“The trend of solopreneurship is on the rise,” says Vedang Vatsa, founder of web3, a global forum of 100,000 web3 professionals.
“More and more people are choosing to start their own businesses, and many of them are doing it as solopreneurs,” he says.
According to a study by global work marketplace Upwork, the number of solopreneurs in the US is expected to grow by 40% by 2027. And a third of UK adults are thinking about starting a business this year:
Posting on Linked in, Vatsa said there are several key reasons for this trend, including:
1. Growth of the Internet
The internet has made it easier than ever for people to start their own businesses. There are a number of online platforms that can help solopreneurs get started, and there are also a number of online resources that can provide support and advice.
2. Desire for flexibility
Many people are drawn to solopreneurship because it offers a great deal of flexibility. Solopreneurs can set their own hours, work from home, and take on projects that they are passionate about.
The rise of the gig economy has also played a part in this, with individuals taking on more freelance work, consulting, and short-term projects as their main source of income.
3. Need for control
Some people choose to become solopreneurs because they want to have more control over their lives. As a solopreneur, you are your own boss, and you have the freedom to make your own decisions.
The pandemic has sparked more solopreneurs and entrepreneurs, as workers were laid off during the height of Covid-19 and went on to start their own businesses.
Online marketplaces, freelance platforms, social media and e-commerce websites have also created opportunities for solopreneurs to showcase and sell their products and services directly to consumers without the need for a physical storefront.
Whether that’s a store on Amazon or an Instagram account, the barrier to entry remains very low, which makes it more feasible for individuals with limited resources to enter the entrepreneurial space.
What is a solopreneur?
Solopreneurs run and manage a business as a solo entrepreneur.
In other words, a solopreneur is an individual who starts, operates, and grows a business on their own, typically without the intention of hiring employees or partners.
Solopreneurs handle all aspects of their business, including product or service development, marketing, sales, customer service, finances, and administration. Many solorpreneurs go on to become entrepreneurs.
Solopreneurs could include freelance writers, independent consultants, graphic designers, photographers, online course creators, and more. While solopreneurs operate alone, they may still collaborate with contractors, freelancers, or other businesses on a project-by-project basis to accomplish certain tasks.
Key characteristics of solopreneruship include:
- Independence
Solopreneurs enjoy a high level of independence and control over their business decisions and operations.
- Skill Diversification
Since they handle various aspects of the business, solopreneurs often need to be skilled in a range of areas, such as marketing, sales, finance, and administration.
- Flexibility
Solopreneurs have the flexibility to set their own schedules and work from various locations, making it possible to achieve a better work-life balance.
- Limited Scale
Due to the nature of working alone, solopreneurs might have limitations on the scale and growth potential of their businesses. However, some solopreneurs choose to remain small-scale intentionally.
- Direct Profits
Solopreneurs typically enjoy the direct benefits of their business’s success, as they are responsible for the entire operation and keep all profits (after expenses).
- Personal Branding
Building a strong personal brand is often important for solopreneurs, as it can contribute to their business’s credibility and customer trust.
- Resource Management
Since they don’t have a team to rely on, solopreneurs must manage their resources effectively, including time, finances, and energy.
Self-motivation is essential for a solopreneur, in addition to mastering the art of time management. But the potential for unlimited earning is a big draw, with solopreneurship often a great way to cut your teeth to becoming a successful entrepreneur. And start-ups are seeing record numbers of solopreneurs, from all kinds of backgrounds.
“Solopreneurship doesn’t have to be risky,” says Moe Choice, who describes himself as a 6-figure solopreneur on Linked In.
He says it can also look like this:
↓
Keep your 9-5 job to
pays the bills
↓
Think of 1 simple service
or product to sell
↓
Work on it as a
side hustle
↓
Validate your ideas
before big investments
↓
After first sale, grow with
help of contractors
↓
Keep doing this until you:
1. Find an idea you absolutely love
2. Are able to replace your 9-5 salary
Then you’ll have the freedom to go all in!
Have a great idea but need the money to get it up and running? Want to start building your investment portfolio? Or have a great start-up but need coaching to take it to the next level? We can help – get in touch to find out more.
