The term “entrepreneur” comes to mind whenever we think 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 the 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 types of 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.”
To assist you to figure it out, let’s look at a few important differences.
- Entrepreneurs operate with an in-house team, while solopreneurs do not.
- Solopreneurs face fewer logistical challenges as compared to entrepreneurs.
- Entrepreneurs are likely to 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
stages of their business, which means they don’t have to be profitable right away.
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 tougher than solopreneurs. Which would you choose to be? If it’s solopreneur, then keep reading as we’re now going to discuss some business ideas for solopreneurs.
Solopreneur Business Ideas
1. E-commerce
Many ambitious solopreneurs find themselves trapped in a rut because they don’t have enough money to invest upfront, or they 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 wonderful place to start if you’re not sure whether you want to work alone or in a team. You don’t have to make a decision right now; simply 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 I believe that established freelancers are very valid. It’s even better if you start a freelance business and then decide to scale it up with automation or contractors. The freelancing market is booming, which is great 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, Social media management. If you have any of these abilities or have always had an interest in them but never pursued them, now is the time!
3. Selling Digital Content
We’ve all heard the term “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 that provides particular benefits such as premium content or specialist communities.
Tips to grow your business as a solopreneur
- Whether it’s a podcast, a YouTube channel, a blog, or an email newsletter, content marketing is the ideal method to showcase 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 an apparent way for solopreneurs to expand their audience, they could go a step further by pitching themselves for guest articles, speaking engagements, or interviews to reach larger audiences.
- While social media is an apparent way for solopreneurs to expand their audience, they could go a step 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 or not. And the ways to be a successful one.
