Why you are probably a solopreneur and didn’t even know it
Chances are if you landed here, you may already be a solopreneur, even if you have never defined yourself that way. A solopreneur is an entrepreneur who primarily works alone. There are limitless occupations that are filled with solopreneurs including writers, bloggers, photographers, artists, event planners, content creators, crafters, makers, consultants and developers- but the occupations and fields are limitless.
The term solopreneur can be deceptive- if you envision one person in a lone office, you’ve got it wrong. Many solopreneurs work with others through collaborations and partnerships. Solopreneurs find ways to scale their business size by hiring contractors or freelancers as needed. In terms of physical work spaces, soloprenereurs often have the option to work at home, at a location as needed, in a shared office space, or at their favorite coffee shop.
Why solopreneurism is hot right now
There are a lot of reasons that many entrepreneurs are going the solo route.
Low barrier to entry: In many cases, an individual can launch a business with limited funding and resources, especially if an office space or store front aren’t needed. Service providers often need littler more than a vision and a laptop to get started. Even if you produce a tangible good, there are resources to help you get your products made or manufactured without a huge inventory or financial investment.
Viable markets for niche products and services: Niche businesses that would have been impossible a decade ago or now successful. For example, there are entrepreneurs who make a full-time income selling specialty items like pet treats on sites like Etsy, coaches who specializes niches like career transitions, and bloggers who train other bloggers.
Information is easily accessible: Traditionally if you want to gain or refine a skill, you’d enroll in a course or seek a degree – a considerable investment of time and money. Now, in many industries, you can easily find training online through courses, books and blogs.
Location independence: Depending on your business or niche, you may have the freedom to work from anywhere at any hour. That’s not true for every field, but there is typically some flexibility in work location in most cases.
Innovation is rewarded: People who think out the box or open to unconventional ideas about business often soar as solopreneuers.
Solopreneurism can be is friendly to those that have a full time job, family or other time commitments because it often allows one to work non-traditional hours.
Pitfalls and obstacles
Like any other business pursuit, there are risks and challenges. Some of the most common challenges specific to solo business owners are lack of accountability that can come with working alone, not having a strategic business plan and the easy tendency of attempting to wearing to many hats at a time. That’s ok, because we’ve got you covered in resources to help you create thriving business and life. Check out our post series for those new to business– it’s a great way to get started and a good refresher for those who have been in business for awhile. Here’s to your happy business success.