Solopreneurship is defined as an entrepreneur who runs a one man or one woman ship without employees. The ability to manage your own time offers great flexibility but also requires a lot of discipline. Your schedule doesn’t have to revolve around a set work schedule; you’re essentially beholding to your clients.
You’re only limited by the level of demand you place on yourself. As a solopreneur you control the number of clients, decide what kind of work you want to do, and how much of a workload you’re willing to take on. You’ll become a creative expert in time management and dedication.
You call the shots. You are the one person responsible for all the success or failure of the business. Then again, being in your own business and with no others depending on you, you can pivot when you see fit. You are actually as agile as can be.
As a solopreneur, you’ll face the challenges alone and will require quick thinking, smart decision making, and creativity to quickly solve issues. Without stakeholders, partners, employees or co-workers who understand the unique challenges you have to overcome every day, life as a solopreneur can get very lonely.
Building a solo business will require determination, skill and patience. Competition can be tough. Differentiating yourself isn’t easy. Customers need to see you as offering something different from the next person doing the same thing you do.
Times can get tough financially. Even if you’re the hardest, smartest worker, there are no guarantees you’re going to get paid for every project. The same goes when things get slow in your chosen discipline. If buyers stop buying your service, your life as a solopreneur can get pretty scary.
Working as a solopreneur will never be easy, especially at start up. However, facing the challenges that come up gives you the confidence and skill necessary to succeed in circumstances where others may give up.
Jolynn Green is the Executive Director of Community Futures Central Island who specializes in small business loans. Jolynn can be reached at firstname.lastname@example.org or 250-591-7499