Solopreneur Meaning Explained

Have you heard the term “solopreneur” and wondered what it meant? If you’ve looked into solopreneurship, you know it can turn into a booming career. 

However, if you’re new to the term, you may not know what to expect or why this has become so popular in recent years. 

So what is a solopreneur anyway? Obviously, the word is a mashup of two keywords — solo and entrepreneur. It’s a new word for someone who creates and runs a business on their own, without a co-founder. 

The term is used in connection with a side hustle, hobby project, podcast, influencer account, etc. Essentially the only requirements are to have a gig (usually one that brings in money) and to run the show all on your own. 

Eventually, solopreneurs can expand their gigs to a place wherein they hire workers, have additional products or services, etc. But starting out, it’s a one-man-shop. They’re all in, and it’s up to the individual to create their own success.

The Draw of Being a Solopreneur

There are many reasons that this practice has become so popular in recent years. Most notably is that it provides the owner with the freedom to do as they choose. As a solopreneur, business owners can profit off of a hobby that they know and love. They can find fulfillment in learning new skills and more. 

It’s also a gig that allows the owner to perform on the best schedule for them. Whether they are in a full-time gig or making the solopreneur option their main source of income, it’s completely customizable. 

Better still is that anyone can be a solopreneur in an area that works for them. Follow your own skills and interests to create a world in which you can profit going forward. How much do you want to make? What types of things interest you? How can you turn that into a business? 

Continue whatever path interests you most and adapt it to your wants and needs as a business owner. This is what solopreneurship is all about. 

With the sky as the limit, it’s not hard to see why so many have taken this path (and will continue to do so) long into the future. 

How Technology Made it All Possible

Years ago, it was difficult to be a business owner. As the old saying goes, “You have to have money to make money,” and that was almost universally true. Business owners had to have ways to take payments. That meant expensive credit card processing machines and paying transaction fees just to accept them in the first place. 

Business owners, even on a solo operation, had to have a way customers could contact them. That meant keeping a phone line or fax machine open, which also cost money. There were less options for online legal resources. To set up a limited liability corporation (LLC), you had to go to offices in person, which was confusing or difficult for those with full-time jobs. 

It wasn’t something one went into lightly. Before opening a business, folks had to put money down, and they had to keep up with heavy operating expenses going forward. That alone lowered the number of people who owned businesses.

Now, most of those obstacles simply don’t exist. Basically, anyone can set up paperwork online and accept payments with ease. And they can do so without paying much in fees if any at all. 

The same goes for communication. With everyone having smartphones, they can communicate with customers with ease and without an additional expense. 

All of these changes have made it far easier for business owners to exist in today’s world. It’s caused a huge boom of business owners to pop up and find their own world of success — even if they’re the only ones working for their brand. 

Thus, tech influences have greatly paved the way for solopreneurs.

Another draw for becoming a solopreneur is that the levels of success you can create are seemingly endless. You are only limited by your own willingness to work. You can continue to find growth in the future, so long as you are willing to work hard to find it. There is no cutoff or top tier about what your income can become. 

Some solopreneurs make nothing but just enjoy what they do. Some have a modest income and make an incredible income off of their business. All you have to do is set a goal and start working toward it to make it happen. 

What You Need To Become a Solopreneur

To become a solopreneur for yourself, there are only a few areas you need to prep. Of course, that will change based on the industry you work within. But for the most part, only a few main possessions will help get you where you need to go. 

Start off with a business name and model. What will you be doing? How does your brand work? Is there a limit to what you do? And so forth. Create a plan to outline your own company and create a path you want your brand to fall within. This will allow you to have a blueprint going forward, outlining what you do, how you do it, and more. 

Next, you’ll need a way to take payments. Whether you do this through a bank or mobile app, sit down to do a little research and determine how you would like to take payments for your solopreneur business. 

You’ll also need a way for people to contact you, whether through call, text, Facebook messenger, etc. This is a simple way to connect into the future and allow others to connect with you. Customers can reach you to provide business, and you can do so without having to keep up with a costly bill toward communication. This is one of the best moves about technology advancements. It’s made business ownership more affordable and more accessible to the masses. 

Finally, you’ll need a space to work. Maybe you will work out of your bedroom or at your dining room table. There is no right or wrong answer here, just one that works for your venue. Simply space where you will complete your jobs as they come in. You can also pack your supplies away when not using them if your space allows. This is a great way to get started, even if you want to expand your operation in years to come. 

Once all of this is in place, you simply need to start marketing your business to make it happen. Becoming a solopreneur is a great way to create extra income for yourself, fulfill the desired hobby, or all of the above. Consider exploring this option if you have more to give the professional world and want to find a new way to branch out and expand your skills. 

Conclusion

The term solopreneur is a growing trend among all ages. Whether you’re a millennial, Gen X, Gen Z, or even older, there is a place for you as a solopreneur. Because it’s an industry that is completely customizable, you can adjust and adapt as needed. 

Better still is that you can use it as a way to create fulfillment, even if you aren’t looking for a second career. By using a hobby or learning a new skill, you can easily create a business model that you enjoy working within. 

Simply create a goal and find ways to make it happen. You can go as small or as big as your heart desires. That is the beauty of becoming a solopreneur — you can make it your own while still finding success. 

Don’t overlook the importance of your potential for business ownership, even if the operation will be small. 

If you look at the history of technology and business ownership, you can easily see how this process came to be. As the internet has made legal documents and proceedings more readily available, and as tech movements, like payment apps, have made processes available to the masses, owning a business is becoming easier than ever.

That’s true, no matter what size of scale you prefer to work on within your upcoming business. To learn more about starting a business of your own and becoming a solopreneur, subscribe to our newsletter. You can earn access to tips and tricks and insight on how to make your professional dreams a reality. Subscribe today to learn more. 

SOURCES:

3 Reasons Solopreneurship Might Be Perfect for You

What Is The Definition Of Solopreneur

5 Things I’ve Learned From Venturing Into Solopreneurship