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What does "Solopreneur" Mean? The Ultimate Guide To Solopreneurship

7 Reasons Why You Should Become a Solopreneur – April 21, 2021 

by Yiming Xuzhou | @siliconvalbread

why become a solopreneur

Believe it or not, you can become a solopreneur without quitting your job. In fact, it might even make you better at it. How? Let’s find out.

But before we get into the 7 most compelling reasons to become a solopreneur today, let’s define what exactly a solopreneur is. 

If you already put on your thinking cap, you probably pieced together how solopreneur is a mix of the words “Solo” and “Entrepreneur”. 

That’s because a solopreneur is essential just that.  

What is a Solopreneur?

One who organizes, manages, and assumes the risks of a business or enterprise without the help of a partner : a solo entrepreneur

Definition by Merriam-Webster Tweet

Based on this definition, you might think that solopreneurs never work with other people.

They might work alone.. .    But for every hour they spend working, they spend 54 minutes networking. (Remember the last P of the 4 P’s of Marketing?)

In reality, solopreneurs almost always work with other people, constantly. At least the successful ones do!

The difference is that solopreneurs do not hire outside employees, they usually don’t have offices, and they tend to see collaboration as a totally separate entity from their craft. That being said, collaborating with other people, businesses, and entrepreneurs is still essential to the success of their business. 

solopreneur relationships

But why should I become one? Isn’t it better to work with a team? Can I make real money from doing it? How could I become one?

Well let’s find out.

The 7 Reasons Why You Should Become a Solopreneur

You can make passive income with a side hobby

If it’s done right, solopreneurs can keep their job while bringing thousands of dollars in revenue each month. Skilled solopreneurs take the time to learn how to make passive income right from their home. 

When they are not at work, they spend free time working on their personal projects whether that’s in the form of a blog, an e-commerce site, or a dropshipping service. (with many other options as you will see later) 

As a result, they eventually find ways to make recurring revenue.

Recurring revenue is the kind of money that can turn into a snowball

At least, that’s the goal. Here’s how to get there. 

 From there, they can choose how to spend their extra time once again. That could mean making a new passive income business, traveling, or practically anything else. Essentially, they gain the financial freedom to pursue their interests.  

End result? Solopreneurs can find themselves building many different passive income businesses as the years move on. 

Depending on how they dedicate the time they spend on entrepreneurship, they can speed up the process or take it slowly. Of course, maximizing productivity becomes a huge factor here too. 

Additionally, each time they fail or succeed in a new venture they learn something new. Their personal growth is always an upwards trend. Sounds like a pretty solid proposition, right?

You can choose what type of business to start

There are many different types of solopreneurial businesses you can start. 

 Depending on your skillset and resources, you can choose which one fits you best. 

Option 1. Start a Freelance Business

At the most basic level, freelancers are people who earn income by working on multiple specific projects at once. 

Compared to an entrepreneur (someone who makes money by starting a business), freelancers typically join job marketplace websites like Fiverr to find their clients. 

They are also paid by individual contracts for each job they complete. 

However, a freelancer can become a solopreneur by creating their own freelance service website where they talk about their craft, share cases of their work, and sell their time by the hour or the completion of a project.

Whether they use a freelance marketplace or they start an individual website, they always have a portfolio website that speaks about their businesses or services. 

Freelance workers can make money from a variety of ways. In addition to being a marketing writer for other companies, you can…

 

 -Design website landing pages for people

 -Program code for contracts

 -Translate languages

 -Do graphic design

 

Essentially, you can use any skill you already have to start a solo freelance business. 

I highly recommend making a portfolio page first if you plan on going this route. Having a strong landing page is essential to having a successful business. 

The landing page of your website is the first thing any customer will see from you. It also has the highest conversion rate (23%) for getting a customer’s contact information so you can start building a relationship.

Having a sleek landing page that is relevant to your customer’s needs is the first step to starting any kind of solo or entrepreneurial business. 

Also, most companies don’t code their own landing pages to save time, energy, and overall effectiveness.

It has been shown that businesses using optimization software for their landing pages get 30% more conversions that ones that don’t.

With this in mind, I would recommend LeadPages as the best software for creating a landing page that impresses and converts your customers. 

Here’s an example of a freelance landing page you can create with it. 

  • Do you want more customers?

    SVB Digital is determined to help a business reach Silicon Valley heights. Will it be yours?

  • Option 2. Start a Creative Blog

    If you don’t want to do freelance work for contracts, I totally understand. 

    It kind of seems like an addition to your already-present job huh?

    Another option is to use your creativity and passion to create a blog that makes good money on the side. 

    You might be thinking… oh a BLOG? There’s no way that can make me passive income. 

    Well that is very, very wrong. In reality, some bloggers can bring in hundreds of thousands of dollars in passive income. And that’s in a single month. 

    Yeah, I’m serious. 

    Consider Neil Patel for example. He makes over $380,000 from just one of his blogs

    That being said, it would probably be extremely hard for you to get to Neil’s level without the proper education, skill, and dedication. 

    But you could easily make at least a tenth of what he earns. 

    Neil writes about online marketing on his personal blog and generates money through affiliate marketing and selling his service. He gained his passion for online marketing when he was around 15 years old. 

    20 years later, he has fully shared with the world how good he is at marketing and it has paid him very handsomely. 

    Depending on your passion, you could eventually find yourself at this level too. 

    In fact, I would consider this as your best bet for making a passive income side hustle as a solopreneur. You just have to learn how to start a blog and stay consistent with your content posting. 

     That’s it. Mostly. 

    Option 3. Sell your services with E-commerce or Dropshipping

    Lastly, another type of solopreneur is the one that sells products online or outsources the selling via dropshipping. 

    Dropshipping is when you don’t have the physical product you are selling in stock, rather you get it from another source when a purchase order is made. 

    Essentially, you act as the intermediary and take commission by pricing the product at a markup. 

    To learn more about how to start this type of business, I love this article by Shopify

    You can become rich (like these people!)

    If being a solopreneur still doesn’t sound like a compelling choice, consider the thousands of people who have made it rich from starting their own solo business. 

    Marie Forleo is a great example. In 2020, she was estimated to be worth about $14 million dollars. 

    How?

    She created her own website by herself and sold online courses that taught her skills to millions of people. 

    A lot of her success came from the fact that she has a beautifully designed website

    Once again, another great example is Neil Patel.

    Neil Patel was estimated to be worth about $30 million dollars last year, but I don’t believe it.

    The truth is, I think he is worth a LOT more.

    Why? He owns 4 multi-million dollar businesses. 

    Although he does not work as a solopreneur anymore, he started his career 15 years ago by himself. Now, he works alongside a dedicated team of entrepreneurs and marketers. 

    Back then, he was still making insane amounts of money, especially for the time. If you want to learn more about that, I explain exactly how Neil earns so much money from blogging in this article here

    So what if you want to start your solopreneurial journey, but you need some ideas?

    You can use these ideas proven to make passive income

    The most successful solopreneurs tend to make money with ideas that are similar, yet unique. 

    What do I mean by this? They often use the same strategies to make money online. But the strategy works

    And that’s the important part. 

    At the same time, you wouldn’t be able to stand out from all the other small business owners or get any real success if you didn’t put your own spin on it. 

    quick tips

    So what did other solo artists do to become millionaires?

     Let’s find out. 

    Sell an Online Course

    If you have the ability to design a beautiful landing page and online course while marketing it effectively, it could be an incredibly valuable venture.

    This is for a couple of reasons. First, since it’s online you don’t have to worry about paying for your supply or ever running out of materials. Everything is available digitally!

    You just have to create it. 

    People like Pat Flynn from Smart Passive Income have made tens of millions from selling online courses that teach marketers how to be successful. 

    It’s a proven strategy and it works. So if you want to go that direction, here’s a guide to starting an online course

    The best part of creating an online course is the amount of freedom you have.

    Not only can you choose exactly how to style it, you can make a course about anything. Here is where your passions begin to shine. Depending on how strong they are, you can easily build a stream of passive income for years to come.

    Be a Life Coach

    If this is your style, you can also turn life coaching into a profitable self-hobby. 

    If you are already the one that your friends constantly go to for advice and mentorship, this opportunity could be right up your alley. 

    People with no experience in business or web design can easily make upwards of $2000 a month from making an investment (creating a website) and advertising. 

    That’s exactly what Tony Robbins did when he started his career as a solopreneur.

    tony robbins

    If you don’t know who Tony Robbins is, he is an entrepreneur, actor, writer, life coach, and much more.

    He’s also estimated to be worth $600 Million in 2021. 

    Yeah. Insane. 

    Do I even need to list more benefits of becoming a solopreneur? 

    You have creative freedom and the ability to turn yourself into a brand

    One of my favorite aspects of working for myself is that I get to decide how to brand my business. 

    When I worked at other tech companies, everything I made and marketed had to pertain to a certain theme.

    Now, I get to decide what that theme is. And I really, really like that. 

    canva

    Personally, I like using my own pictures for my brand. If you haven’t noticed, I use my face a lot in my current website’s design.

    I just like how it looks, okay?! I’m not that narcissistic. Promise.

    If you like the way I brand my blogs/site, and you want to replicate it… I use Canva

    A lot of my images (like the one shown above) is made with their vast array of templates, images, and marketing elements. I also use the pro version so I have access to other features too, like the social media post scheduler.

    Moving on!

    You have the potential to grow in both your entrepreneurial skills and your profession

    Honestly, the earlier you start dipping your foot in the entrepreneurial idea pool, the better.

    I mean that attempting to start your own business is always a great idea if you are prepared and know what you are doing

    If not, you should at least be wary of the risks involved and you should have plenty of backup plans in the case that your idea fails. 

    Regardless, the point is that if you had started your own business 1 year ago today, you would have an entire year of experience where you became that much better at what you do. 

    Experience is the best teacher. Right next to failure. Success doesn’t exist without it.

    The amount I’ve learned since becoming my own solopreneur is pretty shocking. 

    I wish I knew a lot of things a year ago, but I’m glad I got to learn this way. 

    "The best time to start a new business is a year ago. That's a year's worth of experience, insight, and invaluable lessons."

    By the way, if you are gonna be the head of your own business, you should make sure everything you do is always productive. I got you for tips on that here

    Now finally, let’s get into the quickstart guide. 

    You can get started instantly (as in RIGHT NOW)

    In summary, being a solopreneur is no easy feat. You are alone in your creative processes and you are solely responsible for both your successes and failures. 

    At the same time, reaching out to other likeminded people is always a good investment of your time. No entrepreneur is without their connections. 

    Speaking of which, if you are reading this now then connect with me! Be sure to reach out so I know how you found me 🙂

    Again, there’s no better time to become the boss of your own business besides right now. 

    If you want to get started, I firstly recommend starting your own website with your own domain and host provider. 

    If you’ve noticed, every single example of successful solo artists all had their own website. This should absolutely be your first step. 

    Lucky for you, I already wrote a quickstart guide on beginning your own business.

     

    So if you got this far, what would you do if you became the head of your own business right now?

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