In 2024, 10.4% of US workers were self-employed. That’s according to the Center for American Progress, one of many trusted research hubs that are reaching the same conclusion: the business landscape is shifting from promoting the group, a company, to focusing on the (often independent) individual. With the rise of remote work, we’ve seen more and more entrepreneurs, freelancers, and small business owners making good numbers. Now we’re starting to hear about something called “solopreneur”—which, yes, sounds both different and the same. What exactly is a solopreneur, though? And more importantly, could you become one yourself? We’ll tell you everything you need to know.
Entrepreneur, freelancer, or a secret third thing?
We cannot tackle the “what is a solopreneur” question without discussing its more famous cousins, the entrepreneur and the freelancer. At first glance, all three seem to be about one thing and one thing only: independence. These are people that want to work for themselves, on their own terms, and allow themselves as much flexibility as possible when it comes to business decisions. However, that’s about all they have in common when it comes to their business models. Allow us to explain.
In simple terms, an entrepreneur is an individual who starts their own business from scratch. They have an idea, as well as an understanding of the market they are entering, and they seek to scale up their venture, possibly turning it into a company that evolves past the stage of mere startup. They are open to, if not actively hiring employees from the very start, and many would even be willing to sell their company down the line, should that lead to a considerable profit.
By contrast, a solopreneur is a business owner who is… well, solo, and who means to stay that way. Solopreneurship is about doing everything yourself, from developing the product or service to taking care of the accounting, marketing, and even funding, ideally in the long run. Hiring employees would basically ruin the fun while selling the business could only equate to giving up. In other words, the solopreneur business model is being a jack of all trades.
That being said, why wouldn’t you stick with freelancing? Freelancers are independent, typically remote workers who sell their skills (mainly services) to various companies. They set the price, negotiate their contracts and schedules, and most of the time, are responsible for doing their own taxes. That is to say, the freelancer is still tied to a different company or entity while the solopreneur isn’t, meaning the first doesn’t have the same level of independence and power of decision that the latter has.
Let’s look at some inspiring examples. Jeff Bezos is a clear-cut example of an entrepreneur—he came up with an idea and developed it into a billion-dollar business (that he still owns and runs to great success). Following the solopreneur path, Erika Leonard, author of the spicy bestseller Fifty Shades of Gray, turned her hobby into a job that became profitable beyond belief—and all that, almost by accident. Both these cases are pretty unique and specific but by no means singular. They show one of many types and patterns of success in their respective career paths.
One more thing. The entrepreneur vs. solopreneur conversation is, in fact, much longer and more complex. The terms are sometimes used interchangeably, too, and their meanings may or may not change in the ever-growing business landscape. Keeping that in mind, let’s explore what we know as of now about the advantages and disadvantages you must be aware of as an aspiring solopreneur.
The good and the bad
- An unprecedented level of autonomy
If freedom is what you seek, the solopreneur path might be just what you need. DIY icons by trade, solopreneurs are themselves and their vision against the world. They make every decision and whether they accept someone’s business advice or counsel is all up to them, no questions asked. But as you know, with great freedom comes great responsibility—that is the single most relevant cliché in the world of solopreneurship. You must always be ready to learn new things, adapt to new situations, and deal with the challenges that often pave the road to success. More than that, you must be aware that taking care of everything by yourself means doing more than you signed up for when you got your big idea. The results are most definitely worth it, but the journey there surely takes hard work and plenty of patience.
- Creative freedom beyond belief
Creativity works in many ways and applies to many fields of activity. But if you are an industry artist seeking to turn art of any kind into a profitable business, becoming a solopreneur is probably the best way to retain your creative freedom. With no boss, partner, client, or colleague to constrain your vision, you can create the thing you want and find like-minded individuals who will see the true value of what you have to offer. Once again, you’ll need a lot of hard work and patience, but the rewards will be the kind you tell your grandchildren about. Speaking of rewards…
- The immediate sense of fulfillment
When everything depends on you and you alone, every setback keeps you up at night. The good news is, the more you know, the better you can overcome those setbacks. When you are a solopreneur, every step ahead is a milestone that empowers you, gives you the courage and strength to push forward. You may not know a thing about accounting right now, but in a year’s time you may be able to keep up the conversation with your finance guru friend over dinner. That is the power of motivation, and rewards like the kind a solopreneur path offers you is motivation at its finest.
- A new understanding of flexibility
Being self-employed is working your own hours from a place of your own choosing—up to a point. As a solopreneur, you can cancel that client meeting, take any number of days off, and choose where you will get your administrative work done every other day. However, as you ideally learn from theory rather than experience, lacking a routine or a sense of discipline will make your business suffer. That is a very general piece of advice, but it’s especially important for solopreneurs. You are flexible, of course—but you must learn to view flexibility in a different light, one where you have a good work-life balance that enriches all parts of your life instead of spoiling one for the sake of the other. It’s a harsh lesson for all of us, but once learned, it becomes a game-changer in every way.
- Authenticity
The message of our time is to be your genuine, authentic self—but how do you go about that in the formal, structured world of business? That’s one of the big questions we must ask and answer ourselves, but the good news is that becoming a solopreneur might be the quickest way to figure that out. When you work alone, every client you meet, partner you consider, or connection you make has profound value. All the time there is to spend, talk, or negotiate with that person is your time; chances are, you’ll get to know each other beyond your business personas. That’s the kind of experience that promotes authenticity in a way you won’t necessarily find in other career paths.
Do it yourself
Being a solopreneur starts with one or more ideas. Those ideas can be so different that a step-by-step guide is impossible to come up with. You might want to start with the legal aspect, seeing the requirements and deciding what kind of legal entity you should operate as. That process will help you identify more of the skills you need to acquire on the side, and for that, paid as well as free courses are easy to find all around the internet, from YouTube to Coursera and Skillshare. Additionally, you may want to get yourself a website and maybe something such as a mailing address or a commercial space. The latter sounds like a costly endeavor, but it doesn’t have to be—and we can help.
How we can help
According to Leapmesh, only 21.6% of solopreneurs operate in an office, while 51.6% run their business from home. That’s to be expected—you don’t just rent a commercial space for one person. However, you might need downtown-office-type amenities from time to time, not to mention a professional background for your Zoom (or, why not, in-person) meetings. For those times, we have the perfect solution: WeWork On Demand.
When you sign up for WeWork On Demand, all you have to do is select your location and find a coworking space you like. You’ll be able to rent as little as a single desk for as short as a single day. Also, you’ll have access to all the basics, such as fast Wi-Fi and meeting rooms, as well as to every other amenity unique to your property of choice. Regardless of the specifics, you’ll love it, and so will your clients.
