Is Solopreneurship For You?

When we talk about solopreneur, most people think that it is no different from an entrepreneur. Although both are involved in building a business, a solopreneur is creating ideas, nurturing them, and doing everything that you can to be successful with the kind of business that you have built single-handedly. On the other hand, entrepreneurship is about company growth and expansion with the help of a team in creating the products and/or services. 

Thinking about starting your own business and being your own boss absolutely means having the freedom to explore all means possible to earn more than what one can from a 9 to 5 job. As you know, the pandemic has forced so many people into building their own businesses, some of whom have maintained and realized that even if they can go back to their jobs, having a business would mean additional income for the family. However, choosing to become a solopreneur is not all bed of roses. One will surely face some challenges along the way which one should need to overcome.

Types of Solopreneurs

Solopreneurs may refer to the following individuals:

• Mompreneur. Women have never been empowered as it is today. They are no longer confined to daily house chores and taking care of the family, but do find time to become a businesswoman by creating businesses which they can do even at home.
• Propreneurs. These are retired professionals who would still want to continue doing something even in their 60’s such as those who are involved in consulting.
• Homepreneurs. These are individuals who rather work from home than commute to the office.
• Webreneurs. Experts and trainers have become widely in demand these days. The pandemic has made it possible to continue making money through working online. Thus, office training is still given to employees via video conference.
• Sidepreneurs. These are individuals who still have their 9 to 5 jobs and still prefer to have a side hustle to generate more income.

Examples of Solopreneur

Talking about business, one instantly comes to our mind is having to deal with a salesperson selling various products and services in a shop or store. However, as we entered the Digital Age, it has opened several opportunities for us to build a business that we can handle on our own. These are just a few examples:

• Blogger/Vlogger

Who would have ever thought that just sharing your thoughts and experiences could make a great number of people interested to follow these bloggers/vloggers who are also known to be influencers, nowadays?

• Virtual Assistant

2007, I would say was a momentous year as it started to open new doors to our kababayans through working online by providing customer service to the US, UK, and Australia. You can easily work office tasks at the comfort of your own home and be paid on a per hour or per-project basis. 

• Social Media Manager

One of the most indispensable tools that every business should have is the use of the internet. Businesses no longer just rely on TV and print ads, but the power of the internet allows any business to be widely known. With the help of a social media manager, the virtual presence of the business can drive more customers which essentially means an increase in revenue.

• Graphic Designer

Practically anyone would require a graphic designer either for their business, school requirements, or for certain events. Definitely, one should be creative in developing ideas to make the business as a graphic designer profitable.

• Tutor

The “home teachers” apart from our parents are indeed very helpful particularly if both parents are busy. Being paid on a per-hour basis is not bad at all. For as long as you have the patience to teach and have a vast knowledge on certain subject matter, then this can be a reliable source of income.

Disadvantages of Being A Solopreneur

Being a solopreneur means you having to deal with everything on your own. You practically do not rely on anyone else and your focus is on your personal growth and on improving your skills. I would say that in any kind of career that you choose, there should be a continuous learning process, otherwise, you will just be left behind.

One huge challenge of being a solopreneur is burning out. Since you do all the tasks on your own, there might come a time that you would feel uninspired because of exhaustion.

Being an entrepreneur allows you to grasp ideas and suggestions from your team. And this is one of the things that you may miss being a solopreneur. If you have an idea, you have limited outside opinion and there are no co-workers with who you can brainstorm with. With this, you would need to do more work by researching and look for others who might be willing to give their opinion or advice.

Should you be a solopreneur or an entrepreneur?

I do think that before jumping into anything else, you should write down all the pros and cons of what you have in mind. Set up your short-term and long-term goals so that you have a better idea of what path to choose. Most solopreneurs have these innate skills they would want to use to start a business. An entrepreneur would provide products and services which the market demands with the help of a team. If you think that you can manage to build a business without having a team to rely on, then go for the challenge. Just remember that you aim to create a better future for yourself and your family. Therefore, choose the one that would make that happen and make you happy in being in a business that you can call your own.

There are actually many benefits you can gain by going into business for yourself – from having a flexible schedule to complete independence in operating your business. However, working solo will not always be smooth and its downsides are unavoidable. Thus, it will involve knowing your limitations and devising a plan on how to overcome these challenges to become successful with them.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: aob@gmb.ph

FB Page: Armando Bartolome

Linkedin: https://www.linkedin.com/in/franguru/ 

Website: https://www.gmb.ph