217: Benefits Of Being A Solopreneur Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
- Financial Adventure, LLC
- Jul 17, 2024
- 14 min read
217: Benefits Of Being A Solopreneur Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Starting your own business and making sure you are profitable is a dream many of us have. Determining whether you will be an entrepreneur or a solopreneur is one of the first things you should consider when starting your business. Many people believe these two are the same, but there are some pretty major differences between the two. In today’s podcast episode, I will walk you through not only these significant differences but also what some of the main benefits are when you are a solopreneur. Currently, there are over 59 million Americans who are either freelancers or solopreneurs, and that number is expected to grow to over 90 million by 2028. If you are thinking about becoming a solopreneur and are tired of working at your traditional job where you are generating profits for someone else, this episode is for you. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, understanding the difference between a solopreneur and an entrepreneur will help you with the decisions you have moving forward in your business. If you are ready to take the plunge and start your own business, starting out as a solopreneur may be just what you are looking for. Make sure you are following the tips I reveal in this episode so that you have a much higher success rate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
Starting your own business and making sure you are profitable is a dream many of us have. Determining whether you will be an entrepreneur or a solopreneur is one of the first things you should consider when starting your business. Many people believe these two are the same, but there are some pretty major differences between the two. In today’s podcast episode, I will walk you through not only these significant differences but also what some of the main benefits are when you are a solopreneur. Currently, there are over 59 million Americans who are either freelancers or solopreneurs, and that number is expected to grow to over 90 million by 2028. If you are thinking about becoming a solopreneur and are tired of working at your traditional job where you are generating profits for someone else, this episode is for you. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, understanding the difference between a solopreneur and an entrepreneur will help you with the decisions you have moving forward in your business. If you are ready to take the plunge and start your own business, starting out as a solopreneur may be just what you are looking for. Make sure you are following the tips I reveal in this episode so that you have a much higher success rate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…When you hear the words solopreneur and entrepreneur, do you think they are referencing the same thing? If so, you are not alone. There are many business owners who view these two classifications as the same, and although most solopreneurs are entrepreneurs, not all entrepreneurs are solopreneurs. There are some major differences that you should be aware of. Knowing these differences will also help you when you decide to start your own business by enabling you to gain insight as to what you’d like your business to be. The initial intent of your business will help you decide which you are most like and help you make decisions about how you run your business. Regardless of which “preneur” you fall under, either of these will help you fulfill your dreams of owning your own business and can be rewarding.
We’ll start off with the definition of what a solopreneur is. A solopreneur is an individual who is building their business on their own. They are organizing and managing the business without the help of a partner, and they assume all the risk. They are responsible for the success or failure of the business and don’t have any employees. Most solopreneurs are service-based business owners such as freelancers, bookkeepers, coaches, or consultants.
Entrepreneurs, on the other hand, are similar to solopreneurs, but they don’t necessarily manage all aspects of the business; their goal is to hire employees so that they can manage them as the work is performed. Some entrepreneurs will start off as a solopreneur with no employees and will move into entrepreneurship over time with the addition of their employees. With this addition and any other partners, the business has, the profits generated from the business need to be split with them.
When you are a solopreneur, you have low financial risk. There are many solopreneurs who start their businesses with $100 or less but don’t let this low startup cost cause you not to take your business seriously, as it can lead to a higher failure rate. You ultimately want to make sure that you enjoy working independently. Solopreneurs are not afraid to do the work. They are all in when it comes to doing it on their own, which is why so many solopreneurs are starting businesses. On the flip side, you won’t have any employees that you need to pay, and you are able to keep all of the profits you generate in your business. You don’t have to worry about benefits, payroll, taxes, or even training and managing employees, although you may hire a contractor or freelancer yourself for help. You have complete control of your business since you don’t have to consult with other owners or partners about business decisions. You get to decide how you will work, when you will work, and where you will work. You have minimal workspace requirements, and many solopreneurs work from home with only a computer and internet access. You get to set your own hours and decide on your income level. You get to set your work schedule around your lifestyle, which often leads to a better work/life balance. As a solopreneur, you are the founder and the sole employee of your business. You will be the one who gets the business up and running as well as the person who delivers the products or services to your customers on your own. To do this, you need drive and commitment. As a solopreneur, it is also much easier to file your taxes since most solopreneurs can file an additional form called the Schedule C on their personal tax return rather than filing a separate business return.
One of the most significant differences is that most solopreneurs have the desire to keep working in their business and don’t have plans for selling their business. They want to continue to work on their business, become more knowledgeable, and grow. Most entrepreneurs want to build their business, manage their employees, and have a business they can sell in the long run. This often requires the ability to scale. Solopreneurs, on the other hand, will normally stick with their business until they are ready to retire. Most times, their business carries through with that very first single idea they had when starting the business. Even though solopreneurs don’t plan to scale their business, that doesn’t mean that they are not able to increase their profits. Solopreneurs can work towards the profits they desire. Normally a solopreneur will trade their time for money, which can generate a plateau since you only have so many workable hours in a day and limits on your time. This can be true, but in my programs, this is where I work with my clients to make sure they are setting up their business and pricing in a way so that as they become more efficient, they are also more profitable. We take into consideration the amount of time they are able to devote to their business and create their goals and profits around this information so that they can generate their desired profits. The sky’s the limit when you do this properly, and you don’t have to limit the amount of profits in your business.
When marketing, generating new leads, and taking on customers, most entrepreneurs will tend to work at getting these leads and customers so that their employees will do the work. Solopreneurs, on the other hand, will get the work they want to do. They are also in charge of taking on customers or even saying no to a customer without having to consult with other owners of the business. You have a much more intimate relationship with your customers since you are the one directly working with them. Most solopreneurs are also able to have a consistent customer base to bring in revenues and find they don’t need to network or market as much as entrepreneurs.
So, what are some of the most popular types of solopreneurs? There are photographers, personal trainers, graphic designers, virtual assistants, bookkeepers, event planners, copywriters, bakers, tutors, cleaning services, personal assistants, social media management, coaches, consultants, and so many more. You most likely could take the job you are currently working in and create your own solopreneur business doing exactly what you are doing now.
To maximize your solopreneur experience, I recommend that you make sure you manage your time carefully. Set goals, prioritize what’s important, be organized, and make sure you are not working on anything that doesn’t bring you to your overall goals. Automate whenever you can to save you time and always continue to invest in yourself and continue increasing the knowledge you have in your industry. You are your biggest asset as a solopreneur, you alone will generate your profits, so make sure you are taking care of yourself properly. Before you start your solopreneur journey, make sure that you really enjoy what you are doing. You don’t want to spend every day working on something that you don’t enjoy. Many solopreneurs thrive on working alone, but if you enjoy connecting with others, make sure you are networking and surrounding yourself with other solopreneurs or business owners to gain insight and seek advice.
Are you ready to start your own business as a solopreneur? Maybe you already have a business as a solopreneur. If so, you are one of over 59 million Americans who are freelancers or solopreneurs, and did you know that this number is expected to grow to over 90 million by 2028? This is incredible! Solopreneurs are on the rise, and many companies are hiring highly sought-after independent contractors or solopreneurs just like you as freelancers to help them grow their businesses as it gets harder to find good employees. Do you love what you do? If you are ready to get started as a solopreneur, my advice to you is to just get started. So many of my clients say they wish they would have started their business sooner. You can easily start your business as a side hustle, or you could take the leap and go all in. Ask yourself how you would run your business if this were the only way you could make money. I am sure this is already changing your thoughts about starting your own business. Take advantage of the freedom you’ll gain with your business, and decide what you will do with your time as you work in your business as a solopreneur, and even more importantly, how will you spend your flexible time when you are not working? Most solopreneurs say they are happier working on their own than with an employer and would never take on another traditional job again after they started their business.
I love working with people who are getting their businesses up and running. As a solopreneur myself, it is amazing to watch the transformation from someone starting out as a side hustler or running their business on a part-time basis all the way through growing that business to bring in the amount of profits needed to sustain and enjoy their life, whether that is obtainable with their part-time business or if they are working on a more flexible full-time basis.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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