How to Be a Solopreneur (+ 3 Bankable Business Ideas)

You’ve decided you want to learn how to be a solopreneur.

This must mean you’re tired of making that agonizing drive to your nine-to-five.

You’re tired of daydreaming in an office cubicle only to wake up to the harsh reality.

And you’re tired of putting dollars in someone else’s pockets and putting pennies in your own.

You’re ready to start your own business, chase your own dreams, and sign your own checks.

Well, good–because we’re here to help you do just that.

In this blog post, you’ll learn how to be a successful solopreneur so you can finally kiss that cursed cubicle goodbye.

But first, let’s address an obvious but important question.

What is a Solopreneur?

A solopreneur, or solo entrepreneur, is a person who owns and operates a business without employees.

Solopreneurs retain all the profits from their businesses. However, they also incur the various costs and assume the specific risks of ownership.

Freelance writers, web developers, and online store owners can all be solopreneurs. They independently handle all areas of operation, including production, finances, and administration.

What’s the Difference Between Solopreneurs and Entrepreneurs?

A solopreneur wears many hats: accountant, marketing manager, sales director, and more.

An entrepreneur usually wears one hat — CEO — and delegates other work to employees.

While solopreneurs run their businesses alone and focus on delivering a specific product or service to a specific client, entrepreneurs want to expand their offerings and build an empire.

They do so with the help of hired workers who handle other parts of the business.

What Are the Benefits of Being a Solopreneur?

Before you talk yourself out of pursuing solopreneurship, consider three gratifying benefits.

Freedom

As a solopreneur, you can decide when you want to work, where you want to work, and what kind of work you want to do.

Unlike a traditional employee, you don’t have a boss to answer to.

Instead, you’re your own boss and have control over every aspect of your work life.

You have the freedom to decide not only what your professional life will look like but also to adjust that vision as you and your business goals change.

Flexibility

Solopreneurship grants freedom, and freedom affords flexibility.

You can take Fridays off and spend that time jogging around the neighborhood.

Or, if you have children, you can schedule your work around school hours to ensure you’re not disrupted.

Whereas with a nine-to-five, you operate strictly within that time window, as a solopreneur, you can choose to work late and end early — as long as you satisfy client expectations.

Fulfillment

Working for yourself provides a sense of fulfillment.

That fulfillment could come from creating a business that aligns with your values.

For example, if you’re a writer passionate about wellness, you could start a freelance writing business that focuses on mental health content.

When you make a living doing what you love and consider important, you derive joy and satisfaction from your work.

This sense of fulfillment will help you persevere through the hardships of solopreneurship.

4 Signs You Were Meant to Be a Solopreneur

According to statistics from the Small Business Administration’s Office of Advocacy, 81 percent of small businesses are operated by a sole owner and have no employees.

Despite that reassuring data, an incessant question nags at: How do I know if I’m supposed to be a solopreneur?

These four solopreneur signs will give you the answer you’re looking for.

You Hustled as a Kid

Were you the kid that mowed your neighbor’s lawn for a couple of dollars?

Or, maybe you discreetly sold chocolate bars by the school lockers.

Either way, you’ve had an entrepreneurial spirit since before you knew what an entrepreneur was.

Obviously, running a business takes more energy, effort, and expertise than operating a clandestine candy store.

But you’ve got to start somewhere. So, channel your inner child and see what happens!

You Reject the 9 to 5 Grind

Does the thought of working eight hours a day for someone else make you wince?

Well, it sounds like solopreneurship is the best option for you.

It might even be the only option, especially if you suffer from Monday blues or your face falls every time you realize that the great idea you have will no longer be yours — but the company’s.

You Love to Learn

Your business will serve a particular industry, and that industry will continuously evolve.

That’s why having a passion for learning will serve you well as a solopreneur.

Being a self-improvement savant will help you adapt to industry changes.

You’ll also develop better critical thinking skills and devise more creative solutions to problems.

You’re Willing to Work Hard

Data from the Bureau of Labor Statistics reveals that 45 percent of new businesses fail within the first five years of opening.

To ensure your business survives, you have to invest the necessary time and effort.

Though you’ll no longer be working a nine-to-five, in the first couple of months — or even years — of starting a business, you may have to work around the clock to get it off the ground.

7 Steps to Becoming a Successful Solopreneur

You have the signs of a solopreneur, but how do you become one?

These seven steps will walk you through the process of starting your own solo venture.

1. Research the Market

Before you build the business of your dreams, you first need to learn more about the market.

Who are the customers?

What needs do they have?

Who are the companies trying to meet those needs?

Are they meeting those needs?

Answer those questions, and you’ll know what the market is missing.

Then, you’ll be able to focus on filling that void with a billion-dollar business idea.

That brings us to our next point.

2. Brainstorm a Business Idea

Your business idea should answer four questions.

1. Who do you want to serve?
2. What needs do they have?
3. Why do they have those needs?
4. How can you satisfy those needs?

It’s important to frame your idea in terms of customer needs instead of your own desires.

After all, customers don’t care about what keeps you up at night.

They care about their own fears and frustrations — and how you can banish them for good.

Refine your idea with that in mind and you’ll have a booming business in no time.

3. Create a Business Plan

A common reason new entrepreneurs fail is because they lack a formal business plan.

According to Robert J. Hughes and William M. Pride’s Foundations of Business, a business plan can have up to 12 sections.

Since a solo venture is less involved than other businesses, we’ve listed the five major ones.

• Executive Summary: Summarizes your business plan in one-to-two pages
• Company and Industry: Details the legal form your business will take, business offerings, potential customers, and current competitors
• Marketing Plan: Discusses the relevant market, market trends, and how you’ll price and promote your offerings
• Financial Plan: Describes investments, sales, and sources of funding
• Critical Risks and Assumptions: Evaluates the weaknesses of your business and how you’ll address them

4. Market Yourself

Your business can’t bring in a boatload of cash if no one knows it exists.

So, create a website for your new venture and promote your services on social media.

And instead of lurking on Zoom workshops, turn your camera on and speak up!

Better yet, attend in-person events. Be prepared to explain who you are and what you do.

A robust business plan isn’t enough. You have to sell yourself — or risk being in the red.

5. Automate as Much as Possible

Although important, tasks like posting on LinkedIn, tracking invoices, and sending welcome emails to new customers can consume a large portion of your time.

Time that could’ve been spent generating sales revenue.

Enter: templates, social media management software, and other automation options.

Use tools like QuickBooks for invoicing, ChatGPT for preliminary content creation, Buffer for social media posts, and email templates for first-time buyers.

This way, you’re reducing non-billable hours and investing in activities that make money.

6. Never Stop Learning

Remember when we said a love for learning is a sign of burgeoning solopreneurship?

Well, it bears repeating.

Improving your skills, monitoring market trends, and embracing — instead of resisting — new technology are all critical to the success of your business.

You should also consider taking advantage of the Small Business Administration (SBA).

The federal agency offers a variety of free and low-cost resources, including conferences, counseling, and online learning platforms.

Use these resources to grow your business and business knowledge.

7. Determine What “Enough” Looks Like

As you get better at managing your business and maximizing profits, you’ll feel tempted to outdo yourself.

You’ll set bigger income goals and expand your offerings.

You may even decide to turn your sole proprietorship into a corporation.

But after a certain point, you have to decide what’s enough for you.

Is it a specific dollar amount you hope to make from your business?

Is a dream client joining your roster?

Get clear on what will satisfy you so you avoid constantly readjusting your goals.

3 Solopreneur Ideas to Inspire Your Next Venture

Now that you know what it takes to be a solopreneur, it’s time to explore a few business ideas.

Here are three ways you can finesse your entrepreneurial spirit into a successful solo venture.

1. Put Your Words to Work as a Freelance Writer

According to recent statistics by Zippia, 82 percent of U.S. freelancers are writers.

If you’re hoping to build a freelance writing business, you have a plethora of options to choose from: content writing, copywriting, ghostwriting, and more.

When deciding on a freelance writing niche, think about your skills, what niches are in high demand, and how you can distinguish your services.

2. Make Content for the Masses as a Content Creator

Do you fantasize about greeting millions of subscribers to your YouTube channel with a simple “Hi guys” followed by an eye-popping intro?

Or, do you have an incredible idea for a podcast and want to bring it to life from your bedroom?

Then, being a content creator might be your calling.

If you have the passion and discipline to consistently create engaging content, you can potentially amass a sizable following and monetize your audience through advertising.

3. Set Up Shop as an E-Commerce Seller

Aspiring solopreneurs can build a lucrative business by selling items online.

Maybe you enjoy shopping at thrift stores and want to resell your hidden gems.

Or perhaps, you’re a gifted artist and hope to profit from your lovely paintings.

Either way, you can start a store on Etsy, Depop, or eBay and make money from delivering valuable goods to hungry customers.

Start Your Solopreneur Journey Now and Reap the Rewards

Imagine looking forward to a new work week.

Instead of seeing the next few days as 40 hours of mind-numbing, eye-glazing labor, you see each one as a thrilling opportunity.

An opportunity to flood your bank account.

An opportunity to do work that matters to you.

And an opportunity to actualize every detail of the dream that keeps you up at night.

Once you become a successful solopreneur, you won’t just look forward to Fridays.

You’ll look forward to every day because you’ll be running a business that frees you from your cubicle chains and allows you to live a more fulfilling life.

So, take the information we’ve given you and take action.

Your booming business, life of freedom, and fulfilled future self are waiting.