What's a solopreneur? How differ from an business owner? |
Do you want to start a business on your own? Learn how to optimize your company, become successful on your own to become a single-person business powerhouse.
You're scrambling to get the money you owe in time. While you look through your budget, you notice the column for sales in the spreadsheet.
Then, you rush to another screen in your laptop, to see the latest figures on your revenue.
Oh, but wait -Then you realize your inbox needs some attention with three new urgent customer requests.
Speaking of clients, you've come to realize that there's a need for more. What's you're posting on social media now and when will it be?
Yes, running your powerhouse of one can be overwhelming with you (and only you needing to manage everything by yourself.
But knowing that time is among the most precious assets you have There are methods increase the amount of revenue you earn and generate more income without working horrendously long weeks.
This week, we'll walk us through everything you'll need to know in order to become the most successful solopreneur that you could be. This includes the tools, timing, and benefits of running your own business.
Prior to it, though, let's make sure we're all in the same boat.
What is the definition of a solopreneur?
An entrepreneur who is a solopreneur who chooses to set up, run, and work on their business alone over the longer term. Solopreneurs have the ultimate responsibility for the performance or lack thereof of their business. They generally do most tasks themselves.
This small business sector is huge with 30.2 million small businesses reported in 2018.
Being a sole-preneur, who runs an entrepreneur with a limited business typically, you run as a sole owner company working from home.
In reality, 60.1% of small businesses are run from home, with sole proprietorships making up 73% of the businesses within the US.
Three main differences between a solopreneur and entrepreneur are:
#1. Solopreneurs are not in it to grow their team
Solopreneurs do not have a desire to create a team and instead focus on growing their company to lead a life of financial and free time. They're not enthralled in bringing the birth of an business empire.
#2. Solopreneurs usually have a single specific business goal
Solopreneurs tend to stick with only one project of their passion for the long term. Entrepreneurs, on the contrary side, are more likely to sit and wait for an exit strategy or buyout and then move into other projects.
#3. Solopreneurs do not rely on delegating
Entrepreneurs typically delegate their tasks to a team while they build relationships and expand. Solopreneurs are able to do the work that generates revenue themselves, regardless of size.
However, that doesn't mean solopreneurs don't ever assign tasks to others. If they're in need of assistance, hiring a freelancer to bridge the gap is not uncommon. However, they don't rely upon delegation.
Because of productizing the process, he's now able to use his time and energy to work on other audience-building projects that boost his company's performance while his company grows.
As an example, Reuven runs a podcast on DevChat.tv, Freelancers' Show and helps in driving additional leads for his solopreneur business.
Because he isn't looking for the right team, is on the path of education and does not rely on delegation. Reuven is an excellent example of a solopreneur who is successful.
Want to follow in his footsteps? I do too. Once you've figured out the difference between an entrepreneur and a solopreneur Let's look at the advantages of beginning a small business a solopreneur.
What is the reason to start a small-scale business and become a solopreneur?
1. Reason 1. You get to keep most of the profits
Because you don't have the standard overhead costs of operating a team-based enterprise such as office rental spaces, salaries for team members (and their perks), and et cetera Your expenses as solopreneurs are low as you keep the majority of your earnings.
Wondering how much revenue you can make with the small size of your company?
Small-scale businesses that are home-based produce 427 billion dollars in annual income and 20% of these smaller companies earning between $100,000 and $200,000 per year.
The greatest benefit of working from home is this:
Launching a home-based small business does not require a lot of capital to start. The majority of small businesses begin with an investment below $5,000.
As you'll (hopefully) realize now you have the potential to earn lots of money to be made and retained -- when you're being a solopreneur. However, taking the majority of your earnings isn't the sole reason you should be an independent business owner.
The second reason is. You're in charge to make major decisions
If you own your own company, the only person you have to answer to is yourself. You are completely in control to take decisions and reorient the business in any way you feel appropriate.
( Pivoting refers to changing the direction of your company's strategy in an opportunity to dramatically increase the performance of your company, if had no idea about the term.)
Altering the course of your company can alter your profit in a flash. Making a wrong decision On the other hand will drive your company down the road. Nonetheless, 7% of business owners who are starting out regretted not having done it when they needed to.
Independence and freedom is a huge responsibility to shoulder, however they are both, I believe, and we each agree that they are worthy of being cherished for the long haul.
Fortunately, enduring is simpler than it appears. We have come to the last reason for becoming an entrepreneur on your own.
The third reason. It can make you feel happier.
The ability to create time and financial security for yourself over time makes people happier.
Are you feeling a little snooty?
Perhaps this can convince you that over 70% of small business owners ranked their happiness as above five (on a scale out of 10) with 37% rating their level of happiness as a 10.
What's my point? It's this -- the freedom and the flexibility to design your own work-life balance provide an opportunity for satisfaction that can be harder to find when working a 9-5 corporate job.
In the end, Justin is able to grow a business and leverage his experience to shift towards a new goal and all the while assisting his increasing audience within his particular market.
Do you want to know how solopreneurs can fit in the corporate world? Then you're going to love our next segment.
What kinds of businesses can solopreneurs manage?
Freelancing services in the US alone, there exist 57.3 millions freelancers which is a group of employees that is expected to be the majority by 2027.
Services for consulting - Whether it's the realm of social media, strategy, leadership, management, or marketing, making use of your knowledge to assist customers as a consultant is a popular option for solopreneurs.
The global management consulting services market is expected to reach a staggering $1201.06 billion in 2025 , so there's big money to be had here.
E-commerce Retail ecommerce sales are projected to increase to $4.88 billion by 2021 . The majority of consumers are shopping online for products and services and this demographic is increasing, so it's no surprise that entrepreneurs who are solo-preneurs enjoy this route also.
The bottom line is:
Solopreneurs operate in every industry and come from every walk of life. Their only thing in common, outside of being a one female (or male) megalith -it's that they have all reached a point at which they're prepared to expand their company.
How do they, and further, how do you start to grow as a solopreneur, you think?
I'm glad that you did.
How do you scale your company as a solopreneur
#1. Increase your income by taking online classes
An excellent example of this is the way Karen Delgado productized her business through selling her Location Independent Entrepreneur online course, which teaches entrepreneurs to create business from anywhere in the world.
If creating online courses isn't the option for you, then we suggest our next suggestion.
#2. Build your bank account by using websites for membership
Solopreneur Alecia May provides her clients information on how to manage business-related events successfully via her the Eventristry Insiders membership site.
Join NOW!
Create a free account
Join 150,000+ creators who use to create websites, sell digital goods as well as build communities online. Free to start -
OK. We've got one more tip for you to grow your company.
#3. Steady sales up by introducing digital downloads
Whether an ebook, assessment, recipe, or planner or guide, you could grow your business by selling digital downloads to customers.
Solopreneur Vanessa Ryan offers a Boho Chic Toolbox digital download for her followers that allows her to market an unlimited number of digital goods and broaden her audience.
Digital downloads can be a fantastic alternative for solopreneurs only beginning, in particular. Why? because, unlike online classes or digital downloads, these aren't requiring huge upfront investment to develop.
No matter if you're seeking to expand or start, the gist of digital downloads is this:
Offering digital products allows you to make use of your valuable resources, and even your time, while still expanding your business. Your inventory is not limited, which means your potential clients are also.
What are the best ways to help entrepreneurs who are sole proprietors?
If someone can do everything on their own doesn't mean that they must hack it all together to get it to work. If you're an aspiring or experienced solopreneur, these tools can aid you in taking your company to the highest level.
#1. Tools to communicate
Software for managing emails like MailChimp , ActiveCampaign , AWeber , and GetResponse assist in setting up and send automated emails to your target audience.
In reality, over half of all people who live in the US go through their emails several every day. there are instances, such as in Massachusetts, 68% have their email open every day.
For social media-related campaigns, tools like Hootsuite , TweetDeck , MeetEdgar , and Buffer are able to help you plan posts ahead of time, meaning you can create your social media content in bulk and save time.
By allowing you to automate your editorial calendar and correspondence with your audience, communication tools help to reduce time. This is an additional feature of the next category of tools.
#2. Tools for productivity
What's great about these tools is that you are able to access the storage, management the various tasks and files all in one central location online.
Based on the requirements of your budget, pricing for productivity tools is able to range from low-cost to high-priced. The capabilities of these instruments, consequently, tend to correlate to the cost.
For example, Asana's basic software is completely free, and it allows you to manage projects, sort them according to list, board as well as calendar views, and set due dates and projects.
The Basecamp all-inclusive package costs $99 per month and gives users more features that are robust, such as messages, real-time chat agendas, lists of tasks, scheduling files, document storage accessibility for clients hills charts, email forwards, reports, notifications, as well as automatic check-ins.
If you're just starting out do not worry about getting lost in the weeds and just choose the right productivity tools best suited to you as well as your company. You can always start out in the beginning and later upgrade your system as your business grows.
In the meantime, with communication and productivity tools covered there are two additional areas for you to explore.
#3. Integration tools
It is necessary to incorporate different third-party platforms (like your email management platform) and bring everything cohesively together on your site.
Software like Zapier will help you to connect over 1000 apps, so you can integrate specific pieces of your online company.
A successful solopreneur Bram Kanstein uses Zapier to simplify his client onboarding process, which frees up his time to concentrate on assisting his customers. In order to automatize his onboarding process, Bram uses these six "zaps," or Zapier integrations, to do the job:
If you're struggling to find it hard to incorporate an array of different tools, all-in-one platforms make your life much more simple, especially if you're looking to develop products (and you should be).
For example, small business proprietors Kenz as well as Fadwa Soliman are able to offer all of their digital items including beginner's guides to online-based courses that are completethrough their Simplify Corner website using the 'all-in-one' platform.
Speaking of money, that leads us to the last section of financial tools.
#4. Financial tools
Tools for invoicing such as FreshBooks , InvoiceNinja as well as HoneyBook enable the creation of invoice templates to charge your clients and pay your customers. They are tools for clients that will aid in your customer experience.
There are also internal finance tracking tools. Tools for accounting like Bench , QuickBooks as well as Hurdlr help you track the balances of your accounting and expenses.
The benefit of using one of these tracking software for financials is they make your expense management easier.
In fact, sometimes, they can even bring the worst period -- tax time simpler. As an example, Hurdlr claims to save individuals an average of $5,600 in tax deductions because they can manage everything in real-time as your business grows.
Regardless of the tools you decide to go with, the important outcome is to cut down on time and increase your productivity by automating your repetitive systems.
Is becoming a solopreneur right for you?
There are some qualities you should consider to help you be able to endure the challenges and downs of being an individual entrepreneur.
#1. You're an individual worker
If you like autonomy and the flexibility to make your own decisions, solopreneurship may be right for you. Being an independent business proprietor sometimes means you need to alter your direction on your own if you need to, so it's important to have the confidence.
#2. You've got endurance
If you're willing to face the ups and downs of running your own company and are able to manage risks, you're probably in the best psychological state to become a solopreneur.
In the end, launching your own business isn't an easy road with 95% not reaching their projections and over 80% of them failing to see their anticipated return on investment (ROI).
Therefore, it's essential to know how to handle the highs and lows associated with operating your own company. It's helpful if you're ready to the challenge of working out unconventional routes through the valleys and peaks, as well, a third characteristic.
#3. You're a problem solver with a sense of humor
If you're known as someone creative and thrive when you're asked to develop something that isn't on the beaten path and happens to succeed for you, then the road of solopreneurship is the right choice for you.
Keep in mind that being creative doesn't suggest that you can come up with brilliant ideas out of thin air using pie-in-the-sky dreaming. Instead, it means you're inventive and creative, drawing upon your previous experiences in order to develop unique, previously unimagined solutions to issues.
This isn't a prerequisite although it's an underlying theme among the creative founders. 27 percent from "unicorn entrepreneurs" knit together their concepts from their previous experiences.
Beyond that, there's more characteristic you should be proud to wear when you are a solopreneur.
#4. Time is your most valuable resource.
If you realize that time is among your most critical assets and you prioritize profit-producing activities, then solopreneurship is the right choice for you.
After all, you'll be a productive party of one. That means you'll be able to save time, automating tasks in addition to doubling the number of productive projects will be the primary goal.
You won't be alone in this regard. Making time for things that bring in revenue, such as marketing, is a challenge which 22% of small business owners say is at the top of their priority list.
However, if you're not ready to start your own solopreneur business yet, that's OK.
If so, is going solo a good idea for you?
It's not always simple to be a solopreneur, but it's always worth it
Running your own company is rewarding as long as you stay true to your vision and work hard.
Let's recap:
A solopreneur is an entrepreneur who is able to manage all aspects of a small business solo over the long-term and focuses on growing revenue over growing the size of a team.
The three main advantages of being an independent business owner include being able to keep the majority of the profits you earn, enjoying complete freedom to make the decisions you want to make and living a better lifestyle with both time and the financial liberty.
Solopreneurs operate a variety of businesses from freelancing to consulting services.
The most effective way to grow your small-scale business is productizing your business by offering digital products online.
Solopreneurs have the best tools available. These are productivity, communication as well as integration and financial tools.
If you're an individual with a solid work ethic, endurance creative, as well as the ability to manage time, solopreneurship is right for you.
There you are -- the solopreneur landscape available for your study.
Happy scaling, solopreneur.