Solopreneurship is a newly recognized and accepted way of doing business. It used to be that when the community talked about solos the language was quite dismissive: “Oh, you have a home based business,” or “So you’re a freelancer?”…as in, “So you can’t find a REAL JOB, huh?” But with the advent and proliferation of the internet and e-tools, solo businesses have taken their rightful place in the hierarchy of how to be in business. After all, the internet has made solo businesses scalable. When you have a solo business on the web, using the internet and e-tools such as webinars, teleconferences, distance learning, YouTube etc. you can reach the world in a nanosecond. The world is suddenly your marketplace—not just your local community or neighborhood or industry. You are literally reaching the whole world.
What does that mean for you? It means all of us solos have been validated. We always knew we were “real” businesses, but now the rest of the world knows it as well!
What is tricky about a solo business, as we have discussed again and again at Better Smarter Richer, is that solos have support and administrative requirements, just like any other business. But, because solos are going to devote the majority of their time to doing the core work of the business (art, writing, designing, coaching, consulting, photographing, teaching etc.) they simply don’t have time to also manage a covey of employees…which is what happens in a traditional business. So the solo must specialize and develop their expertise in a deep and narrow niche because that allows them to command a handsome price. The higher price they charge because of their uniqueness and expertise, provides them money to outsource (contract with) and hire others help with the administrative work of their solo activity. It is a fair exchange.
Solopreneurship has so much flexibility. You can ramp up or back off. You do not need large capital investments to monetize your expertise. You can create a unique business because of course you, the proprietor, are unique and no one sees the world exactly as you see it. Remember: your unique perspective is valuable!