Being a solopreneur is something that looks very appealing from the outside. The ability to work for yourself and answering to no one is a life that we have all thought of doing, but is it really all it’s cracked up to be?
Different from a freelancer, the term “solopreneur” is a combination of the word solo, as in being done by one person alone; and entrepreneur, someone who starts their own business and spots opportunities for business. The role of a solopreneur is a double edged sword, the pros and cons of working as one are as follows:
Pro: Working On Your Own.
Nobody to answer to and setting your own hours is a fantastic way to set up your life. You can find your own rhythm of working and stick to it. You are setting your own watch and dancing to your own beat. If you need some time off, you can do it without getting permission. How are you able to keep your meeting with world patent marketing complaints or any other company if you are too busy spinning plates?
Con: No Networking Capabilities.
Running an organisation off your own back requires you to do a major juggling of roles, which will deplete your ability to gain new contacts and to network effectively in order to grow the business.
Pro: Creative Freedom.
It’s your business, do what you want with it. You have no one to tell you how it should be run, and after all, you have built this company up yourself, so you should know how best to run it. You don’t need to have time consuming meetings (unless they are with clients) and if you want to start work at midday without compromising the business, then you can.
Con: Nobody To “Bounce” Ideas Off.
While the responsibility is yours, you may feel like you struggle to to search for new ideas and business methods. The benefit of having someone there as a sounding board can give you reassurance and develop your ideas into something better than what it is, and help you avoid business pitfalls like resource management.
Pro: No Workplace Tension.
Human interaction causes issues like squabbles and disagreements, hampering business progress and can waste valuable time and energy. Working for yourself only gives you the internal squabbles to resolve. And working by yourself gives you the freedom to move the workplace to wherever you want it to be. If you need to get some sunshine, pick up your mobile phone and laptop and move to the garden, or Hawaii!
Con: The Responsibility Is Completely Yours.
It is yours alone. If there is a workplace issue, or business problem, you need to make sure you have contingency plans to get yourself out of blunders. In order to avoid the problems, make sure you are well-schooled in every aspect of the business. Know your markets, make your business plan solid and foolproof, and keep your eye on the ball. To work for yourself is wonderfully liberating, but be sure that’s not just where your interests lie. Believe in yourself, the product and the business, and put in the time and effort!