Solopreneurs, as the name would suggest, are entrepreneurs who prefer going at it alone. Are you one of them? Here’s some advice for you.

What is a solopreneur?

Macmillan dictionary defines a solopreneur as a business owner who works and runs their business alone. This definition includes freelancers and consultants, as well as business owners who do not have a partner or a team.

Solopreneurs can decide that they’d like to run their business alone for various reasons - they may have a particular vision, enjoy having complete control, or may have had bad experiences working with others in the past.

The good

Being a solopreneur can be tempting for many different reasons. It gives you more flexibility with your schedule, more creative freedom and, of course, more control over business ideas and decisions. There’s also potential for you to make quick progress in your business, because you don’t need to gain the support of any other founders or shareholders.

Freelancing and consulting are great alternatives to a traditional 9-5 working environment, if you aren’t compatible with rigid company schedules, rules and oversight. For more information on freelancing, read this article.

The bad

When you’re a solopreneur, you’re responsible for everything, which means you’re accountable, should anything go wrong. Solopreneurs have to learn how to wear many different hats, and stay on top of the many dynamic elements that go into owning a business - such as managing the finances, marketing, handling accounts, pitching to clients and so on.

Trying to manage the many different aspects of a business at the same time can also be overwhelming for one person to do alone, and may lead to burnout if you don’t properly prepare for and manage it.

Solopreneurship is the ultimate challenge in time management, self-discipline, keeping calm under pressure and, most importantly, a passion for your vision and business. It truly is above and beyond a full-time job, and the lifestyle of a solopreneur can get demanding very quickly. Work-life balance can be difficult to maintain, and things like your health can take a backseat to your business sometimes.

Solopreneurship can be rewarding, but also very challenging. If you think you’ve got what it takes to succeed on your own, then it may be the right avenue for you. If you manage your business well and find a way that works for you, then you can make it without sacrificing your personal, social life and your health. However, if you give it a try and it doesn’t work out, don’t be afraid to change course and get a partner or a team on board. Good luck!

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