What Is a Solopreneur, Anyway?
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FIRST THING’S FIRST —
What is a Solopreneur?
A solopreneur is an individual who establishes and runs a business on their own, without hiring employees or forming partnerships.
This term combines "solo" and "entrepreneur," emphasizing the business owner’s role in managing their business independently. Solopreneurs often handle all aspects of their business, from creation to operation, and they typically operate in fields like freelancing, consulting, or web-based industries. The term highlights the autonomy and sole responsibility of the individual in their business ventures.
Solopreneur Examples in the Real World
So you might be asking, “Janessa, can you gimme an example of a solopreneur?’ And yes, I absolutely can. I lined up some examples for ya:
Some examples of solopreneurs could include:
the business coach helping clients smash their goals;
the Pinterest marketing expert increasing traffic for her travel blogger client;
the freelance graphic designer creating beautiful designs for her small business clients;
or the independent course builder offering specialized courses helping her target audience.
These examples showcase the diversity within the solopreneur community. Really, you can be anything, from a service-based professional to a digital products pro. Solopreneurs are found in every niche of the business world, each bringing their own unique flair to their work.
Is Solopreneur a Real Word?
You may have heard the term before and wondered, “is solopreneur even a real word?”.
And my answer is — heck yeah it is! It’s even in the dictionary, my friend. 🤓
According to our friends at Merriam-Webster, a solopreneur is defined as "one who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner: a solo entrepreneur”
Solopreneurs take on multiple roles within their business, including planning, marketing, product or service delivery, and administrative tasks, without the need (or sometimes desire) for a team or employees.
So, yes, 'solopreneur' is a real — and increasingly popular — term in today's business vocabulary.
The rise of the solopreneur marks a significant shift in the business landscape. It highlights the growing trend of all of us seeking autonomy, flexibility, and the freedom to steer our business according to our vision and values.
Solopreneur vs Entrepreneur
While both solopreneurs and entrepreneurs share the common goal of business success, and their journey may look the same at the beginning, their paths diverge significantly as the business grows.
A solopreneur maintains full control over their business, embracing the challenges and rewards of managing everything independently.
SOLOPRENEUR
Works Alone: Typically manages all aspects of the business single-handedly.
Limited Scale: Business growth is often constrained by individual capacity.
Personal Involvement: Deeply involved in all operations and decisions.
Niche Focus: Usually specializes in a specific area or service.
Lower Overheads: Minimal operational costs due to smaller scale.
Direct Customer Interaction: Often handles customer relations personally.
Flexibility: More freedom to adapt and change direction quickly.
Income Tied to Individual: Earnings directly linked to personal effort and time.
In contrast, an entrepreneur seeks growth through collaboration and delegation. Entrepreneurs build and lead teams, sharing responsibilities and successes.
ENTREPRENEUR
Builds Teams: Often involves hiring employees or forming partnerships.
Scalability: Typically aims for larger business growth and expansion.
Delegated Management: Distributes tasks and responsibilities among team members.
Broader Scope: May venture into various markets or sectors.
Higher Overheads: Increased costs due to team, office space, etc.
Indirect Customer Interaction: Customer relations may be handled by staff as the business grows.
Structured Approach: Requires more planning and formal business strategies.
Income from Business: Earnings come from the success of the business, not just individual effort.
Solopreneur vs Freelancer
While freelancers and solopreneurs may seem similar, they differ in their long-term goals and approaches.
FREELANCERS typically focus on providing services to clients, often working on multiple projects simultaneously.
SOLOPRENEURS, however, often aim to build a whole brand business or develop a product line. Their goal extends beyond providing services, focusing on creating a sustainable, standalone business that reflects their vision, values, and goals.
SOLOPRENEUR
Business Owner: Operates a self-owned business.
Broad Responsibilities: Manages all aspects of the business.
Growth Potential: Aims to grow and scale the business.
Long-term Vision: Focuses on building a sustainable business model.
Brand Identity: Develops and promotes their own brand.
Strategic Planning: Involves in long-term business planning and investment.
Profit Motive: Revenue generation is a primary goal.
May Have Products: Could offer products, services, or a combination.
FREELANCER
Service Provider: Primarily offers services to clients.
Specific Skill Focus: Specializes in a particular skill or set of skills.
Flexibility in Projects: Often works on varied short-term projects.
Direct Client Work: Typically works directly with clients on specific tasks.
Less Branding Focus: Brand is often less emphasized than skills.
Operational Simplicity: Less emphasis on strategic business planning.
Hourly or Project-Based Pay: Earnings are typically tied to time or project.
Rarely Offers Products: Usually doesn't sell products.
Just getting started in the solopreneur world? Wondering where to go to answer all your biz term questions? Grab my free glossary! 👇
What are the Cons of Being a Solopreneur?
Wondering what solopreneurs struggle with?
Like any business path, solopreneurship has its challenges. Honestly? Managing all aspects of a business single-handedly can be daunting AF.
And this path is not for everyone. The lure of a steady paycheck and health insurance can be a more attractive option for many.
Solopreneurs, while enjoying the freedom and flexibility of running their own business, often face a unique set of challenges:
01. Time Management: Balancing numerous roles and responsibilities without support can lead to time constraints.
02. Work-Life Balance: The lines between personal life and work can blur, making it hard to disconnect and relax.
03. Financial Uncertainty: Inconsistent income streams can lead to financial stress, especially in the early stages.
04. Isolation: Working alone can be isolating, lacking the collaborative environment of a traditional workplace.
05. Decision Fatigue: Constant decision-making without the input of a team can be mentally exhausting.
06. Skill Gaps: Solopreneurs may lack expertise in certain areas (like marketing, finance, or legal matters), requiring them to learn new skills.
07. Scaling Challenges: Growing the business beyond a certain point can be difficult without additional help.
08. Healthcare and Benefits: Managing and financing their own health care and retirement plans can be complex and costly.
09. Client Dependence: Relying on a small number of clients can be risky if one or more of them leaves. That’s why many solopreneurs decide to scale to include digital products, memberships, or coaching services as their business grows.
10. Marketing and Networking: Continuously finding new clients and promoting their business can be demanding and time-consuming.
11. Finding Trustworthy Mentors and Guides: The online business world is filled with people who operate with questionable or downright shady business practices. Finding voices you can trust can be an uphill battle, especially as you’re getting started.
These challenges require solopreneurs to be resourceful, adaptive, and proactive in seeking solutions and support where needed.
But it’s not all bad!!
There are pros and cons to being a solopreneur, it’s true. I just shared the cons, but here are some of the pros:
What are the Pros of Being a Solopreneur?
There are a lot of benefits to being a solopreneur!
01. Full Control: You make all the decisions and steer the direction of the business.
02. Flexibility: Manage your own schedule and work environment.
03. Cost Effective: Lower overheads without staff or large office spaces.
04. Quick Decisions: Faster decision-making without needing group consensus or management approval.
05. Personal Fulfillment: Directly reap the rewards of your hard work, efforting, and growth.
06. Simplified Operations: Easier to manage with fewer complexities.
07. Niche Focus: Ability to specialize deeply in your area of interest.
08. Direct Customer Interaction: Build solid personal relationships with clients.
09. Quick Skill Development: As you handle diverse aspects of the business, you develop a wide range of skills quickly.
10. Value Alignment: Able to ensure your business and your day to day is operating in line with your values
11. Time and Location Independence: For the most part, you’re able to set your schedule and decide where you want to work from — whether that’s home with your kids, a coworking space, or an Airbnb kitchen in Budapest.
Wondering about being a solopreneur PLUS being able to work from anywhere, ala digital nomad style?
I whipped up this in-depth guide for ya 👇
How to Start as a Solopreneur
FIRST THING’S FIRST: IDENTIFY YOUR NICHE.
Identifying your niche as a solopreneur is really important for your business to do well. It's about finding the perfect mix of what you love to do, what you're good at, and what people will pay for.
FIRST — think about what you're passionate about and your special skills or knowledge. This could be a unique craft, a service you're trained in, or a revolutionary or just really neat product idea you have.
THEN — see what the market needs. Look for areas that aren't being fully covered by others or where you can do something better. It's key to pick something that not only you love, but can also bring in income.
Checking out what others are doing in the same field and understanding who your customers might be can give you a good idea of what's trending. In the end, finding the right niche means matching what you're great at with what's needed out there in the market.
After you know what to specialize in (typically it will be a skill or hobby you’re already knowledgeable about or interested in), it’s time to build your business!
After you find your niche, you can …. just create your path. Yep, really.
I know that’s vague. But you really CAN do things your own way. There’s not a one-size-fits-all prescriptive roadmap, especially as we all have different strengths, skills, and struggles. That said, a lot of advice would include:
Develop a business plan
Choose the right legal structure (LLC vs S Corp vs Sole Proprietor)
Set up a business bank account (and grab a business credit card!)
Build a strong brand identity
Develop a marketing plan (including content pillars, channels, networking, etc)
Create a website that’s SEO-friendly and optimized to convert (I can help you with that)
Build strong business operations foundation and processes
Invest in continuing education
And importantly, remember to balance work with personal life - after all, that’s probably one of the reasons you were initially attracted to working for yourself, and it’s SO EASY to let that fly out the window as you’re getting started and building your business.
I’m going to put in a plug here for Wandering Aimfully, a non-boring coaching group for intentional business owners.
You can definitely do it all yourself, and TBH, you probably should for the first year or two of business so you can discover your own pain points and hidden skills.
But when you’re ready to grow, or find yourself needing a literal roadmap, Wandering Aimfully is the JIMMY JAM.
With what feels like a million and three helpful resources like a Business Roadmap, Notion Small Business Dashboard, and Small Business Compendium, these are business coaches who are legit. (I spent A LOT of time looking for mentors I could trust).
Check out some of their best free resources here. They only open their doors twice a year, but if you decide in an off-season that you absolutely MUST join, you can use my handy-dandy secret link (← affiliate) to skip the waitlist and join anytime.
Key Takeaways
Solopreneurs are a unique and growing force in the business world, and TBH are some of my FAVORITE people!
They combine qualities like independence, creativity, and resilience to build successful ventures. A key to their success? A robust online presence, starting with a powerful website.
If you're a solopreneur looking to grow your business, consider the impact of a well-crafted website. A website shows you’re a legitimate business owner, attracts your ideal clients, and is a key piece of your online marketing arsenal.
Ready to take your solopreneur journey to the next level with an intentional and value-aligned website? Let's create a digital home that mirrors your unique vision and personality, and connects you with your audience. Get in touch!
