At first glance, solopreneur might seem like a fancy term for being self-employed. However, a solopreneur can be defined as someone who goes it alone and is the only employee within their business. Sure, they might work with freelancers from time to time but, for the most part, they’re the only person keeping their business running.
You too might identify as a solopreneur after reading this article – and you’re not alone. In the US, there are 17.9 million solopreneurs and 75% of businesses in the UK are ran by solopreneurs! With this group rapidly on the rise, does it hold the key to success?
What’s the appeal of going solo?
There are certain types of businesses that are ideal for going it alone. These include (but are not limited to) web designers, personal trainers, life coaches and even photographers!
Solopreneurs utilise their skills to build a business and don’t see the need to employ anyone else – and this can mean minimal start-up costs.
In 2019, this is easier than ever thanks to the power of the internet. Websites like WordPress, which currently accounts for 27% of all websites online, can help solopreneurs set up their business online within just a couple of hours, whether that’s a simple online portfolio or a fully-stocked e-commerce business.
A solopreneur never waits for a buyout
The idea of selling their business isn’t on the cards for the solopreneur. If you’re building up your business with the idea of making a sale further down the line, then you’re probably more of an entrepreneur than solopreneur!
Is it really the key to success?
With job satisfaction at an all-time low and graduates finding it harder than ever to find jobs straight out of university, it’s easy to see why 17.9 million people have turned to the world of solopreneurship.
Choose your own schedule
The ability to choose when you start and finish work is definitely appealing. So you want to start work at 10 am? No problem. Work in the evening instead? No problem! Solopreneurs can choose their own hours, which is why many solopreneurs start out alongside a full-time position elsewhere.
Work from anywhere
Not only can you choose your own hours, but you can work from wherever you like. This level of flexibility is extremely appealing and can even increase your productivity when working.
Reap (all) the rewards
Whatever profits you make from your business, it’s all yours – after tax, of course! Having no staff to pay can make your paycheck much more appealing.
Control your work/life balance
With the increased flexibility of being a solopreneur can come an improved work/life balance. Of course, you’ll need to work enough to make sufficient money, but the flexibility will allow you to switch things around a little.
Getting the right support
Although you’re going to be going it alone, you’ll need a small support network of businesses to help you along the way. Accountants are a great place to start, and there are even accountants for entrepreneurs (or, should we say, solopreneurs). An accountant will help you get to grips with your finances while you focus on building your business from the ground up. You could completely do it alone, but it’s always best to outsource certain aspects of your business (like accounting) and leave it to the experts.