Advantages of working as a solopreneur

Unconventional forms of work have become increasingly popular in recent years. One of the most important movements to emerge from the world of work in recent years is the way solopreneurs work. In this article, we'll take a look at the benefits of sole proprietorships and why so many are pushing this new career path.

Solopreneurs are entrepreneurs who work alone, with no help or employees. If you have intentions of being a solopreneur, researching the topic is what got you on this page.

Here are some of the advantages that come with operating as a solopreneur:

Entrepreneurs have to share their fruits; solopreneurs get to keep them all

Entrepreneurs have a team or a system of support that helps them turn their ideas into money. Entrepreneurs like Elon musk have twitter employees, Tesla employees, and space X employees lining up to receive recognition for their contributions to their respective companies.

Solopreneurs work alone and all the fruits of their labor are theirs to keep. Unless the solopreneur is generous enough to work with charities, all the benefits that come from the business are retained by the solopreneur.

Decision-making and responsibilities are made and handled by you

When all you have is yourself to run and manage a business, you will make all the major decisions and take up all responsibilities. Decisions like what time to open and close your business, and how much money to charge for your products or services will be planned by you.

Singly making decisions has its reservations. Consultation or joint decision-making improves the quality of decisions made which is not the case in solopreneur ventures. When you make a poor decision, it will hurt you since you have no one to prevent you from implementing the ideas you came up with.

To make the best decisions, understand the needs of your business and conduct research before making major changes.

You have complete control over your business

You lose part of business control when you offer other people a seat on the table. In the case of most entrepreneurs, you lose control when you seek funds from a bank or other lending companies to expand your business. In the case of a public limited company, you exchange part of your control for cash consideration, and you get shareholders to take part in decision-making. Solopreneurs have no such problems. 

They generate the money to start and run the business all by themselves and have no obligation to anyone. Retaining control of your business entitles you to profits and other benefits as well as being the final decision maker.

Flexibility in working hours

Having control over your business puts you in control and you can therefore determine issues like how long you will work and on what days. Most solopreneurs have other activities that they engage in since their schedules are highly flexible and they can close businesses in case of emergencies or when they are engaged elsewhere.

An entrepreneur works with a team where responsibilities are shared and duties are divided. The entrepreneur may also be in a managerial position that requires him/her to keep an eye on the proceedings of the business most of the time. Elon Musk has been spending nights in Twitter headquarters trying to fix the company. This isn't the case with solopreneurs.

Low startup cost

There is a reason why it is easy to manage and run a solopreneur venture as a single individual. Solopreneurs venture into small or medium-sized ventures that require little capital.

In the case of entrepreneurs, the businesses they start and run are big and complex. This forces them to sometimes seek long-term loans, sell shares in the case of public companies or seek debentures. You can be a solopreneur using your savings, or by liquidating an asset like a car.

Plenty of privacy

We have heard stories of employees who left an organization and later dropped a bombshell regarding the internal affairs of the organization.

As a solopreneur, you receive and keep all the information about your business. You have plenty of privacy and only release information that is relevant to the circumstances at hand.

A good starting point

A small business can easily become big and profitable after investing the required resources.

A solopreneur might start a business which at the time seems small. However, with consistency and proper investment, a small or medium-sized business can go big.

Few legal requirements

The legal process that is involved in starting a large company isn't the same as those of small business ventures.

In some cases, the government allows waivers on solopreneurs in a bid to encourage more people to be self-employed.

To sum up

In the modern age where people are running away from traditional business practices, solopreneur ventures are becoming common.

Financial independence and other benefits come by going solo and turning your business idea into a money-making scheme.