How to Be a Solopreneur Successfully (A Comprehensive Guide)

The first thing to understand about how to be a solopreneur is why you want to be one.

Are you looking for simple or complex?

While most of us would choose simple, a more complex business isn’t as scary as it sounds. And it could have significant benefits as well.

Simple is you providing a service or product. Complex might mean having business financing, setting up to pay yourself payroll, or creating a company-funded retirement account.

Insight into what you want from your business structure is essential to success. Here is a guide for understanding many facets of becoming your own boss.

Ready to learn how to be a solopreneur? Read on.

Solopreneur vs Entrepreneur

Photo by Eva Bronzini

 

The word Solopreneur has only recently become a part of dictionaries and our everyday language.

All solopreneurs are entrepreneurs, but not all entrepreneurs are solopreneurs.

This may seem complicated. But once you understand the differences, you can decide which category you want to be in.

But what exactly does being a solopreneur mean? Let’s start backward.

An entrepreneur is a person who sets up a business with the goal of being able to step aside from it. It is designed so they can sell it or delegate others to run it.

Whereas a solopreneur sets up a business intending to fulfill a dream.

The solopreneur wants to create, manage, and guide their business through its entire life cycle. Often all by themselves – hence, solopreneurs.

As people have come to value their autonomy in work/life balance, solopreneurship is becoming more commonplace.

Being a Solopreneur

As a solopreneur, you’re in total control of every aspect of your venture.

Follow your passion, not someone else’s.

You set your schedule and take vacations when you want to, giving you control and autonomy. Essentially, you’re the business, and your business becomes an extension of your personal brand.

That being said, you’re also the sole breadwinner. If you don’t work, you don’t earn. That’s a lot of responsibility.

Solopreneur Business Model

When you decide to start a business as a solopreneur, there are some basic things that you need to consider.

Fundamentals

To get started, you need to identify some fundamentals.

What are your dreams? Goals? Passions?

Identify what you’re good at and what you like to do. What do you have experience doing?

Also, list the things you don’t want to do. But realize that some things are necessary when you’re running a business.

Now, look at your community. What are your neighbors’ and businesses’ needs and wants in your area?

Think about how you can meet their needs by pursuing your goals.

Legal Structure

With these fundamentals in mind, you must choose a legal structure for your business.

Should you be a sole proprietor? Or should you become an LLC? Or will S-Corp status be your best structure?

Incorporation happens at the state level. You may also need business licenses at several levels: state, county, local, etc.

Since everyone has different economic circumstances, discussing your situation with an accountant and attorney is advisable.

As a business owner, you’re responsible for many types of taxes, not just income tax. Be sure you learn about your sales tax responsibilities, including interstate eCommerce.

Talking with professionals in your area makes sure they know local and state laws, rules, and regulations that will apply to your business.

Adopt Essential Skills and Mindset

As a solopreneur, you wear many hats.

Photo by RDNE Stock Project

 

Advertising your business to get customers is your responsibility. This includes signage for brick-and-mortar stores, social media pages and ads, print ads, websites, and more.

You are the person who furnishes the customer with whatever product or service you provide.

All back office work, like bookkeeping, placing/receiving orders for materials or inventory, filing (digital or hard copy), etc., is also your responsibility.

You need to learn if you do not know how to do something.

S.C.O.R.E. offers great no-cost or low-cost educational resources.

Make adaptability your mantra. Not everything will go according to plan. Make contingency plans for your contingency plan.

Apply Strategies for Growth and Success

Strategic research and planning are essential for the success of any business venture. An analysis of the marketplace and your competitors will provide enormous insights.

Understand Your Market

To be a successful solopreneur, you need to stand out from the crowd. Understanding your market is a crucial step.

Identify how your brand is different from your competitors. How is it the same? How is it better?

You want to establish yourself as an authority in your field. How does your education or experience make your offerings better in the marketplace?

Testimonials and positive reviews on your product or service are a good influence on potential new customers.

Time Management and Organization

As a solopreneur, you’re the only person who can decide the direction of your business.

How far do you want to go?

How fast can you scale?

Setting goals and breaking them down into bite-sized, actionable steps will keep you on track and help you avoid feeling overwhelmed.

Consider looking into Tiny Habits by B.J. Fogg.

Staying organized is also critical.

Google Calendar, for instance, allows you to color-code events in a single calendar, which can help you stay organized with business, personal, and family obligations.

Use Automation and Outsourcing

Ultimately, you’re responsible for everything in your business as a solopreneur.

Using automation tools effectively can help you manage your time efficiently.

Set up Autoresponders to schedule and send email campaigns.

Use services like Social Jukebox, Hootsuite, or Sendible to automate your social media posts and advertising campaigns.

You can use automated systems like AppToto to remind clients about appointments and reduce lost time and forgotten meetings.

As with anything, you don’t personally have to do everything yourself.

In reality, doing it all yourself is not only super stressful, it’s also time-consuming.

Use services like Fiverr, Upwork, or Zirtual to outsource repetitive tasks, like writing social media ads, to virtual assistants.

And sometimes DIY can hurt rather than help your business if you don’t know what you’re doing.

Hiring a professional bookkeeping service can save you an enormous learning curve and many hours. And as a result, you’ll get professional-looking financial reports.

Utilize Tools for the Modern Solopreneur

Photo by Marcelo Verfe

Like the abovementioned services, you can fill your productivity arsenal with many tools.

Apps like Evernote or Zoho Notebook can be beneficial for productivity and organization.

There are many email marketing tools, including Constant Contact, MailChimp, and Mailmunch, to name a few.

Shopify and WooCommerce are two of the hundreds of online selling platforms in the eCommerce world.

For websites, services like Wix create a simple online presence.

Another outsourcing avenue is to have a professional web designer create your site. This could result in higher conversions sooner.

Using tools like Grammarly helps make written communications more straightforward, including emails, social media ads, and website content.

Build a Support Network

A network of support is a definite help to solopreneurs. It can be challenging to “go it alone.”

Knowing you have a network of people to call when you need guidance or just someone to talk to can relieve stress.

S.C.O.R.E., as mentioned above, provides both training classes and individualized mentorship. You can also reach out to colleagues from prior business relationships.

Connecting with other business owners in your area through a local Chamber of Commerce or other business networking group can help you develop professional relationships.

Maintain Well-being and Balance

There’s a reason why aircraft safety briefings say to put on your mask before assisting others.

Photo by Alejandro Quiñonez

You cannot help anyone else if you do not take care of yourself.

This concept is especially true when you’re a solopreneur.

Stress and burnout are some of the primary reasons why solopreneurs fail. Learn to strike a balance between your work and your personal life.

Be sure to make sufficient time for yourself and your family.

Birthdays, anniversaries, sports games, and recitals are one-time, don’t-miss events.

If you’re single, make time to spend with friends or take mini-vacations alone to refresh your energy and focus for when you’re working.

Recognize those relationships that drag you down and minimize your exposure to them as much as possible.

Overcome Challenges of Solopreneurship

Every business has its challenges. For solopreneurs, some of the challenges are very different.

Friends and family may not readily recognize when you’re working. Time commitments may infringe on your working hours. You work alone, with little or no help from others.

A big challenge is being 100% responsible for your own income. It’s not only a challenge but also a significant source of stress.

Fear not.

You can cope with these challenges using a little strategy.

• Set boundaries with your friends and family. Advise others of your “working” hours and don’t allow encroachment on them.
• Save for a rainy day. It’s cliché, but it helps even out the inevitable dips and downturns.
• And on that note, don’t forget to save for taxes, too.
• If, or should I say when, you need help, consider virtual assistants. The cost is usually nominal.

Most of all, don’t forget that starting a new venture takes a lot of time and effort upfront. It may seem demanding as you go through it, but it is well worth it.

Reap the Rewards of Solopreneurship

If you have ever felt a satisfying sense of accomplishment when you completed something worthwhile, being a successful solopreneur will magnify that feeling a hundredfold.

Solopreneurship stretches your limits. The personal growth and development potential are extraordinary.

You are the boss. You decide your venture’s what, when, where, why, and how.

Then, there’s flexibility. When you make personal plans, unless your business is burning to the ground, keep them.

The ability to follow your passion and realize your dreams is exponentially fulfilling when combined with providing a needed product or service to your community.

Initiate Your Solopreneurship

Now that you clearly understand how to be a solopreneur, it’s time to decide if it is the right path for you.

Do you want to create a business to realize a dream? Or do you simply want to work for yourself?

Solopreneurship isn’t for everyone, but I bet it’s for you.

It takes a great deal of energy, imagination, and stick-to-it-iveness.

The benefits are substantial. The rewards are intrinsically personal.

Ignite the fuse of your passion with experience, determination, or both, and launch your Solopreneurship today.