Chapter 1

Understanding Solopreneurship

IN THIS CHAPTER

Knowing what sets solopreneurs apart from others

Exposing myths about solopreneurship

Getting into the mindset required for solopreneur success

Have you ever wondered what it truly means to be a solopreneur? If you're reading this book, odds are, your answer is yes. Solopreneurship is more than just a career path. It's also a mindset and a lifestyle that can be incredibly rewarding, but it isn't for the faint of heart. In this chapter, we pull back the curtain on what it really means to be a solopreneur and debunk common misconceptions about running a one-person business. We talk about what solopreneurship looks like, the many roles you need to embrace, and why flying solo is both weird and wonderful.

Why Solopreneurship?

Let's be real. Traditional jobs don't always offer the same security and fulfillment they once did. With freedom and the chance to build something that matters to them in mind, people are realizing the "9:00-5:00 for 40 years" model isn't the only path to success.

With modern technology, running a company of one has never been easier. You can work from anywhere, your target audience can expand from local to global, and you can make a living while following your values and passions. Solopreneurship isn't just a trend or career choice. It's a mindset and lifestyle change that prioritizes flexibility, work satisfaction, and puts you in the driver's seat of your life.

Figuring Out What a Solopreneur Is

While the term solopreneur has become popular over the past few years, it isn't mainstream, even though the number of businesspeople who fall into this category is in the tens of millions (and counting).

For the purpose of this book, a solopreneur is a person that runs a company of one. They manage and grow their business independently, often bringing on contractors, freelancers, or virtual assistants to support them. What sets them apart is the intentional decision not to build a traditional team of employees. If you manage contractors for your business, you need to understand the legal distinction between contractors and employees. Thoroughly research rules and regulations to ensure you're classifying people correctly.

The keyword in the previous paragraph is manage. While a solopreneur is ultimately responsible for every area of their business, you'll see that throughout the book we strongly encourage outsourcing and collaboration with others.

What often differentiates solopreneurs from traditional entrepreneurs is that instead of purely turning their passion into profits, they opt for work-life balance, flexibility, and autonomy. The following sections explain a few notable things about being a solopreneur.

You don't have any employees (except you)

Solopreneurship is a one-person show. And while being your own boss can be exhilarating, it also means that you're every employee you would hire wrapped into one. Just because you don't have a marketing, sales, or customer service manager, that doesn't mean those roles don't exist; it just means each one falls on you.

Look at solopreneurship as an exciting adventure in which you'll discover many new things, rather than an overwhelming to-do list you'll never get through. Embrace the potential chaos and roll with the challenges. Most solopreneurs don't know how to perform all the traditional jobs required to run a business, but they figure out a way to get things done, and so can you.

You are forgoing a scaling tool

You may have heard that solopreneurs lose a powerful scaling tool by not having employees, and that's true, but it doesn't mean you can't grow. You can do it in a variety of ways, including the following:

• Artificial intelligence (AI): If you haven't embraced AI, it's time to give it a try. Spend time on the big-picture stuff like strategy and growth, and let AI help you take care of things like market research, idea generation, and more.
• Automation: You don't have to do your lead nurturing (building relationships with potential customers), onboarding (welcoming new customers to your business), and invoicing manually. You can put automated systems in place to perform repetitive tasks behind the scenes.
• Outsourcing: Although you don't have employees, you do have the option to hire contractors and freelancers. But remember that outsourcing doesn't eliminate work; it shifts work. You'll still need to set expectations, communicate clearly, and oversee delivery of the outsourced work. That said, outsourcing gives you access to specialized expertise without the commitment or costs of a full-time staff if you manage the process well.
• Productization: If you're starting a service-based business, figure out a way to productize your skills, for example, by creating a video course. This way, you can have passive income (which requires little effort after creation) and not trade your time for money (a finite quantity).
• Rate increases: If you like the way things are going in your business but want more money, consider raising your rates. People are often afraid to hike prices, but charging higher rates can be a low-risk, high-reward way to increase revenue.
• Strategic partnerships and collaborations: Aligning your business with complementary businesses allows you to reach new audiences, jointly create offers, and establish more credibility. You can increase your growth and exposure without a ton of extra effort.

Being able to scale doesn't mean you have to. If you're happy with the direction your business is moving in, and you're bringing in your desired income, just continue running things the way you have been.

What solopreneurship isn't

Solopreneurship isn't freelancing. Sure, they're similar, but we've found that while freelancers typically go after projects or gigs, solopreneurs build a business around their product or service.

Similarly, solopreneurship doesn't always follow the rules of traditional entrepreneurship. Entrepreneurs typically want to scale with employees, expand their operations, and grow their revenue exponentially. Solopreneurs want to make a living while enjoying their life. The dollar amount on their bottom line isn't usually their North Star the way it is for many aspiring entrepreneurs.

Solopreneurship shouldn't be mistaken for a side hustle (something you do to supplement your primary income) because the mindset, goals, and commitment level are fundamentally different. While starting a one-person business as a side hustle is a smart, low-risk way to test the waters, the ultimate aim is to create something that replaces your current paycheck and ideally offers more freedom, fulfillment, and control over your work-life balance.

You may also hear that solopreneurship is all about bringing in passive income, and while that can certainly be an arm of the business, most solopreneurs are very involved and actively engaged with the daily operations of their business.

Lastly, solopreneurship isn't a constant struggle where you have to say yes to anything that comes your way to make ends meet. Top solopreneurs focus their offering, and set up systems, business models, and strategies to run a successful company.

Solopreneurship is about designing a business around the life you want, not just earning cash on the side. That long-term vision is what separates it from a hobby or gig. It requires strategic thinking, long-term planning, and a commitment to growth. It's not just trading time for money; it's building something you own and shape over time.

Why solopreneurship is weird

Although being a solopreneur is wonderful, it's also unfamiliar to a lot of people (maybe even you), so this business and lifestyle has a way of feeling, well, weird from time to time. Here's what we mean:

• You wear every hat. One day you're the top dog crafting strategy, the next you're creating marketing materials, and the next you're responding to customer emails. Some of you may even scrub your office toilets! There isn't an area of the business you don't touch, and that might be a new feeling.
• No two days are alike. Never knowing what the day will bring is stressful and thrilling at the same time. While you can certainly attempt to set a routine, you must be ready to pivot if need be.

• People won't understand what you do. When people aren't familiar with the world of solopreneurship, they make all kinds of assumptions about what your day looks like, how many hours you work, and so on. You can try to explain your work to them but don't take it personally if they never fully understand. It's a unique world!

  This is a reference to what a day in your life looks like, not what you sell. You absolutely want to make sure people understand your products and services; otherwise, you have a major problem. But, don't worry, because this book is designed to help you with that.

• The unknown becomes familiar. It's okay not to know what you're doing a lot of the time. The...