💡 Business Tip - Don't Become a Solopreneur if These Are True (Issue #63)

10 reasons you should not become a solopreneur

Yes, I love being a solopreneur. And I frequently sing the virtues of running a lifestyle business.

In fact, I’m hosting a workshop on Feb 26th for those of you who dream of quitting your job to pursue building a business (Build a Lifestyle Business to Escape Your 9-5 Job). Grab your ticket now! The price goes up next week.

But it’s not for everyone. I certainly don’t want to encourage the wrong people to give up a stable job and try solopreneurship.

So, here’s a word of warning. If these ten things are true, solopreneurship might not be right for you.

1. You don’t have a financial cushion

2. You need to be told what to do

3. You don’t have creative ideas

4. Your capabilities aren’t marketable

5. You need a specialized work environment

6. You don’t have the patience

7. You don’t like taking risks

8. You would rather chase wealth than freedom

9. You care too much about what others think about you

10. You get lonely without structure

---

1. Financial Cushion

In the best case, you test your business idea on the side while you still have a job. You make sure it will consistently generate enough revenue to support you before you go all in and quit your day job.

However, reaching business profitability usually takes some time. You’ll feel more secure if you have 6-12 months of living expenses saved. That cushion will give you more confidence to keep going until your business generates enough to support you.

2. Productivity

Solopreneurs need to be self-starters. You won’t have a boss telling you what to do. No manager will be around to check on your work schedule and keep you on track.

You will struggle as a solopreneur if you don’t know how to plan your work, leverage your calendar, and stay focused to get things done.

3. Creativity

Building and operating a successful solopreneur business requires some creativity.

• You will generate your initial business idea and design your model.

• You are the one who has to come up with your business strategies.

• You will need to be creative with your offers, marketing, and sales.

It will be really hard to run your business well if you can’t come up with new ideas and solutions.

4. Marketable Capabilities

Solopreneurs often translate their talents, knowledge, skills, and experience into services they can market to potential customers. Or, they use their skills to create something that can be sold (i.e., goods).

The good news is if you have capabilities that an employer already pays you for, you probably can package that up to sell directly to customers. But, if you’re not able to market them to direct buyers, that could be a problem.

5. Work Environment

Some jobs must be performed in specialized environments. For example:

• Surgeons

• Pilots

• Scientists

• Heavy equipment operators

• Factory workers

Most solopreneurs can’t afford the investment required to replicate environments like that (e.g., purchasing a commercial jet or building a hospital). So, it would be almost impossible to build a business that operates exactly like the old work environment.

6. Patience

Building a new business takes time. New solopreneurs often make mistakes and have to make changes to their plans. We learn and adapt to improve our businesses continuously.

All of this requires patience. It can take months or even years to tune everything to operate the way you want. If you are impatient and expect results and perfection quickly, you will struggle as a solopreneur.

7. Risk

Starting a new business is always risky. There is no guaranteed success.

If you are risk-averse and uncertainty makes you feel incredibly anxious, solopreneurship may not be right for you. Quitting a job to run your own business will be scary, and some people are okay with that (e.g., they prefer it to feeling miserable in a job). Some people are not.

8. Wealth vs. Freedom

Can you become wealthy as a solopreneur? Yes, of course, that is possible. I know some people who have done really well for themselves.

However, most of us who choose solopreneurship do so for other reasons. Making money is necessary, of course. We need to make a living! But we care more about freedom, living a better life, and working on something meaningful.

If you’re more interested in pursuing wealth, solopreneurship may not be right for you.

9. Confidence

If you care too much about what others think about you, you may struggle with solopreneurship. Running a business like this is not what most people do. Your friends with 9-5 jobs might think you are taking a big risk and making a mistake. They may even make fun of what you do.

• Do you have the confidence to stick with it despite what others might say?

• Are you prepared to be more visible on social media?

• Are you ready to market your business, products, and services online?

You may find it challenging to be a solopreneur if you worry too much about the opinions of others. Having a point of view and getting noticed often requires being strong about your beliefs and saying polarizing things. Not everyone is cut out for that.

10. Loneliness

Finally, some people need the structure of a job and coworkers. They find they get too lonely when they work on their own.

As a solopreneur, you often work by yourself. If you want supportive peers, helpful mentors, and like-minded friends, you will need to find them for yourself. You won’t have a boss putting you into a cubicle surrounded by coworkers.

If you’re not good at networking, you may struggle with solopreneurship. It’s something I’ve had to work on personally. But, now I do have solopreneurial friends who are always there for me.

---

In conclusion, I’m not saying you shouldn’t consider solopreneurship if a few of these things are true. But, if most of them are true about you, you might struggle with building a business and working on your own. It’s not right for everyone.

---

I’m Larry Cornett, a business coach who can work with you 1-on-1 to design, launch, and optimize your business. I live in Northern California near Lake Tahoe with my wife and Great Dane while running my businesses 100% remotely.

Photo by Phil Desforges on Unsplash