Approximately half of all millennials work as freelancers today, according to a recent statistic supplied by Incfile.com. That’s not to say that all solopreneurs are freelancers, but it’s one of the easier ways to get started as a solopreneur. Someone who starts a business can also sell products online, create their own cookie line, or even introduce a much-needed product and market it. Whatever the case, there are several inherent benefits to becoming a solopreneur. The following are some of the primary ones.
Flexibility
Solopreneurs have tremendous amounts of flexibility. They’re not bound by work schedules and can conduct significant amounts of their work from home. They also have the freedom to take care of personal business without checking with a boss. According to Entrepreneur, the top reason solopreneurs choose to go it alone is, so they don’t have to work for anyone. These visionaries are also free to work on anything they want each day.
Higher Income Potential
Although it may take some time to make a significant income as a solopreneur, there is no cap on earning potential. According to the Harvard Business Review, seventy percent of solopreneurs earn between $100,000 and $250,000 per year compared to 2% of traditional-working households.
More Control
Conventional employees are confined to working on specific aspects of their companies’ businesses. Solopreneurs are free to work on the most productive areas of their companies, according to Lifehack. Whether this includes dealing with clients directly or finding new suppliers for products, the day in the life of a solopreneur is both varied and highly rewarding.
Switch Course More Easily
When a solopreneur faces a challenge or new opportunity, he or she does not need to get approval from a boss, the board members, or even shareholders. The solopreneur is free to make any changes necessary to enhance his or her business. This can include adapting to customer preferences, penetrating new markets, or implementing a complete overhaul of the advertising mix.
Anyone interested in becoming a solopreneur will need to figure out what needs to be done before opening the door for business. This can include deciding how to finance the business, determining which demographic groups are most likely to buy the product or service, and measuring the market’s competitive density. Creating a solid business plan will help solopreneurs pave the way for both starting and succeeding in their endeavors.