If you answered yes to any of these questions, being an entrepreneur may be the right path for you! Would you like to work independently? Have a fantastic business concept that you want to see come to fruition? Does the thought of managing a team of employees make you uncomfortable? If you said yes to any of these questions, being an entrepreneur might be the correct path for you!
Do you enjoy working independently? Do you have an entrepreneurial spirit? Would you like to be your own boss? If you answered yes to these questions, you may enjoy working as a solopreneur.
What Is a Solopreneur?
An individual who starts and runs their business independently, without the support of a co-founder or W-2 employees is a solopreneur. A solopreneur is an entrepreneur who performs all duties related to their business alone.
The number of career opportunities for people who work independently is increasing every year, projected to grow by 3.6%. In fact, 82% of independent workers say they are happier working by themselves than they were when they worked for traditional companies.
Embarking on a career as a solopreneur can offer sought-after flexibility for those who want to create and operate a business around their lifestyle.
You may be wondering what the difference is between an entrepreneur and a solopreneur. We will go over each one in more detail in the next section.
Solopreneur vs. Entrepreneur
Here are five key ways: While all solopreneurs are entrepreneurs, not all entrepreneurs are solopreneurs. Here are five key ways they differ:
An entrepreneur is an individual who creates and runs their own business, but they are not necessarily responsible for every aspect of the business like a solopreneur is. Solopreneurs typically have more control over their business because they manage everything independently. Entrepreneurs may have a team to help them with various aspects of the business, but they are ultimately responsible for the success or failure of the company.
Solopreneurs Are Both Founders and Employees
A solopreneur is someone who doesn’t delegate much and manages their business themselves. They are responsible for their product or service and must work to keep their business going.
In a solopreneur-run business, hiring a contractor or freelancer to perform necessary tasks is not typically part of the daily operation.
Entrepreneurs Often Hire and Manage a Team
Many entrepreneurs start off running their businesses solo. They eventually hire others to carry out their day-to-day tasks. They focus on managing the business itself.
As an entrepreneur, once you have built a team, you will likely step into a managerial role where you oversee the work of your employees.
Solopreneurs Have a Single Business Focus
People who work for themselves, without intending to grow their business or take on more employees, are called solopreneurs. They are often motivated by the desire to fill a specific niche in the market, rather than by the desire to make money from multiple businesses. This allows them to keep their business small and manageable.
A solopreneur who offers social media management services is likely to be focused on giving their clients a set of services they know they can do.
An entrepreneur who operates a marketing agency and employs a team of ten people may offer a broader range of services than someone who works alone, such as social media management, brand consulting, and content creation. As the team grows, new services may be added.
Solopreneurs Are Not Building a Business to Scale
For many entrepreneurs, their goal is to grow and scale their company so they can sell it for a profit in the future. This is more common among entrepreneurs who manage companies than those who run their businesses by themselves.
Many independent workers are looking to create a profitable business that they can continue to work in and live off of, and are not looking to grow an empire or sell to another entity.
Differences in Financial Management
The more successful a company is, the more financial responsibility the owner has. They not only have to worry about making their business profitable, but also have to take care of their employees by ensuring they have enough money to live on and that their taxes are paid.
Many people who work for themselves choose to set up their businesses as single-member LLCs or sole proprietorships. These types of businesses are easier to manage and the owner has complete control over all decisions.
Solopreneurs Often Have Minimal Workplace Requirements
Many solopreneurs offer services that can be done remotely, so they do not need much workspace. In fact, often all they need is a computer and an internet connection. 15 million small businesses are run from home.
Entrepreneurs’ workplace requirements may vary more depending on the type of business they have. Business owners who make physical products usually need a place to make and store their products, as well as places for their employees to work.
Now that we know what sets these two professions apart, let’s look at some successful solo entrepreneurs in unique fields.
Solopreneur Business Ideas
Airbnb Host
If you’re interested in making some extra money, you should consider listing part of your home or a separate space on Airbnb. You’ll need to keep up with routine maintenance, cleaning, and making sure your guests are happy, but it can be a great way to earn some extra cash.
Personal Trainer
If you’re passionate about fitness and enjoy activities such as CrossFit or boxing, you can use social media to show off your expertise and attract clients. As a personal trainer, you can provide one-on-one guidance that can help people achieve their fitness goals.
Graphic Designer
If you consider yourself artistic and have experience with digital artwork, working as a freelance graphic designer could be a fun and rewarding experience. Showcase your portfolio to businesses and entrepreneurs who may be interested in your services, and help them improve their social media channels with your innovative logos, banners, and other artwork.
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