7 Best Tips for Being a Successful Solopreneur

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There are currently 41.8 million solopreneurs in the U.S. contributing over $1.3 trillion annually to the economy. Being a solopreneur is associated with numerous benefits. However, the journey to success is fraught with challenges. To reach the success that you desire, you should understand these challenges and have a solid strategy for overcoming them. So what can you do to build a thriving solo enterprise?

Here’s what to know.

WHAT IS A SOLOPRENEUR?

Simply put, a solopreneur is a self-employed person who sets up, runs and works on a business on their own over the long term. Because solopreneurs do not have the support of a co-founder or employees on payroll, they perform all duties related to the business alone. As such, they are basically responsible for the success or failure of the business.

One of the key differences between solopreneurs and entrepreneurs is that the latter do not necessarily manage all aspects of their business alone. In short, all solopreneurs are entrepreneurs but not all entrepreneurs are solopreneurs.

COMMON CHALLENGES SOLOPRENEURS FACE

It is not easy being a solopreneur. As a solo business owner, you have to bear the burden of running the business individually. Below are some challenges you are likely to encounter.

A WORKFORCE OF ONE

When managing a business alone, you wear many hats. You will be responsible for recordkeeping, invoices, taxes, and communications among other duties. Because you are the entire crew, there is a good chance that you will get overwhelmed by functions. This can make it difficult to catch and correct mistakes. You will also not get any objective feedback on your performance.