The decision to go into business for most is never an easy one, yet alone to go into business on your own. Of late you may hear the term “Solopreneur” being used more and more but do you really understand it beyond a Solo-Entrepreneur?
Solopreneurs, at their core, work on a very simple principle – grind and hustle alone. They own, manage and run a business independently without the support of co-founders, partners, and employees, taking on greater than normal financial risks in order to do so.
Much like most entrepreneurs when they get started in business, the solopreneur assumes the chief role for all major business functions; sales and marketing, operations, finance, product development and more.
So what is it that makes the solopreneur different? Putting it simply, when an entrepreneur starts out with the intention of building a company that can operate with or without them, with partners and employees, solopreneurs’ intention is to work alone,building a business they can run entirely on their own.
Solopreneurs build businesses based on their passions or skill sets that can bring in income even when they’re not working. Solopreneur businesses don’t hire other team members but they may occasionally hire freelancers to help them with specific tasks.
Solopreneurs prioritize business growth by building systems, automating tasks, and finding new revenue streams to continue to grow their income level.
Solopreneurs encounter many of the same challenges that other business owners face—and some unique ones, as well. Tasked with single-handedly managing all aspects of their businesses it is very easy for them to become overworked and overwhelmed. They may also find it difficult to grow their businesses as they deal with competing priorities and not enough hours in the day.
Fortunately, with dedication to working smarter not harder, solopreneurs can gain the capacity to devote more time and energy to revenue-growth.
If you’re starting or running a one-person company, consider the following suggestions:
If you would like to discuss ways in which you can build, maintain and- grow your solo business, send us an email at email@example.com or give us a call at (876)648-1305.