11/28/2018

4 Reasons It’s Totally Awesome to Be a Solopreneur

It takes a certain kind of person to be a solopreneur, largely because it’s an exercise in self-empowerment. It’s not just a matter of running the business yourself; as a solopreneur, you are the business. It falls to you to handle every responsibility and challenge. It’s a sort of professional adventure and not one to be embarked upon lightly.

Don’t be fooled, though. The effort involved in making your venture successful isn’t a sacrifice—it’s an investment, one with surprisingly exceptional returns. For those who are inclined to the lifestyle and can work hard to achieve success, being a solopreneur offers some very unique benefits.

Here are the top four things that are awesome about being a solopreneur.

Work as Much as You Want

This perk is rarely considered, usually because not everyone understands how valuable it is. As a solopreneur, you can work as much as you want. Now, most people would read this as “work as little as you want,” but that’s not what we’re talking about. There’s not really any room for slacking off as a solopreneur. This is candidly the opposite.

What this means is that those who want to work more, those who may even enjoy their work, can work as much as they like. Perhaps more importantly, it also means that those who do work more will be rewarded for it.

Why would working more—potentially putting in 60-80 hour weeks—be better? Because let’s face it—if you’re considering becoming a solopreneur, you likely:

  • Are really good at something
  • Really like doing that thing
  • Feel you don’t get paid enough for doing that thing

Those who already have experience working freelance and being paid per piece or per project know that working faster equals more money, and that’s an excellent equation when you’re good enough to do quality work at high speeds. Being a solopreneur allows you to maximize this benefit, enabling you to do what you like as much as you want.

If, for example, your thing is hand carving dining room chairs from maple wood, you can focus nearly all your time making those chairs, and make as many of them as you can stand (no pun intended), without having to worry about meetings, useless distractions, errand runs, and so forth—that is, as long as you’ve prepared every necessity beforehand.

So you earn as much as you like based on how fast you can work. For those that work faster than the average bear, this can be a huge blessing and can increase profits dramatically. By the time you’re done, everyone and their dog will have a fancy, hand-carved Canadian chair.

Yes, there will be those days, weeks, and potentially even months where you use your time for leisure. But those respites come largely because you can do extra work before—and after—building up a buffer first, and then recouping a little financially when you return to your labors.

Modify Your Schedule as Needed

While work still has to be done if you want to get paid (there’s no such thing as salary for a solopreneur), you do have the freedom and the flexibility to decide when and how that work gets done. For those willing to keep odd hours or put in the aforementioned effort to build buffers, you can work the schedule that best fits your most functional hours of the day. You can also take breaks as needed to run errands, enjoy leisure activities, or go on vacations.

Along the same lines, you can also modulate your workload as needed over time. Because you’re the President, CEO, and sole operator of the business, you get to decide who you’re willing to work for and how much work you’re willing to do at once.

If you don’t like the nature of the job you’ve been pitched, you can move on to the next opportunity. If you want to slow things down for a little while, you can take on fewer projects. And if you want to increase your workload to maximize your revenues, that’s an option as well. Just be aware that the freedom to be picky with your work usually only comes after you’ve spent time building your reputation and your clientele by taking nearly every job that comes your way.

In any case, you never need to worry about asking for time off again, or that taking care of a personal matter will cost you your job.

Make Your Own Decisions

We don’t always admit it, but many of us like feeling in control. It can be frustrating being required to pass the reins over to someone else and having to let them make decisions for us. The fact of the matter is, many solopreneurs go into business for themselves specifically because they want to put themselves back at the helm of the ship.

It’s the perfect arrangement for those who feel most confident in decisions they make themselves. As a solopreneur, you get to be the boss. You don’t have to answer to anyone (except maybe your clients). You don’t have anyone to look down on you or walk all over you (metaphorically speaking). Best of all, if you’re having a bad day, are sick, or want to work remotely, etc., there’s no pleading or assuaging necessary.

This is the kind of occupation solopreneurs are looking for. After all, most people who become solopreneurs aren’t content to sit back and take orders. For them, not getting to weigh in on decisions is a big problem, and having someone else determine what needs to be done, how it’s going to be done, and when it has to be done is a worst-case scenario.

Solopreneurship bypasses all of that. It’s your business, so you decide how branding is done, what the website looks like, and what pictures go on the business card. A word of caution, however: don’t let all that power go to your head. If you pay for outside help from an expert in a particular field, remember that they’re an expert in their field, and you may not know what you’re talking about.

Hoard the Treasure

As the “Me, Myself, and I” of the business, you get to set your own prices, so you’ll finally be paid what you’re worth. Better still, with no one else employed by the company you get to keep all those earnings for yourself. Minus the taxes, of course, unless you want to Al Capone yourself into prison.

That does mean, however, that you can’t just go dumping everything into your personal bank account without a second thought. You first have to have an accurate account of what expenses the business has so that you can correctly allocate necessary funds to business needs.

On the upside, it also means that quite a few of your personal expenses (including meals, travel, materials, equipment, etc.) are tax deductible. That trip to Barcelona to meet a client (then see the sights)? The plane tickets are deductible. So is that slick new work laptop you got.

For many, this is the main reason for the switch—instead of receiving a minimum wage for your labors, you benefit directly and substantially from the company’s profit margins.

Conclusion

Becoming a solopreneur is not for the faint of heart. It’s not easy, and it involves more risk than the average job. It requires wearing many different hats, professionally speaking, and doing it well enough to keep the business afloat. And at times it can be a little lonely.

The upside is, like with many gambles, the potential payout (in actual pay, and in fringe benefits) is considerable. That said, you can’t do it all alone, nor should you have to. Occasionally you’re going to need a place (or places—remember, you’re a “location rebel” now) to meet with clients, partners, and other professionals.

That’s where Davinci comes in. We can provide everything you need to keep your business running smooth and looking professional. Contact us today to learn more about how we can help you get your start in solopreneurship.

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