So You Want to be a Solopreneur: 21 Things to Consider

Starting a business solo can be an extremely intimidating and complex task, yet you may be passionate about your goals and vision. It is believed that the first few years of a new business’s journey can determine its success or failure. Being a solopreneur, you would be responsible for every aspect of building your business from the bottom up, with no one to share the burden of making decisions or taking on risks. As someone who started as a solopreneur, then formed partnerships and worked with investors, I have a unique perspective on the benefits and drawbacks of working solo. Here are some of my thoughts.

"A solopreneur is not just a one-person business; it's a courageous soul embracing the challenge of turning dreams into reality, while fearlessly treading the path less traveled." - Unknown

21 Things to Consider When Starting as a Solopreneur

Full control over all decisions

Starting alone gives you total power over what decisions are made and how they are made. You don’t need to communicate with anyone else, so there is no delay in the decision-making process.

Personal freedom

As a solopreneur, there is no chain of command to dictate how you run your business. You get to execute your vision, set the pace, and create the business culture that works for you.

Responsibility for everything

When you are the only one running your business, you are responsible for every aspect of it. This includes marketing, accounting, sales, customer service, and more.

No one to share responsibilities

You, and you alone, are responsible for your business's success. No one shares the accountability or the burden of dealing with demands, customer complaints, or making crucial decisions.

Higher stress

As the only decision-maker and responsibility-holder, the weight of the world can feel like it’s on your shoulders. The risk can be too much to bear for some people, and that can lead to stress.

Harder to take time off

When you work solo and are responsible for your business, it’s harder to take time off. Without someone else to fill your shoes, you’ll have to bear the responsibility of every job.

Flexibility and the ability to adapt

Being the only one in your business can give you more flexibility and the ability to adapt to any changes or potential disruptions. You can change directions with your business quickly and without answering to anyone else.

Loneliness and loss of support

Working solo can feel isolating at times. You have no colleagues, partners, co-workers, or employees to interact with, share ideas, or support you.

Quick decision-making

Without having to confer with others, you can make decisions and adjust business strategies quickly.

Learning all aspects of business

When you’re the only employee in your business, you'll gain exposure and knowledge of every facet of it. From accounting to website design and customer service to marketing, you'll have a solid understanding of how your business functions.

Financial management

When you’re the only one making financial decisions, you’ll develop a keen sense of financial management and forecasting.

Less capital

Since you won't have any partners or investors, you'll have less capital to work with, which can limit your options for growth.

Personal branding

As a solopreneur, your business model revolves around your personality, voice, and mission. Thus, you’ll have a unique personal branding essence that’ll distinguish you from other businesses.

No expertise

As you manage every aspect of your business, you may identify areas where you have zero expertise. It could be developing iOS, programming, or even accounting.

Ability to change quickly

Being a solopreneur comes with more freedom and fewer bureaucratic requirements, meaning you can change your business model, strategies, and objectives quicker.

Difficulty in scaling

As the sole employee of your business, scaling operations can be challenging as it grows beyond your capabilities alone.

Privacy

As a solopreneur, you have little to no information to keep confidential compared to a startup with many employees.

Harder to raise capital

Being a sole proprietorship means that financial institutions perceive greater risks. Therefore, capital raising can be more complex.

Fewer obligations

As a solopreneur, you have no third-party obligations to any other partner, no long-term contracts, and no other obligations typically associated with a partnership or corporation.

Lack of feedback or diverse ideas

Without partners, employees, or a board, you may lose important discussions that would bring a variety of perspectives and ideas, causing misses for your business. Make sure you build your network of mentors!

Endless opportunities

Since you are the only one responsible for your business, it will continuously reflect your intentions and beliefs—giving you a unique opportunity to create something that aligns with your deep passions.

Starting as a solopreneur is a daunting yet rewarding journey. It is important to remember that the process is not easy, and sacrifices like lack of support, isolation, and taking on all responsibilities have to be endured. Nonetheless, the tremendous benefits, such as control over decision-making, personal freedom, flexible adaptation, and higher accountability, are worthwhile. My advice would be to examine your business’s objective thoroughly and decide which model fits your unique situation, personality, and purpose. In the end, both methods have their pros and cons, so assess what you are willing to give to have your business become the right support for you.

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