Have you ever heard of the term solopreneur? It rhymes with entrepreneur right, this is for a reason. And that is they have the same goal, to successfully launch and run their own business.
So, what is the difference between the two? The key difference between solopreneurs is that the business owner works alone and the whole business model revolves around one person.
In short, Solopreneurs are their own bosses, but they also handle all the business planning, operation, and marketing to run and scale the whole company.
This self-led business can be challenging and rewarding at the same time because you do all the work but you also keep all the profit. Plus, it allows you to decide where and when to work and what to do with your time.
Being a solopreneur has its ups and downs, but in this article, we will discuss how to become a successful solopreneur.
Become a Successful Solopreneur
Just like being an entrepreneur, to become a successful solopreneur there are steps that you have to take to have a successful business.
Although many entrepreneurs have more complex workplace requirements, a solopreneur only needs a clear vision for the company and an unwavering commitment to that goal.
Because you will face a lot of hardships and numerous challenges in your day-to-day tasks. So, we created this list of tips for you to have a successful solopreneur career.
Let’s start with the first one.
1. Discover your Passion, but Do What You’re Good at.
Before starting the exciting journey of being a solopreneur, you first have to decide which niche or category you will put your time in.
The first thing that will come to your mind is probably your passion. What do you love doing, and what keeps you excited to get out of bed and face the new day with enthusiasm and hope?
This is a good approach, but remember you are starting a business, and one of its principles is that you have to give value to your customers or users and provide solutions to their problems.
That is what will make the business profitable, you can be passionate about something but be not good at it.
Then can you help anyone if you choose to start a new business with that?
The answer is definitely no, the way to solve this problem is by finding what these two have in common. Discover your passion and find what you’re good at, then explore what are possible niches that involve both.
Remember, the more aligned your passion and skills with what you’re working on the less it feels like work or hard tasks that you can’t find a motivation to finish.
It is important because you will need every bit of your enthusiasm to overcome all the challenges that you will face ahead, with that said let’s move on to the second tip which is all about planning.
2. Plan Ahead
Successful solopreneurs typically did not reach where their businesses are today without careful planning.
Planning involves creating an ultimate goal making that the single business focus, and revolving all the other business ideas around it.
I mentioned single focus because as a solopreneur, the decision-making and all the other important tasks fall on your hand alone.
To be able to choose the right decision for your business you have to know what your ultimate goal is. It can be to reach a full-time income with your small business or grow your business to become a large company.
Solopreneur business ideas can be a little bit overwhelming sometimes, but remember that it is still a business, and you need to plan every step to achieve that ultimate goal you set for yourself.
Here are some things you need to consider when planning as a solopreneur:
Set Clear Goals and One Ultimate Goal
Understand your Niche and Market
Develop a Detailed Business Model
Prepare to be your own Marketing Agency
Create a Timeline for Your Goals
Remember running a business independently means all of this job depends on you to be successful.
But trust me it is worth it.
3. Just Start
One of the hardest steps in being a solopreneur is taking the first step.
You might get a lot of business ideas, but you can still find yourself waiting for the perfect time to start your business.
This is a myth because the perfect time to start a business was yesterday, last week, or last month. In short, there is no more perfect time than today.
There are several reasons for someone who wants to start a business to double think about it and knowing why you are afraid or hesitant can be important to push yourself to do this now.
So here are some possible reasons why you can’t start:
Fear of Failure
Fear of Judgement from others
Overwhelmed by all the Tasks
Looking for all the Answers
Afraid to Ask for Help
Remember that all businesses, entrepreneurs, and solopreneurs start with the first step as a beginner. They all took that step that you are hesitating to take.
Imagine this, after years of hard work you finally get the ultimate goal that you want to achieve, which could be for you to be a millionaire, or finally retire, or travel the world, whatever that is you can’t reach it until you take that first step.
So, don’t wait – just start!
4. Learn as You Go
Entrepreneurs focus on running the business according to the business plan they set, with a team they can rely on and delegate tasks to.
However, solopreneurs need to do all the grunt work by themselves.
Your day could look like working hard to attract clients, creating strategic plans to reach out to your target audience, you could offer social media management services, or creating engaging content.
It could also look a bit more technical with being the sole small business owner, you could be handling all the budgeting, monitoring cash flow, and managing your business bank account.
This could be both good and bad depending on you. You can see it as a way to improve your skills and learn more, or it could be a problem that is hard to overcome.
The choice is yours and remember your mindset will greatly affect your quality of work thus impacting your overall success.
Have you ever heard of the quote “Hard work beats talent, if talent doesn’t work hard.“.
This is also true when it comes to being a solopreneur. Other businesses are already so large that they don’t work hard enough to satisfy their existing customers. This could result in a gap in the market that could give you a business idea.
So, how does this relate to consistency? The answer is that being consistent in everything you do is hard work.
You might think that what you are doing is easy enough, it could be service-based businesses or you are a freelance graphic designer, a web designer, or any solo business you could think of, doing them every day for years is hard work.
Accomplishing small easy tasks daily for a long period becomes exhaustive after a long time. But that’s what consistency is
And that’s what it means to be a solopreneur.
6. Embrace Failure
Failure is not something you can totally avoid, business owners know that no matter how much you prepare and do everything right, you can still fail.
This is because running a business comes with a lot of uncontrollable variables. Also, this is one of the aspects you need to consider in the solopreneur vs entrepreneur route.
Unlike entrepreneurs who might have a co-founder or additional employees to help with the burden of failure, as a solopreneur, it all falls on you.
Solopreneurs tend to have a lot of responsibility, you make your own decisions for the business and whether the results of that are good or bad, you will bear the consequences.
This is why it is important to embrace failure as a solopreneur because it is inevitable. You will not have the help of a partner but you have the option to hire independent workers to help the business grow.
In short, to become a solopreneur, you mustn’t fear failure.
Failing doesn’t mean it is the end but rather allows you to learn and grow with the business and as a person
7. Comparison is the Death of Joy
This is one of the most famous sayings for individuals who are trying to achieve their goals.
We all are on different paths and stages of our lives. Comparing what your accomplishments are to other people just robs you of your joy.
What truly matters is your progress and improvements from your past self, not other people.
Instead of overthinking if you are doing great or not in comparison to others, learn to focus on yourself and your unique path.
Use others’ success as motivation to continue pushing forward with your goals.
The most important thing is you are becoming better than you were yesterday, together with your business.
8. Take Care of Yourself
None of your business success will matter if you aren’t healthy enough to celebrate your accomplishments.
Imagine this scenario, you just succeeded in your solopreneur route. You earned millions and can now work from anywhere at any time you want, but you are too sick or weak to do all that.
How would you feel? Are you going to feel successful?
No right, because health is wealth and it is still the most important part of striving for success.
While you are busy working on your business as a solopreneur, still try to take care of yourself physically, mentally, and in all aspects of being healthy.
If you do this, your future self will thank you for it.
What’s the difference between solopreneur and entrepreneur?
The main difference between a solopreneur and an entrepreneur is the number of people working on the business.
An entrepreneur is an individual who initiates a business venture with the goal of scaling it to grow as a large enterprise that will be managed by a group of people or teams, partners, and employees.
A solopreneur also starts a business venture to turn it into a successful enterprise without the help of any person. Usually, it still involves hiring other professionals to outsource non-core activities, such as freelance writing or other tech-savvy professionals.
So while they both aim for the same thing, the key difference is how they operate the business to achieve their ultimate goal.
What is an example of a solopreneur?
Examples of solopreneurs include:
Social media managers
Real estate agents
What is the life of a Solopreneur?
The life of a solopreneur can be both challenging and rewarding. This is because all the responsibilities and work in the business fall on an individual, but at the same time, all the profit earned only goes to one account.
This also means having their own business which they can run according to their terms. They can work wherever or whenever they want. This is only the case if the business starts earning, but at the early stages, especially the first year, there will almost be no income.
The peak of success it can bring still makes it worth it to become a solopreneur.
The term solopreneur is a new word that came only in modern times.
Most people don’t know what it means yet or how to become one.
This article gives you the essence of what it takes to be a successful solopreneur, and I hope I was able to inspire some of you to be one.
Because IT IS WORTH IT.
As a professional web and software developer, the author possesses a strong foundational background in Computer Science. This equips him with both academic rigor and practical insights into the world of web-based entrepreneurship. As the founder of this platform, webpreneurships.com, he stands at the intersection of technology and business.