Some people do not understand the difference between an entrepreneur and a solopreneur.
The entrepreneur sometimes works alone but most generally is surrounded by a tribe. Not necessarily employees, but other experts who may be partners, contractors, friends and followers.
The solopreneur works on a “lone ranger” methodology. In the majority of cases, we call solopreneurs freelancers. But that term freelancer seems unprofessional, so I do recommend that anyone who undertakes that path use the term solopreneur or business owner.
As with any business format, there are pros and cons in becoming a solopreneur. Many people are quick to point out all the great and wonderful benefits of being a solopreneur, but they usually neglect to tell people the cons.
I believe every person should research and understand any business they are considering. So I have decided to take you through the various pros and cons of becoming a solopreneur. By the time you are done reading today’s post, you should be able to make an informed decision if solopreneurship is the right choice for you.
Solopreneur Pro: Flexibility
In the majority of solopreneur business systems, the business owner has the flexibility to work from nearly anywhere and at anytime. Some people call this the laptop lifestyle.
The benefit of flexibility is probably the top reason many people choose to become a solopreneur.
Solopreneur Con: Limited Perspectives
As an entrepreneur, I have a tribe of great men and women who are not afraid to offer their perspective on projects. By having this benefit, I am able to see a “bigger picture,” and it opens my creative processes wider.
Solopreneurs have a limit on perspectives. Sure, the solopreneur may communicate and network with like-minded people, but the open-ended sharing of perspectives is not as prevalent.
Solopreneur Pro: Freedom Of Choice
When you work for an employer, you really have no choice of who is working with or near you. As a solopreneur, you have the ability to pick and choose clients and the types of jobs you will take.
Solopreneur Con: Chaotic Work/Life Balance
This seems to be a common denominator for solopreneurs. When to stop working and have some fun.
Many solopreneurs have clients who are living in other time zones and this can create havoc in a person’s structure at home.
There is no “simple” answer. It comes down to time management and being able to say no.
Solopreneur Pro: Only 1 Limit – You!
As a solopreneur you have no limits except your own mind and your fears. You do not have another person saying something has to be done their way or “by the book.” You have the right to throw “the book” away. You have the right to go against the grain.
Some of the most successful solopreneurs ever did things in ways no one ever would have imagined or tried.
Solopreneur Con: It Can Be Lonely
Extroverted people can really have a difficult time with this solopreneur con. It can be lonely and you have to find ways to battle this con. You may want to work in public places, attend seminars and other networking events and just get out and socialize.
Solopreneur Pro: More Income
Statistics show that solopreneurs make substantially more money than employees who are doing similar tasks. The average shows that the solopreneur makes 45% more than an employee counterpart.
Solopreneur Con: The Competition Can Be Heavy
The economy has led more and more people to enter the solopreneur world. This means that you will have more competition. Those competitors may have more education and experience.
You MUST differentiate yourself. The key is in marketing your skills and talents.
Should You Become A Solopreneur?
If you feel the calling, I say go for it!
Success is right at your fingertips if you have the passion and desire. But it is important that you know it isn’t as easy as some may lead you to believe. If you understand that before starting, when difficult moments arise, you will be prepared.
To help you gain success in your solopreneur goals, I have developed a kit. The Home Business Success Kit has 3 tools in 1 to help you attain the solopreneur success you deserve.
For a small investment, you will have tools to drive your solopreneur business to amazing heights. So click here and get your Home Business Success Kit today.
I hope this helped you. Please leave your feedback and any questions you may have below.
Until we meet again, may your business climb
To The Top!