Uncover the solopreneurship ideas that will challenge your beliefs and ignite your business.
As a solopreneur, I learned the many benefits and challenges of running a business independently.
From the freedom and flexibility to the lack of support and community, solopreneurship can be both rewarding and frustrating.
Despite its many ups and downs, there are still a few controversial things about solopreneurship that may surprise you.
In this post, I’ve curated three controversial opinions about solopreneurship that might surprise you. Read on, and don't forget to let me know your thoughts in the comments.
1. Don’t quit your job before being cash-positive
I know how exciting it can be to have a brilliant business idea.
You might be tempted to quit your job and jump into entrepreneurship with both feet. But as fascinating as it may be, starting a business takes work.
I recommend starting a side hustle while you are still working.
When you start a side hustle, you have the opportunity to test your business idea and see if it has potential.
You can work on it while still having the security and stability of a full-time job. This way, you can avoid the risks and challenges of quitting your job before your business is ready.
I know this from personal experience. When I started earning from writing, I was tempted to quit my job and dive into solopreneurship headfirst. But I knew being a full-time writer was complicated and needed a backup plan. So I decided to write as a side hustle and kept my job.
It wasn’t easy and took a lot of hard work and dedication. I had to balance my full-time job with my side hustle, which was a challenge. But it was worth it because it gave me the time and space to test my business idea and see if it had potential.
And you know what? It did.
My side hustle grew, and I was able to build a solid customer base and generate revenue. I onboarded amazing freelance clients and built up steady income streams from multiple sources. That gave me the confidence and motivation to quit my job and focus on my business full-time.
If you’re looking for motivation, I’ve detailed my transition story here-
If you’re considering switching to entrepreneurship, I encourage you to start a side hustle first.
Don’t quit your job immediately, and don’t jump into entrepreneurship without a backup plan. Work on your business on the side, and quit only when your backup is ready.
This way, you can avoid the risks and challenges of starting a business and set yourself up for success.
2. At the start, work-life balance is a myth
When I embarked on my solopreneurial journey, I used to be overwhelmed with work, drowning in an endless sea of responsibilities.
I worked 12-hour days, often burning the midnight oil, to keep up with the demands of my clients.
I knew I needed to find a way to balance my workload and find some work-life harmony, but I didn’t know how.
That’s when I decided to take a bold step and hire a writer to help me with some of my work.
At first, I was hesitant to delegate tasks. I was afraid of losing control, of making mistakes, and of not being able to trust someone else to do the job as well as I could.
But I was also desperate for relief from the constant pressure of my workload, so I took the plunge.
Working with her turned out to be a game-changer.
She was professional, reliable, and capable and quickly became a valuable team member. As I worked with her, I realized that delegation doesn’t have to be as hard as it seems if you pick the right people to work with.
With the right team under your wing, delegation can be a powerful tool for building a successful and sustainable business.
With my newfound confidence in the delegation, I began automating many business processes. I used technology and software to automate repetitive or time-consuming tasks, freeing up even more time to focus on the most important aspects of my business.
Today, about 90% of my business is automated, and I spend only 2–3 hours each day working. This would not have been possible without delegation and automation. I have found a healthy work-life balance, and I can focus on the things that truly matter to me and my business.
Delegation and automation are the keys to finding work-life harmony as a solopreneur. But before you reach there, you might need to put in the extra effort to build a solid foundation for your one-person business.
3. Passive income is a myth…until it isn’t
I used to believe in the myth of passive income.
Earning money while I slept, without putting in any active effort, sounded so awesome.
I soon learned this was not the case.
To truly earn passive income, you must first build assets that continue to pay you without any active effort. This can take time and patience, as you must carefully plan and execute your strategy to create sustainable passive income streams.
At the start of my freelance writing business, I focused on building scalable income streams that required active effort.
As my business grew and I gained more experience, I gradually transitioned to building passive income streams. Today, I have digital products whose sales are automated and guest posts that earn me a pretty decent amount each month.
Passive income takes time to build, but it is indeed possible. Here are some actionable tips for building passive income streams:
- Start by defining your passive income goals. Consider factors such as the amount you want to generate, the level of effort you are willing to put in, and the types of passive income streams that align with your business and personal interests.
- Research different passive income opportunities and evaluate their potential to generate income for your business. Consider factors such as market demand, competition, and the costs and benefits of each opportunity.
- Create a plan for building your passive income streams, including a timeline, specific tasks, and resources you will need. This plan should be based on your research and analysis of successful case studies in your niche.
- As you implement your plan, be prepared to experiment and adapt to changing circumstances. Building passive income streams often require trial and error, and you may need adjustments.
- Stay focused and persistent. Building passive income streams can take time. It is essential to remain focused on your goals and persevere through these challenges.
- Leverage technology and automation to streamline your business processes and make managing your passive income streams easier. This can save time and effort and allow you to focus on other aspects of your business.
- Regularly evaluate and optimize your passive income streams to ensure they are sustainable and continue to grow over time. This may involve adjusting your business model, pricing, marketing, or other factors.
Despite these challenges, solopreneurship can also be incredibly rewarding. When you’re running a business, you have the freedom and control to make decisions and pursue your goals.
You have the opportunity to create something that is uniquely yours and to enjoy the rewards of your hard work and dedication.
So if you’re thinking about becoming a solopreneur, be prepared for the challenges and controversies that come with it. But also be prepared to reap the rewards and enjoy the journey. Solopreneurship can be challenging, but it can also be gratifying.