What’s a Solopreneur and Should You Become One?
If you've researched starting your own business or picking up a side hustle at all, you've probably seen one word pop up over and over again: Solopreneur. It's a pretty funny word, isn't it? Well, it just so happens to be a life-changing word, too.
In the simplest terms, solopreneur is a combination of “solo” and “entrepreneur." It means exactly what it sounds like: a one-person business.
What does that entail? Is it the right choice for you? Well, stick around and find out!
Solopreneur VS Entrepreneur
First, let’s go over the differences between a solopreneur and what most people think of small startup owners, or entrepreneurs.
The main difference is that "entrepreneur" can refer to anyone starting a business. This can be a multimillionaire throwing their funds at an off-the-wall restaurant concept, or it can be your average joe launching a copywriting business from his home computer.
What separates a solopreneur from the rest is that they don’t start with a team. They don’t staff a business or utilize a network of peers to streamline their workload; they pull themselves up by the bootstraps and face the uncertainties of running a business on their own.
This typically limits solopreneurs’ prospects a bit, as it’s obviously unrealistic to open a brick-and-mortar store without any employees. But the options are still nearly limitless, and it’s the ultimate form of freedom to not have to answer to anyone and take the burden of completing tasks on yourself.
With that being said, solopreneurship is not for everyone. Moreover, there are some serious drawbacks to consider before committing to a solopreneur endeavor.
Being a solopreneur comes with a lot of benefits, here are three.
Most solopreneur pursuits have extremely low startup costs. Even if you go for one that requires a bit of investment capital, the money saved by doing everything yourself can be substantial. This makes solopreneurship more accessible from both financial and technical standpoints.
As a solopreneur, you'll run your own business. This means you don't answer to anyone but yourself. Want to take your kid's birthday off? You don't have to ask a manager. Need a couple of hours mid-day to go grocery shopping? Go for it. Work better at night than you do during the day? You don't need to ask for a night shift. Just do it.
Room to Grow:
While you may start solo with relatively small prospects, you don’t have to necessarily stay that way forever. As you bring in more revenue, you can expand and hire people to take on some of the tasks. Your options are nearly endless.
Being a solopreneur is awesome, but there are still some things to look out for.
Self-Motivation Takes Work:
Being your own boss is great until you spend 14 hours a day binging Netflix and your business collapses. You’re in charge of motivating yourself and getting stuff done. If you can’t prioritize your time and motivate yourself to work without instruction, it’s not for you.
As a solopreneur, you are responsible for everything. Every mess up, every late delivery, everything. That can be overwhelming for some people, and if that sounds like you, you might want to reconsider. On the bright side, you also get full credit for all the positive developments.
Weigh Your Options and Bet on Yourself
The cons to being a solopreneur are outweighed by the benefits and if you can push through some bad habits and dedicate yourself the project, it’s a good idea to go ahead and bet on yourself.
Start that solopreneur venture. See where it takes you in life.
However, you don't have to do it completely on your own. Some tools make it easier than ever to handle your business's backend.
AtomPay is one of those tools. In just a couple of minutes, you can set up an AtomPay account and make your solopreneur transactions easier to manage than ever.
Give it a try!