These independent professionals provide expert advice and services to businesses and organizations. They usually specialize in a particular area: marketing, law, finance, or technology.
  
• Artists and creators: The most ancient solopreneur form to ever exist.
  
• Entrepreneurs in residence: This kind of solopreneur is employed by a company to help develop new businesses or products. They are hired because of the expertise and experience they have developed through the years, to help the company bring new ideas to market.

Pros & Cons of a Solopreneur

Pros of Being a Solopreneur

As stated in the previous table, there is a number of reasons why solopreneurship is a good choice. Let us expand more on that:

• Flexibility: Solopreneurs have a flexible schedule, which is usually good to balance work and life. They can also choose when and where to work from.
• Independence: Solopeneurs are their own bosses. You respond to yourself, and have no one to be accountable for.
• Decision Making Power: Solopreneurs have the ultimate word when it comes to their business. They make their own decisions and choices, and they choose whether to listen to advice or not.
• Learning Opportunities: When you are solo, the learning process is constant. Solopreneurs have to develop a variety of roles to reach their company's goal.
• Impact: Solopreneurs can make an impact on their communities, by hiring, contributing to social development, promoting the creation of infrastructure and the industries in which they operate.

Did you know?

As entrepreneur, you will need some basic skills to run your new business. Not only that, you want to keep it alive for many years.

Have a look at the 10 characteristics or skills of successful entrepreneurs article and discover ideas that will help you.

Challenges of Solopreneurship

• Hard work: While solopreneurs have a flexible schedule, that usually means working extra long days. The solopreneur can not split up into different people. They have an opportunity cost, and will have to spend long hours to cover all the planned work.
  
• Feelings of isolation: The solopreneur journey can be lonely. Remember, they are solo. No workmates, no boss, usually no people around... just silence. If you feel like talking to somebody, you better find a great forum about that topic, or just a good friend. It's important for solopreneurs to build a strong network of support to stay motivated and connected, to fight back the effects of silence and loneliness.
  
• Risk: Being a solopreneur presents an inherent risk of failure, economic hardship, unbalanced family life, a tendency to one-self, and exposure to toxic beliefs and philosophies. This affects the quality of the decisions made, as well as personal relationships.
  
• Lack of support: Solopreneurs don't have the support of a team or supervisor, so they need to be able to work independently and be self-motivated.
  
• Income instability: The financial health of solopreneurship can be a tremendous challenge, as solopreneurs' income can vary depending on sales, and they don't have the economic backup of a partnership. It's important for solopreneurs to have a financial plan in place to face any possible financial storms.

Online Resources for Solopreneurs

1. The Solopreneur School: courses, coaching, and other resources.
2. U.S. Small Business Administration: government agency provides a variety of resources for small businesses.
3. SCORE: nonprofit organization offering free mentoring and counseling to small business owners, like solopreneurs.
4. National Association of Women Business Owners: Business Women exclusive organization to provide resources and support.
5. Freelancers Union: This union represents freelancers and provides them with benefits, such as health insurance and retirement plans.

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