When you have a great business idea and are determined to see it through from conception to execution, or if you find it difficult to manage a team of employees, you might find it satisfying to be a solopreneur. The following type of business may appeal to you if you answer yes to these questions and dream of being your own boss.
What is a solopreneur?
Solopreneurs are individuals who start and run their businesses independently without the help and support of an associate or part-time employee to tend their businesses. In other words, a solopreneur is an individual who manages all facets of their small business all by himself or herself.
A growing number of independent workers report feeling happier working alone than they did for traditional companies, which means career opportunities for solopreneurs are on the rise. To be specific, 82% of independent workers report feeling happier working alone than they did for traditional companies.
It is easy to find a career as a solopreneur, as it offers high satisfaction and increased opportunities for independent workers. Let's break down each career in the following section to explain what makes a solopreneur different from your average entrepreneur.
Solopreneur vs. Entrepreneur
There are key differences between solopreneurs and traditional entrepreneurs since all solopreneurs are entrepreneurs, but not all entrepreneurs are solopreneurs. In both roles, the main difference is that they do not manage all aspects of the business independently. Entrepreneurs are defined as individuals who start their own businesses and run them.
1. Solopreneurs are both founders and employees.
When a solopreneur runs their business, they are responsible for managing all aspects of it, and they do not heavily delegate tasks. They are not only responsible for founding and creating their business but also for ensuring that the products or services they offer are produced and delivered. Solopreneurs occasionally hire contractors or freelancers to run their businesses, but this is not a daily aspect of their business operations.
2. Entrepreneurs hire and manage teams.
The majority of entrepreneurs start off running their businesses on their own and eventually hire others. Entrepreneurs outsource the fulfillment of their products and services to their employees so they can focus on managing the business instead of running the business and fulfilling the tasks needed to deliver their products and services. Entrepreneurs often step into a managerial role once they have built a team and oversee their workers' work.
3. Solopreneurs have a single business focus.
A solopreneur is often not interested in serial entrepreneurship. A solopreneur usually offers a niche offering and is focused on building a steady clientele to make their business profitable but does not want to expand their business. One person who intends to run the business solo can manage it this way.
Providing social media management services to small businesses requires the Solopreneur to provide a set of packages they can deliver. A marketing agency can, however, offer services such as social media management, brand consulting, and content creation if it has a large team. The more their team grows, the more options they can provide.
4. Scaling is not a concern for solopreneurs.
It is often the goal of entrepreneurs to build their businesses so that they can later sell them for a profit. Entrepreneurs who manage companies are more likely to engage in this effort than those who run their businesses solo, but this is not the case for all entrepreneurs. Independent workers are not looking to build an empire or sell to another entity but rather to build a profitable business they can continue to run, work in, and live off of.
5. Differences in financial management.
A company owner takes on a greater degree of financial responsibility as the company grows. When structuring their businesses, entrepreneurs not only have to ensure payroll, benefits, and taxes are considered but also have to ensure that their business is profitable enough to operate and pay its employees. Most solopreneurs operate their businesses as single-member LLCs or sole proprietorships, which make business management easier and give you the most control.
6. Solopreneurs often have minimal workplace requirements.
As a result of their remote work capabilities, solopreneurs typically have minimal workspace requirements, often only requiring a computer and an internet connection to perform their services. It is estimated that 15 million small businesses operate from home, but entrepreneurs may have more demanding workplace requirements. Creating, storing, and accommodating their employees' work accommodations is often necessary if a business owner intends to be successful. Let's look at some solopreneurs in unique fields.
Solopreneur Examples
Solopreneurs have many ways to start a self-led business. You only need the drive. Here are some examples of successful solopreneurs:
Youtubers
There are more than 100 million Swedish comedians and gamers PewDiePie's YouTube channel subscribers. YouTubers are a new breed of solopreneurs. They draw a large audience with their talent or informative videos. YouTubers are primarily made up of comedy shows and gaming videos. The most popular YouTube channels include motivational videos, health tips, cooking, and satire.
Creative Designing
Suppose you have a knack for producing attractive graphical designs with a hang of illustration-based software such as Photoshop and Illustrator. In that case, graphic design is a business proposition that is highly in demand. Using visual concepts and production designs, graphic designers enhance any content. Aside from helping designers create magazines and brochures, they also enable more engaging presentations and reports.
A designer working in the creative industry has the opportunity to do a variety of design jobs, such as designing logos, icons, book covers, infographics, brochures, or computer CADs. You have a never-ending workload when you work as a computer graphic designer solopreneur. However, building a network of people in the field who know your abilities and can help you get more work is important.
Blogging
Today, blogging is considered a valuable business proposition when it was initially considered an amateurish pastime. You can earn revenue for your writing skills by offering services as a freelance blogger to other businesses or by incorporating other elements such as affiliate marketing, influencer blogging, or blogging with advertisements.
Content marketing
As part of digital marketing campaigns, content marketing is increasingly important. An organization's goal is to generate traffic, increase brand recall value, and attract customers by sending out informative or promotional content to a large list of subscribers. Solopreneurs can do lucrative business by crafting interesting email campaigns that can hold readers' attention and offer them something valuable.
Stock investing
Even if you continue your day job, this is a way smart people can earn big bucks. Before making an investment decision, it's essential to have a comprehensive understanding of the products, markets, business models, and potential of companies. You don't need a huge capital to start investing. Just a few thousand rupees is enough to start. Many solopreneurs make stock investing their main business after acing the art.
Voice over artists
In today's world of commercials, animations, short films, and corporate videos, voiceover artists are in high demand because they need both impressive and expressive voices. The voiceover artist performs off-camera by using his or her voice. It is surprising that voice overs can now be delivered digitally. Voiceover artists are actors, announcers, comic performers, etc. You can do this as a 10-second tag at the end of a commercial, in an awareness film, or by giving voice to characters in animated series. Today, voiceover artists actively seek careers with engaging voices and the ability to deliver like artists.
Freelance photography
Those who love photography and can communicate through their pictures can become freelance photographers. They typically work under contracts that are tailored to the needs of clients. A freelance photographer can work for a news agency, a magazine, an advertising agency, or an art gallery, but you must be familiar with the camera and camera equipment before you go into the field.
Social media management
Every organization, celebrity, political leader, or business leader actively engages social media audiences today because social media exerts enormous influence. Social media management aims at extending your brand's sphere of influence through the effective use of social media. The demand for social media managers is growing in a world where social media discourse can make or break reputations. You can brush up on your social media skills online by taking a series of courses.
Frequently Asked Questions
What does a Solopreneur do?
Solopreneurs are individuals who organize, manage, and take on the risk of their own businesses or enterprises alone, according to Merriam-Webster. They are also called solo entrepreneurs. A solopreneur works independently and does not hire employees or other team members.
What is the difference between Solopreneur and an entrepreneur?
Solopreneurs are people who start a business on their own without the help of others and run it themselves without the help of others. Entrepreneurs take on more risks to create new businesses in the market.
Are freelancers Solopreneurs?
A solopreneur is a relatively new term that stems from the term 'solo entrepreneur,' i.e., a person who runs a business by themselves. A solopreneur is essentially a one-person version of a full-fledged entrepreneur; it differs fundamentally from the concept of 'freelancers,' which everyone is familiar with nowadays.
Start Your Career on Your Terms
The experience of working for yourself can be rewarding, whether you're a solopreneur who handles all of your business's tasks or an entrepreneur who manages a team and grows a company to scale. You will decide what course of action to take depending on the nature of your business and your personal preferences.