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In recent years, the term "solopreneur" has gained momentum in the world of entrepreneurship. A solopreneur, a fusion of "solo" and "entrepreneur," is an individual who takes on the entrepreneurial journey as a lone wolf, managing every facet of their business independently. The term has gained traction with the rise of the gig economy, and the proliferation of digital tools has made it easier than ever to establish and manage a solo enterprise.

According to Forbes, the Small Business Administration reports that in 2022, there were 33.2 million small businesses in the United States, 27.1 million being run by a single owner without any employees, accounting for over 8 out of 10 small businesses!

 

 

The concept of solopreneurship is not entirely new. Throughout history there have been artisans, craftsmen, and tradespeople who operated their businesses autonomously; however, the digital age has ushered in a new era, enabling individuals to leverage technology and the internet to reach a global audience. This modern wave of solopreneurs spans various industries, from online businesses and consulting to creative endeavors and freelancing. 

Currently, the top business types owned by solopreneurs in the United States are:

• Professional, scientific, and technical services: Consultants, coaches, or provide professional services in fields such as marketing, legal, accounting, and IT.

• Health care and social assistance

• Health and wellness: Personal trainers, nutritionists, yoga instructors, and other wellness professionals

• Construction

• Retail and e-commerce: Online retail businesses, often involving dropshipping or selling niche products.

• Transportation and warehousing

• Arts, entertainment, and recreation: artists, photographers, designers, tourism experience

• Administrative support and waste management services

• Freelance writing and content creation: Content creators, including freelance writers, bloggers, and social media managers.

With so many options in career paths, becoming a solopreneur is more than obtainable. 

Next, we will discuss the pros and cons of taking on solo entrepreneurship.

Pros of Solopreneurship

• Set your hours.

Solopreneurs have control over their hours worked, making it easy to take time off work when they need the time without barriers.

Potential for high earnings

Solopreneurs reap the total rewards of their efforts, as there are no partners or shareholders to share profits with.

• Freedom to be your boss and pursue your passions or autonomy

Solopreneurs enjoy complete control over their business decisions, allowing for creative freedom and flexibility in pursuing their vision and allowing solopreneurs to make swift decisions, responding effectively to changing market conditions. 

Solopreneurs get to live their dreams as they see them, which often leads to ingenuity and new business types. 

Cons of Solopreneurship

• Long hours

Balancing all aspects of the business can lead to burnout, as solopreneurs often wear multiple hats and work long hours performing duties ordinarily shared by several employees in traditional employment environments.

• Isolation

Due to the long hours often spent pouring into their businesses, solopreneurs often have difficulty separating work from their personal lives, which can lead to isolation. 

Solopreneurs may face loneliness and a lack of collaboration, which can impact creativity and morale.

• Responsible for all aspects of the business

Solopreneurs take on responsibilities like financial and legal risks and the constraints of time and resources that can hinder a growing business.  

• No paid time off

Solopreneurs have the benefit of not having to ask anyone for time off work, but when a solopreneur decides to take time off, that time is essentially unpaid. 

If the solopreneur has passive income, they may be able to overcome this barrier.

• Limited benefits

Solopreneurs and their families do not receive benefits traditionally extended to employees by employers which may lead to additional personal costs.

• Skill Gaps

Solopreneurs may lack expertise in certain areas, such as marketing or finance, leading to challenges in these domains.

Striking the Balance

While the cons of solopreneurship can outweigh the pros, many solopreneurs would still choose the same path, making it crucial to prioritize mental and physical health on the solopreneurial journey.

Solopreneurs work long hours, and the weight of sole responsibility can take a toll on their physical and psychological health. 

A healthy body and mind are your most valuable assets as you embark on this exciting adventure, so here are a few tips to help protect those assets:

• Get enough sleep.

Solopreneurs often spend long hours devoted to their business but become less efficient when they lack sleep. 

Prioritizing sleep is not only healthy for the body but also healthy for business.

• Eat healthy foods.

Solopreneurs may be unable to eat healthy meals during their hectic days, but eating well improves overall health and increases longevity.

Try meal prepping, including snacks, to avoid neglecting your body because this could eventually take you away from your business.

• Exercise regularly

Exercising does not have to be difficult, even when you are a busy solopreneur! 

Consider scheduling small exercise breaks throughout the day to ensure you keep your body as healthy as your business.

• Take breaks throughout the day.

Solopreneurs may not have to but can apply the standards set by the Labor Department to regulate break periods for themselves.  

Break periods are helpful for all workers, including those who work for themselves.

• Set boundaries between work and personal life.

Solopreneurs need time with family, friends, pets, and themselves, away from work. The reason for becoming a solopreneur is often related to the special people in your life, so why not schedule time with your loved ones? Solopreneurs should take vacations, have family dinners, have spa days, or go hiking without work materials.

• Connect with other entrepreneurs or join a support group.

Solopreneurs have a unique experience but are not alone in that experience. Solopreneurs must find their tribe. Solopreneurs who reach out to trade organizations to see if they have support groups may find a place to blow off steam with other solopreneurs with shared experiences.

• Delegate tasks as much as possible

Asking for help is not a weakness; occasionally, asking friends and family for help is okay, but another option for delegating tasks is outsourcing companies like ACR Culture Consulting that can walk beside solopreneurs; whether you need to research an unfamiliar topic, need assistance creating engaging marketing tools and social media content, help with building a website, or practically almost anything else, ACR Culture Consulting can help with ala carte business solutions that will allow you to live your dreams while taking some of the load off.

**Seek professional help if you are struggling with your mental or physical health.**

While solopreneurs are superheroes, they are not without their proverbial kryptonite; none of us are. Solopreneurs should be self-aware of declining health that might require professional assistance and listen to others who may see declining health when they cannot. Solopreneurs must maintain health insurance as required by law, which will alleviate the financial burden of seeking professional care.

In conclusion, the life of a solopreneur offers independence, opportunities for growth, creativity, and potential for financial reward; however, it also presents challenges that Solopreneurs can overcome with the right mindset and a willingness to seek support when needed. Solopreneurs should embrace their entrepreneurial spirits, take measured risks, and remember that they are not alone in their exciting voyage.

Sources

Forbes: "What Is a Solopreneur?" - https://www.forbes.com/sites/samanthaharrington/2021/02/24/what-is-a-solopreneur/?sh=67860cd76f6f

The Balance Small Business: "Pros and Cons of Being a Solopreneur" - https://www.thebalancesmb.com/what-is-a-solopreneur-4771714

Entrepreneur: "The Pros and Cons of Being a Solopreneur" - https://www.entrepreneur.com/article/369542

U.S. Small Business Administration: Small Business Profile

Guidant Financial: 2023 Solopreneur Statistics