The term “entrepreneur” comes to mind when thinking of those who create and run businesses. Entrepreneurship is what we eat, sleep, and breathe. So what is a solopreneur? Who is a solopreneur?
While it’s clear where the term derives from (a combination of “solo” and “entrepreneur”), it’s not always clear who counts as a freelancer vs. an entrepreneur.
Do you want to know if you’re a true solopreneur? Or maybe you’ve always wanted to be one but aren’t sure where to begin? Well, worry not; we’ve got your back. Allow us to bring you knowledge related to solopreneurs.
What is a Solopreneur?
A solopreneur, according to Oxford Languages, is “a person who starts and runs their own business.” According to Urban Dictionary, Solopreneur means: “An entrepreneur that works alone, “solo,” and runs their company on their own. They may engage contractors, but they are fully responsible for the operation of their company.”
The term “solopreneur” is relatively new. While the general concept is straightforward, there are many alternative interpretations of solopreneurship and how it differs from other business owners.
Solopreneur vs Entrepreneur
When it comes to the debate over whether to be a solopreneur or an entrepreneur, there’s one thing that everyone can agree on: “All solopreneurs are entrepreneurs, but not all entrepreneurs are solopreneurs.”
Let’s look at a few essential differences.
- Entrepreneurs operate with an in-house team, while solopreneurs do not.
- Solopreneurs face fewer logistical challenges as compared to entrepreneurs.
- Entrepreneurs will likely take a long time to reach profitability, but solopreneurs and freelancers must achieve profitability or risk going out of business.
- Unlike freelancing and solopreneurship, many entrepreneurs seek capital throughout the early.
The stages of their business mean they don’t have to be profitable immediately.
Before launching a firm, prospective entrepreneurs should always conduct extensive research. They must determine whether or not they are prepared for large-scale corporate expansion and the challenges that may arise.
Entrepreneurs have it more challenging than solopreneurs. Which would you choose to be? If it’s Solopreneur, keep reading as we will discuss some business ideas for Solopreneurs.
Solopreneur Business Ideas
Many ambitious solopreneurs are trapped in a rut because they don’t have enough money to invest upfront or lack expertise or skill in the field they wish to pursue. An ideal “shortcut” to solo business is to open an online store.
E-Commerce is a beautiful place to start if you’re unsure whether you want to work alone or in a team. You don’t have to decide now; open a store and see where it takes you.
2. Freelancing
As I previously stated, there is controversy about whether freelancers qualify as solopreneurs and when a freelancer becomes a solopreneur. I fall into the first category, and established freelancers are very valid. It’s even better to start a freelance business and then scale it up with automation or contractors. The freelancing market is booming, which is excellent news for aspiring solopreneurs.
Here are some of the most in-demand freelancing services right now: Marketing, Writing, Graphic design, Programming, Web design, IT, Video Editing, Writing, and Social media management. If you have any of these abilities or have always been interested in them but have yet to pursue them, now is the time!
3. Selling Digital Content
We’ve all heard “passive income” before (also called residual income). You can make money while sleeping with this type of business concept. It’s the epitome of the entrepreneur’s ideal.
You can sell other digital downloads such as ebooks, software, and apps in addition to an online course. You can also build a membership site with particular benefits, such as premium content or specialist communities.
Tips for growing your business as a solopreneur
- Whether it’s a podcast, a YouTube channel, a blog, or an email newsletter, content marketing is ideal for showcasing your distinct style and experience.
- By leveraging lead magnets to expand your email newsletter list or acquire relevant contact information, you may use those efforts to grow your audience of potential clients.
- While social media is a transparent way for solopreneurs to expand their audience, they could go further by pitching themselves for guest articles, speaking engagements, or interviews to reach larger audiences.
- While social media is a transparent way for solopreneurs to expand their audience, they could go further by pitching themselves for guest articles, speaking engagements, or interviews to reach larger audiences.
So, what did you learn from this article? I hope you figured out whether you want to be a solopreneur. And the ways to be successful.