The Pros and Cons of Being a Solopreneur: Is It Right for You?
You’re probably aware that the term “solopreneur” or “solopreneurship” is on the rise. A solopreneur is basically an entrepreneur who works alone. They rarely need outside help. And when they do, they hire freelancers on a contractual basis rather than build a team.
If you’re still trying to figure out whether solopreneurship is for you, it’s best to know its pros and cons. That way, if you pursue it, you can get into the right frame of mind.
Pros of Being a Solopreneur
1. You are in total control
Are you the kind of person who likes to do everything on his own? If your answer is yes, then being a solopreneur puts you in the driver’s seat. You do the planning, implementing, and tweaking of EVERYTHING. Some people believe that going alone means going faster -- and indeed, it has worked for them. I believe the reason for this is that they’re able to focus better.
2. Say goodbye to office politics
Office politics is disgusting. Every workplace has it. People strive for survival, create a lot of drama, and do everything to get ahead of others. Office politics stresses the person who just wants to work in peace. Solopreneurship is the answer to your dilemma.
3. The opportunity to make more money
An article on Harvard Business Review tells us that people who usually work for themselves are masters in what they do. Mastering one’s craft means more earning opportunities because other business owners are willing to pay you more for your expertise which took years to build. That is, of course, if you’re a solopreneur who offers services.
4. Not worry about other people
One of the hassles of entrepreneurship is worrying about people who work for you. Not only do you fire and hire, but you also make sure that they’re staying productive. This can cause entrepreneurs to sometimes feel stressed, lose focus, and lose income.
Cons of Being a Solopreneur
1. Difficulty generating a constant stream of ideas
Because you work all by yourself, there will be days when you’ll hit a plateau. Suddenly, you lose creativity. No one else can suggest new ideas. However, it doesn’t have to be this way. One less-known way to build creative ideas is to keep your eyes open. Find meaning and angles from a video you randomly watch or article you come across… or anything you encounter in your everyday life.
2. Deal with loneliness
Isolation in your journey can sometimes take a toll on your happiness. Even introverted solopreneurs need connection. True. However, one strategy that successful solopreneurs swear by is working some days at a co-working space. Here at Lifestyle Solopreneur, we’ve written an article that shares ways to find a nearby co-working space.
3. Dread getting sick
We all know that it’s essential to stay in good health if we want our businesses to succeed. But sickness is inevitable and it’s one that’s feared by solopreneurs. When you’re sick, your business stops operating. The solution to this is to be honest with your clients or customers about your situation. Be kind to yourself and rest well!
Read: How to Care for Yourself so You Can Do Better in Business
Wrapping Up
If you want to become a solopreneur this year, be prepared for the good and bad. Hopefully, the pros and cons I shared with you today painted a clear picture of a solopreneur’s life. It’s fun and challenging -- and WORTH IT.