4 Benefits and 4 Challenges of Being a Solopreneur

Working for yourself might seem like the ideal job at first, but being a solopreneur comes with its challenges as well. If you’re looking to start a business and become a solopreneur, then this benefits and challenges list will definitely be something to consider. And if you’re already working for your own business, then we’re sure you can relate!

In this blog post, six solopreneurs share their thoughts on the benefits and/or challenges of being one, and even some tips to overcoming the challenges.

The Benefits:

1. Being in control

“A huge benefit to being a solopreneur is having 100% control over what I decide to put out there in terms of my business branding, who I work with, and what projects I take on. As a solopreneur, it also allows me to take more risks than I normally would, since there’s no one to scold me if an idea doesn’t work out the way I thought.” –  Chike Uzoka, serial entrepreneur and founder of Valentine Global

2. Having flexibility

“I love having flexibility in what my company is doing. Pivoting becomes a matter of opportunity and nothing else. So pivot a lot before you get too big. It’s easier to find your niche before you have to drag a bunch of company weight with you. I pivoted 4 times in 3 years.” – Alfonso Lopez, owner of Velopez Bike Fit

3. Running the show

“The biggest benefit of being a solopreneur is being able to run the show yourself – to do things your way, in your own style. Being self-employed can be tough, but I’d rather be a slave to my own business than someone else’s. It’s also great having the option to work whenever you want, rather than being pushed into working 9am-to-5pm – it means that you can work when you’re most productive, even if that means the middle of the night, or over the weekend.” – Steve Morgan, freelance SEO consultant at Morgan Online Marketing

4. Sense of accomplishment

“Having a sense of accomplishment is even better when you’re a solopreneur. I’m not getting awards and end-of-year bonuses from some higher-up boss, but it’s still rewarding to know I created something from scratch and am now my own boss.” – Mike Scanlin, CEO of Born To Sell

The Challenges:

1. Being a one-man/one-woman show

“One of the biggest challenges of being a solopreneur for me is the loneliness factor. I tackle this by visiting a coworking space as much as I can, and trying not to work from home too much, which can become quite isolating and boring. It’s good to have those ever-important social interactions, plus there are other benefits: networking opportunities, collaboration opportunities, getting advice from your peers, etc. etc.” – Steve Morgan, freelance SEO consultant at Morgan Online Marketing

2. Risky

“It’s risky, especially for someone just diving in and hoping to achieve immediate success. A person can also become a workaholic, causing them to get little sleep. I was sleeping maybe about four hours a night because I was my own staff. I began to get exhausted, feeling as though I was starting to submit sloppy work, due to restlessness.

I believe that there must be a balance. Starting off solo in the early stages is fine, however, one must be clear of when it’s time to grow and expand their team.” – Chanette Sparks, CEO & Founder of IBJ PR & Marketing

3. Inability to co-brainstorm

“One challenge I’ve faced as a solopreneur is getting help with making the ideas I have come to life. It’s not as easy as working with a partner or cofounder, especially because I have so many ideas. Another challenge is not always having someone to bounce ideas off of.” – Chike Uzoka, serial entrepreneur and founder of Valentine Global

4. Lack of a different perspective

“The biggest challenge that I?ve faced as a solopreneur is getting other people?s valuable perspectives and outside input in order to come up with strategic ideas that help grow the business. When you?re in a silo all by yourself, it?s easy to get locked into your own ideas and perspectives and miss overarching and macro level opportunities. One way that I?ve tried to overcome this challenge is to develop strategic advisors that are trusted partners who are willing to meet and discuss the challenges of the business and offer creative ideas.” – Will Schneider, owner of FulfillmentCompanies.net

Do you own your own business? Let us know what are some benefits and/or challenges that you have experienced as a solopreneur!

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