Solopreneurship is quickly becoming an attractive option for many people. Especially in light of recent events, more and more individuals are opting for a huge career shift and to be their own boss. In fact, according to a recent report, the 41 million people who work as consultants, freelancers, contractors, temps, or on-call workers collectively generated $1.28 trillion of revenue for the U.S. While there are many great benefits of not working for an organization, there’s also a lot to consider before taking the big leap to being a solopreneur (not to be confused with entrepreneur). Here’s a rundown of things you should consider when you become your own boss:
Weigh Your Decisions Carefully
When you’re a solopreneur, success is your responsibility and yours alone. Every decision you make has an impact in some way. From your service or product offering to your business cards and website, you call the shots. Especially when you’re just starting out, think about how the decisions you make today will impact the future of your business. As a baseline, start with asking yourself these questions:
- Are you taking the steps to set a good foundation;
- Are your ideas just trending at the moment or will they sustain you for years to come;
- Did you research the market thoroughly;
- Do you know your audience/customer inside and out;
- Do you have a solid vision, purpose and mission statement?
It’s also important to know that the necessity of making every decision yourself can be very overwhelming and mentally straining for many people. If you start to feel this way, it’s normal and you’ll need to take care of yourself.
Automation and Outsourcing Are a Must
Successful solopreneurs know when it’s time to automate and outsource accordingly. Yes, you are solely responsible and your own boss, but you simply cannot do and be all things, all the time. When you’re running the show and your time is valuable, automation can really be a lifesaver. There’s an endless amount of helpful software out there — it’s just about prioritizing and choosing a relatively inexpensive option. Whether it’s reports, inventory, accounting or expenses, there are options available to make your life easier.
Embrace the Flexibility — Don’t Let It Overwhelm You
The newfound flexibility of being in charge can be overwhelming. However, it will be very important the way in which you capitalize on it. One of the most important lessons to learn is to pivot when things aren’t working. And fortunately for you, you can! You can absolutely switch up your business model if something isn’t working. You can totally rearrange your schedule or offer a new service to accommodate your customers. Once you learn to embrace your ability to now be uber flexible, your business will prosper.
Establish a Consistent Routine
Part of being a solopreneur is being brutally honest and practicing self-reflection. Dig deep and get to know yourself and your potential. Whether that’s establishing a consistent morning routine that works for you, blocking out periods of time on your calendar each day to respond to emails or working in the evenings because you’re more productive. You have the power to decide how your day goes and how your business coexists with your life. Consistency is key, but you also can switch things up if they aren’t working for you. Once you find a routine that you like, you’ll notice a huge difference in all areas of your life.
Explore Options for Traditional Benefits & Taxes
Many people are reluctant to become a solopreneur because the traditional benefits of working for an organization are not available to them. Fortunately, there are now more attractive self-employed insurance options available and even supplemental insurance plans for vision and dental coverage. In addition to health insurance, there are also significant tax considerations that should be taken into account before starting your own business. Self-employment tax is very different from employee tax, so it definitely makes sense to consult a CPA for help if you are uncertain of the appropriate steps to take.
Being a solopreneur has great added benefits. In a recent study, 70 percent of the participants shared that they felt healthier since working on their own and 43 percent said they were earning more money. What’s more, 48 percent reported that they felt more secure. Yes, the risks are high but the experience you’ll gain from soloprenuership is bound to transform your life and future in a positive way.
