When most people think of starting their own business, one of the first things that comes to mind is the need to hire great employees.
While many companies can benefit from a high-performing team, the reality is that a number of entrepreneurs are choosing to go the solo route. Solopreneurship can be highly rewarding, giving you a level of control and flexibility that other options can’t provide.
This career path isn’t without its challenges, and it certainly isn’t for everyone. However, there are more resources available than ever before to help you achieve success. Understanding your own preferences and talents can help you determine if this is the right career path. Here, a few traits that may make solopreneurship a great option for you.
1. You desire autonomy and flexibility in your work.
Being a solopreneur is perhaps the ultimate way to achieve true autonomy and flexibility. As soon as you hire employees, you lose some of that, as you need to adapt your work practices to account for the needs of others.
Hiring employees can be a major boon to your bottom line, but the truth of the matter is that many people simply don’t want to deal with the stress and expenses that come with hiring, managing and potentially firing workers.
As an extension of this, solopreneurs generally have little interest in building a business empire or building a large company that they can sell. Their business is inextricably tied to themselves as a person, and this is how they prefer it.
Solopreneurs love their independence, because it allows them to run their business exactly how they want– undoubtedly part of the reason why 36 percent of Americans now freelance.
2. You have the passion and knowledge to go at it alone.
Yes, passion and knowledge are necessary for any entrepreneur, but these traits are even more important when you’re going to run your business completely by yourself.
Solopreneurs are driven at a level that causes them to go above and beyond so they can become true experts in their field. Their unparalleled skill and insight put them in high demand with potential clients. At the same time, a deep love for what they do helps stave off burnout, even during hectic or turbulent times.
3. You understand when to outsource.
Being a solopreneur doesn’t mean that you necessarily are going to do everything yourself — and the most successful solopreneurs fully embrace that. Whether you occasionally hire a freelancer to take on a design project or use an automation tool to manage your billing, such moves help you work smarter and achieve better results.
Outsourcing can be especially beneficial for solopreneurs who are ready to scale their businesses. Tasks like scheduling social media posts or managing accounts can easily be outsourced to trusted freelancers who manage the work on a part-time basis.
Savvy solopreneurs understand their limitations (both in terms of time and talent). Strategic outsourcing helps you devote more of your time to the tasks you actually enjoy — as well as the activities that contribute to your bottom line.
Perhaps the best way to evaluate whether solopreneurship is right for you is to look at your long-term career goals. Not everyone wants to run a massive corporation, and that’s fine. Solopreneurship lines up well with many industries, making it an excellent option if it matches your personality and interests. If you have the desire and mindset, solopreneurship can become a truly lucrative business opportunity.