One of the toughest decisions entrepreneurs have to make when starting a business is deciding whether to go solo or to involve other people in their venture.
For small-scale businesses, many entrepreneurs choose to go solo when starting a business.
It is important that before making that decision, you must weigh the pros and cons. This is even more relevant to online entrepreneurs.
Advantages of Solo Entrepreneurship
- You are the sole decision maker
Instead of following another person’s orders, a solo entrepreneur gets to create his own pathway to success.
You can craft your business exactly the way you want it. You make all the decisions, big and small. From marketing, hiring, and product design decisions to what brand of printer to buy.
Additionally, you can change on your own whatever plans you had before to adapt to current business conditions.
- More learning
As a sole entrepreneur, you will get to learn more about your business and yourself.
You will discover new traits and capabilities that you never thought of before.
Solopreneurs often run one-man or one-woman businesses. As such, you multi-task most times. If you run a web development company, you get to hone not just your programming skills, but also your design and copywriting skills.
In the long-term, these new skills will strengthen your personal brand.
The most desirable feature of working as a solo entrepreneur is the flexibility of your work hours.
You get the luxury of planning your time to suit your needs. Your personal schedule does not have to revolve around your job. You can begin working at any time of the day depending on your schedule.
- Lower business costs
Your business costs are relatively lower when you are working solo, compared to when you have employees.
For online entrepreneurs especially, you will not have to worry much about fixed costs. You can turn your home into an office, and there are no salaries to pay since you do not have any employees.
Disadvantages of Solo Entrepreneurship
- Dealing with added stress
Solo entrepreneurs face challenges that need quick thinking and smart decision-making.
It can be very stressful to face these challenges alone.
The amount of responsibility on your shoulder and uncertainty can be overwhelming to one person.
- Tough financial situation
Solo entrepreneurs do not have a steady paycheck to depend on. This is especially true when you’re just starting the business.
You also risk going broke since you get to shoulder all the financial burden of the business.
You have to hustle to make a profit. To ensure the bills are paid on time whether the business is doing good or not.
- Shouldering all the risks
In business, there is no guarantee of success. The risk of failure is high, especially for startup companies.
In a solo entrepreneurship, you alone shoulder all the risks that entrepreneurship entails.
As a solo business owner, you need to stay resilient and be able to handle failures and disappointments. In such cases, You should learn how to bounce back, stay optimistic, and believe in your strengths, capabilities, and ideas.
Keep in mind that being a solo entrepreneur doesn’t mean you don’t need any help. That you have to do everything by yourself. You can hire contractors to do routine admin work that keeps you from doing more important, business development tasks.
To take on solo entrepreneurship, one needs to be self-motivated, disciplined, and resilient. You also need to be a risk-taker.
It is wise that before getting into this business setup, you take stock of yourself first. Figure out what your strengths and weaknesses are. Finally, keep an open mind, just in case things do not go as planned.
Are you ready to be a solo entrepreneur?