5 Things Every Solopreneur Needs To Succeed
5 Things Every Solopreneur Needs To Succeed
So… you wanna be a solopreneur? If you love working independently and running your own business, you might just have what it takes to become a successful solopreneur.
Solopreneurship is becoming increasingly popular these days despite the pandemic – or due to it, as opportunistic entrepreneurs might say!
Unlike traditional entrepreneurs who start and run their own businesses with the help of a co-founder and/or employees, solopreneurs manage all aspects of their business independently and are solely responsible for delivering its products and services.
This start-to-finish, solo approach is not only rewarding and liberating, since solopreneurs have only themselves to thank for getting the job done – it also offers plenty of freedom and flexibility in doing so under their own timelines. With just one person in the company, you’ll also have less to worry about when it comes to operational costs, managerial duties and administrative tasks.
If you are a solopreneur, or thinking of becoming one, here are a few things that every solopreneur needs to succeed:
- A good business idea/niche
The first thing you’ll need as a successful solopreneur is a good business idea and niche. No matter what field you are in, offering your unique set of talents to a specific target audience will be key to growing a successful business.
The fact is, most solopreneurs aren’t able to compete with larger companies and their broader range of services, but what you can do is provide more value to the client at a lower cost. By carving out a niche for yourself, you can become even more competitive in the areas that those larger companies fall short – meeting client needs whilst developing your specific expertise.
- Passion and determination
As a solopreneur, you’ll be spending a lot of time on your own while working on the business, so you’ll definitely need passion and determination to keep it going. Since you won’t have any business partners, co-founders or employees to rely on for motivation, you’ll need to remember why you started this business in the first place, and remind yourself why it’s worth fighting for even during tough times.
- An office space
Many solopreneurs start their businesses at home and can technically work from anywhere, but having a dedicated office space can help boost productivity, keep things organised and put you in the right headspace for work. This can be a spare room or home office, but it should be quiet and private enough so that you can do your work undisturbed.
Coworking spaces like Banyan Workspace can be a great option for solopreneurs, no matter what stage of development you’re in. Beautifully decorated with sustainability in mind, the lush green surroundings and calming sea views will not only impress your clients, but help you gain clarity and focus whilst getting work done.
Even though solopreneurs are, by definition, ‘solo’ agents, it’s important to have a community around you for support. Fellow solopreneurs can relate to the ups and downs or running your own business, while networking with other business owners can lead to collaborations and future projects.
By joining a coworking space like Banyan Workspace, you’ll be in the company of other like-minded individuals who are also looking for the same things. Whether it’s lighthearted office banter or potential new business opportunities, you’ll be able to mix and mingle with other members over coffee in the pantry or at our regular lineup of networking events.
- Work/life balance
Last but definitely not least, solopreneurs need to have a good work/life balance. This is especially important for people who work on their own, since there is the tendency to work around the clock and hustle for business 24/7, which can quickly lead to burnout.
Some ways to improve work/life balance are to set boundaries for yourself and your clients (especially when it comes to working hours), separate your workspace from the home, practice mindfulness and make time for exercise, hobbies and your loved ones.
Although it might sound counterintuitive to spend time away from work to ensure its success, maintaining a good work/life balance is vital for solopreneurs in the long run. After all, when you’re working on your own, being overworked doesn’t just negatively impact your health, productivity, creativity and relationships – it negatively affects your business, too.
By Erica Fong