Increasingly the world of business is changing since the new millennia.
While the dynamics of what brought about these changes are varied and complex, one thing is sure, millions of Americans have ventured into a world where they run a small business alone. The trend called “Solopreneurs” has changed the way people think and feel about business and industry.
Before the age of the internet, there were tens of thousands of solopreneurs in America. That number has multiplied into millions of Americans today. Through online platforms, solo business owners can affect significant change and reach a larger group of people than before the dawn of technology.
While the vast majority of people know the term entrepreneur, solopreneur is a reasonably new term. Yet solopreneurship is one of the fastest-growing areas of business in the country. In 2014, there were an estimated 17.9 million solopreneurs in America. Today, it is estimated that the number exceeds 20 million Americans.
There are a significant amount of advantages of being a solopreneur, but it’s not for everyone. However, anyone can choose to be a solopreneur either part-time or full time. The vast majority of new solopreneurs in the last decade have started their solo business part-time. When looking at the most significant reasons people become solopreneurs, most do so for the freedom to define their path in life and the significant advantages this affords them. But there are many reasons people begin on this exciting journey. Understanding the many benefits of solopreneurship can help people decide if it’s something they would like to embark on too.
You Can Invest as Much Time as You Want – This is a fabulous part of being a solopreneur. The amount of time invested is not directed by others. There is no docking of wages to be concerned with and no worry of being fired if you want to work less.
You Get to Choose When and if You Need Help – While many solopreneurs work by themselves, sometimes they choose to get help with specific projects. Because this is their venture, they get to decide when to get help and for how long.
You Get to Keep What You Earn – Solopreneurs usually have very low overhead. This allows them to have a better ability to keep a significant amount of what they earn. While there are always some necessary expenses, solopreneurs can write off many of their costs, so they can retain most of the money they earn. Aside from what they pay out to continue running their business, solopreneurs get to enjoy the fruits of their work efforts directly. In many cases, these creative solo business owners run their day to day business operations out of their home or a small office, so their monthly expenses are nominal.
You Discover and Learn on a Daily Basis – Most people who are solopreneurs think of their work as an exciting adventure into the unknown. They seek to discover a new world of possibilities for expansion, innovation, networking, and business approaches.
Work is More Enjoyable – Because there is so much freedom of expression and an abounding opportunity for creativity, most solopreneurs find great enjoyment in their work. The ability to change course or direction with a simple decision makes any work environment more enjoyable and intriguing.
You Are Your Own Boss – For most people this is the best part of the business experience. Many people who work for others often complain that they are told what to do by less knowledgeable people. This leaves employees often feeling as if they are using their intelligence for the benefit of others while being treated as an inferior subordinate.
You Become the Creative Source for Major Decisions – This is one of the best places for a person who wants to explore their ability to make a difference. People who are solopreneurs have a wealth of capability, drive, and ingenuity and only need a motivating factor to drive them to accomplishment. When they delve into solopreneurship, they begin to learn just how creative they can be.
You Learn Self Reliance – People who choose the path of working alone in their own business, understand they must rely on their skills to succeed. Since they have no employees, solopreneurs realize the tasks that need to be accomplished must be handled without assistance from someone working for them. This drives them to be more self-accountable and reliable.
You Define Your own Schedule – This is a wonderful perk for most people. Having the ability to choose how much time and when to work is a great benefit. Solopreneurs can take their vacation days at their leisure. They can also take hours off when they need or want to. Holidays are not negotiated with a boss or supervisor, and they can work in the middle of the night if they choose.
You Can Maneuver and Shift Business Vision and Goals at Will – In many businesses when there is a decision to be made, a whole group of people join in to add their input on the changing direction of the business. However, for solopreneurs, there is no need to consult with others unless they choose to. Decisions that change the goals and visions of the business can be made on the spot without any conflicts from others.
You Don’t Have to Battle Committees or Red Tape – This is an excellent benefit for people who have a small business and are highly driven. Often the more people get involved with a business, the more complicated things become. People who run their own business can choose to change the course of their business without consulting others unless they choose to get advice.
You Establish Your Pathway – Solopreneurs are often a combination between a treasure hunter and an explorer. This allows for a great amount of freedom, not just in what the goals of the business are but what paths will be taken to get there.
You Become the Essence of Your Business – People who are solopreneurs become identified as the face of whatever business venture they are representing. This is a wonderful aspect for people who are looking to pave a path where they are personally recognized for their work.
You Don’t Have to Clean Up Other People’s Mess – Working with other people can be difficult for a wide variety of reasons. One of the worst problems is having to clean up after other people’s mistakes. This can be especially difficult when running a business. While the solopreneur may make mistakes that need cleaning up, they do not have to be compounded by having to fix the errors of others as well.
Every Day is Filled with Creative Choice – One of the best aspects of a self-run business is the ability to have significant creativity. When running a business with others, each person must have some role in the creative process. While this can be an excellent collaborative experience, it can stifle the growth and expression of the person who founded the company.
You Get to Choose Who You Work With – People who are solopreneurs have many choices, including who they work with, for what purpose and for how long. Collaborations can be handpicked and started and stopped at any time by the solopreneur. A self-run business can significantly enhance a person’s collaborative abilities and help them build a greater circle of people to interact with than the average person.
You Can Change Products or Services Offered Anytime – People who run a solo business can go from being a seller of glass mugs to a seller of antique jewelry in a matter of a few minutes. If a solopreneur discovers they can enter a better marketplace by changing business focus, they can change their mind and start on the new path right away.
You Can Choose to Work Another Job for Income Security – People who own a self-run business can easily continue to work a regular job as they build their business. This will allow them the freedom of having a steady source of income while they run their business.
You Learn More Innovative Ways to Communicate – People who have a self-run business must learn better ways to communicate their business ideas and their goals. They must also learn to market their ideas, products, or services. As they excel in their communication skills, they begin to expand their sphere of influence and knowledge. Over time they realize that enhanced innovation expands and stimulates their mind to reach for greater things.
You Can Define More of Your Destiny – Perhaps more than any other reason, the ability to pave a purposeful destiny is the biggest reason. People have always been inclined to want to make their imprint on their world and their lives.