Who is a Solopreneur?
A solopreneur is an entrepreneur who starts, owns, and runs a business alone. Unlike business owners who manage teams, solopreneurs handle all aspects of the company alone. The solopreneur manages all aspects of the business, starting from marketing and sales to business operations, finance, and customer service. In short, a solopreneur is a One-Man Army/One-Woman Army.
Benefits of Solopreneurship
Primarily there are 2 reasons why an individual chooses to be a solopreneur. One is flexibility and the other one is Independence. Individuals who are in a job with a regular working hour look for flexibility in their day-to-day lives, hence turn towards solopreneurs. As a solopreneur is an entrepreneur it gives the person the Independence to manage the day schedule as per their plan and that’s another reason why an individual chooses to become a solopreneur.
Types of Solopreneur Businesses
There are many options available to start a solopreneur journey. It is always advisable to pick a field where you have experience as the journey becomes easier as you come with experience. If you want to start as a solopreneur in a field to which you are new and passionate, our recommendation is to learn the basics of the field, and nuances of the field and then dive into it as there is no substitute for passion.
Here are 8 fields of solopreneurship –
- Freelancing – Writers, designers, developers, marketers.
- Consulting – Business consultants
- E-commerce & Drop shipping – Selling physical or digital products.
- Affiliate Marketing & Blogging – Earning through ads and sponsorships.
- Course Creation & Digital Products – Selling online courses, e-books, and templates.
- Coaching – Life Coaching, business coaching
- Training – Fitness trainer, wellness trainer
- Reseller – Sell products of others via your own channel
3 Challenges Faced by Solopreneur
Too many things to handle
As you have to do everything, it is overwhelming. You won’t be able to focus on all the tasks and finally be burned out. It is always advised that you outsource your work and focus on your core skills. If you have a dance studio, focus on how you make the students a better dancer and the rest of the work outsource it.
Isolation
Solopreneur is an isolated journey as you are alone doing all the work. It is advisable to be part of a community where you meet other solopreneurs, and learn from each other and the community.
Risks
There is no guarantee of success in a solopreneur journey, setbacks and failures are part of the game, hence a solopreneur should be always ready to handle such risks.