10 Signs You’re Meant to be a Solopreneur
Picture this. You’re sitting at your desk, zoned out on a Friday afternoon, just waiting for the clock to tick over to five, so you can go out for Friday night drinks. And you start to think, maybe there’s a better way to work, a way to be your own boss and run the show.
If you’ve found yourself pondering what a life outside of the 9-5 looks like, you’re not alone. A record number of new companies were registered in 2021. The post-pandemic world of entrepreneurship is thriving as people search for meaning, flexibility and a way to work with their passions.
One of the biggest fields of growth are contractors and solopreneurs, people striking out on their own to freelance or run a one-man show. Taking that first step can be hard, how do you know if you’re meant to be a Solopreneur? Don’t worry, we’ve put together a list of ten signs that you’re meant to be a solopreneur.
What is a Solopreneur?
Firstly, what is a solopreneur? The term refers to a solo business owner, someone who runs their business alone. This could be as a contractor or freelancer, or even as a creative business owner making your craft and selling it online or at the markets. Most entrepreneurs begin as solopreneurs.
Wondering if this might be for you? Read through the signs below and see if it resonates.
You’re a self-starter
When you get an idea for a project, you jump into it with no hesitation. You’re good at getting things done. You’re someone who writes a to-do list and actually ticks it all off. To succeed as a solopreneur, you need to be a self-starter, able to set goals and timelines and actually meet them.
You see opportunity where others see problems
When things go wrong you don’t see it as a problem but a chance to reframe the situation and find new opportunities. You have creative problem solving skills and you put them to use. Finding new and interesting ways to evolve your product or service to fit in a changing market.
You’re comfortable taking risks
Let’s be real, starting your own business is one of the biggest risks you can take. And it won’t stop there, expanding the business, opening a new location, or offering a new service will always present some risks. You need to be comfortable with assessing and taking calculated risks to succeed in business.
You’re good with finances
While most businesses will get an accountant down the track, at the start it’s just going to be you. So, you need to be good with finances and able to plot out and plan your business costs.
To begin with you’re going to need a start-up fund for your business. The size of this fund will depend on what your business needs are at the beginning. It could as complicated as a website, with an online ordering system, custom designed logo, initial inventory and packaging, or it could be as simple as getting your ABN and creating a portfolio of your work.
It will all depend on your business plan and model. But one thing is for sure, a start-up fund and six months of living expenses will provide the safety net you need to get started.
You’re a People Person
You’re good with people and you have the gift of the gab. Salesmanship is very important for solopreneurs, you’ll be going out to bat for your business with potential clients, financial investors, and the public so you need to be good with people.
You have a vision
You know what makes your business idea unique and how you can fill a hole in your potential markets. You have a vision for the business and how it will grow. Solopreneurs need to have the vision for how they can make their business a success, what will set them apart from their competitors and they need to know how to communicate this vision to the world.
You’re not afraid of hard work
Nothing worth having comes easy and running your own business is no exception. It’s going to be hard work. You’ll need to go above and beyond to get your business off the ground. It can be hard, but there is nothing more rewarding than doing something you love and making a living from it.
You’re not suited to the 9-5 life
The cubicle life is getting you down, you don’t want to toil away working towards promotions and making other people’s vision come to life. You just don’t suit the 9-5, you want flexibility, to call the shots and reap the rewards of your hard work.
You’re forever levelling up
If you’re going to be a solopreneur, get prepared for a lot of hard work and constant learning. You’ll need to be ready and willing to learn stuff you didn’t even know you’d need in order to run your business. Website design, marketing, taxes, insurances, there is a lot to learn to successfully run your business. Luckily there’s a course designed for exactly this, the Certificate III in Entrepreneurship and New Business. This course is taught completely online, so you get a jump on your small business plans while you’re still working your day job.
In the course you’ll learn how to;
- Investigate business opportunities
- Develop and present business proposals
- Organise finances for new business ventures
- Address compliance requirements for new business ventures
- Build and maintain business relationships
- Deliver and monitor a service to customers
- Organise personal work priorities
- Contribute to continuous improvement
- Assist with maintaining workplace safety
- Engage in workplace communication
You can learn more about this course here.
You are persistent
The honest truth is that you won’t succeed right away, you’ll need to work at it. Persistence is the key to success and failure is just a bump in the road, a re-direction. You’ll need to be persistent and able to keep keeping on, even when it’s hard.
Being a solopreneur is not going to be for everyone, but if you read through this list and thought, ‘yeah I could do this’ then it might be the right path for you.
If you’re thinking of starting your exciting journey to running your own business, check out our small business courses here, or organise to have a chat with one of our course advisors, they will be able to guide you to the best course for you!