So how do you become a solopreneur?
Solopreneur is not a new business structure, but it is one that’s certainly gaining in popularity over recent years. In some ways, a solopreneur is similar to an entrepreneur but the two shouldn’t be confused as there are very clear distinctions to be made. Below I’m going to explain all that it means to become a solopreneur; how you can become one and the things you should consider in order to reach success, follow your dreams and to thrive.
So, what is a Solopreneur?
A solopreneur is a person who both owns and runs their business, usually without the hiring of any other employees or with very few members of staff on board. They often expand their business by using freelancers. A solopreneur values their independence and the ability to operate a company without requiring much - or any - assistance from others.
The Benefits of Solopreneurship
There are a wide number of benefits for people who become solopreneurs; the flexible work schedule, more family time, higher income potential, as well as some lesser considered advantages, such as:
● The ability to expand your skillset - When you are responsible for every aspect of a company this may mean that you’ll have to tackle issues that are inevitable to arise in various areas and some you might not be so comfortable with in the beginning. It’s a learning curve. For example, if you’re not tech-savvy and struggle to maintain a website or social media following, you will be challenged to figure out how to deal with this. If you struggle with public speaking or sales, with focus and time you will become be a dab hand - as your income and business depend on it, there’s no greater motivator!
● Independence leads to better decision making - With nobody to answer to, or other views to take on board, if you need to adapt a product or service you can do so in an instant. You’ll learn the market you’re in and know what’s working and what isn’t, you can then tweak or transform your business to suit - without having to consider the opinions of partners, board members, shareholders, or investors.
● Stronger sense of self worth and authenticity - Many people in employment feel underpaid and undervalued, the compensation of a solopreneur is directly related to your efforts with no limits on your income.
How to become a Solopreneur
Whether you plan to start up straight away or maintain your current employment status in the beginning, here are a few first steps that will improve your chances of solopreneur success.
1. Follow your passion
Don’t start a business just to have a business, it needs to be something you’re passionate about - this will shine through to customers and possible investors down the line. It will also make it so much more worthwhile, it is true what they say ‘enjoy what you do and you’ll never work a day in your life’.
2. Research
Once you have your business idea it is essential to research the particular field to give yourself an idea of what’s needed in order to be successful. Look at similar companies and pay close attention to how they promote their company, what platforms they use, and a little into how they operate. The idea is not to copy them but to gain a general understanding of what’s involved in running a similar company, and in addition, if you can find any potential gaps in the market you could fill.
Furthermore, you should look into the demographics and personality traits of your target audience to achieve more effective marketing strategies and operations.
3. Name your business
As a sole trader, you are not legally required to register your company name with Company House, but you do need to ensure that your name isn’t already taken by another business and that it is legally sound. For example, you can’t claim to be something you’re not i.e. Royal, British, Institute. The majority of solopreneurs find that using a surname is sufficient. You will probably choose to use a brand name if you sell products. You can register this domain as your company website and email name which will give your business more credibility and spread your reach to potential consumers. As time goes on and as you grow, you will need to consider what the best company structure is to suit your business.
4. Build your online presence
Begin with a website, social media accounts, and email. You can find lots of easy tutorials online to help establish these. These are essential networks in today’s business world and to be successful, you have to be online. Once you have this and your products, or are able to provide your service, you’re good to go. Make sure that your branding is consistent across all your digital assets. The other necessities can be conducted once you’re up and running such as a business premise, relevant insurances, and if you decide to get a business banking account.
5. Consider some support
As an experienced solopreneur myself, I understand how overwhelming it can feel in the beginning and that’s why I offer a free 30-minute coaching taster session, giving you nothing to lose but a lot to gain from my experience and knowledge of supporting and launching small business start-ups.
See more here for a free taster