The steps involved in creating and operating a sole proprietorship rests on one’s skills and their personal objectives. A solopreneur is a person that operates a business single-handedly and there are several paths available, each with its distinct benefits and challenges. The purpose of this paper is to present the different categories of solopreneurs and their salient features to help you pick one that fits your career aspirations and personal goals best.
Categories of Solopreneurs by Work:
Freelancer: Freelancers usually engage in writing, design, and programming. They offer their work to multiple clients across multiple projects which pay by the hour or at an agreed upon fee per project. The income of a freelancer is dependent on the number of clients and projects they manage to obtain.
Maker: Makers are known to develop and sell products that they deem can be marketed successfully as a business. They are able to create physical and digital products that can be sold using various websites and other online stores.
Thought Leader: Thought leaders are able to market their services through speaking engagements, writing, or consulting.
After a considerable amount of time in the working environment, they consider themselves to be specialists and start coaching other people who are trying to establish their career.
Agent: An agent represents other firms for the purpose of selling their goods or services. They help trade by serving as an intermediary between businesses and customers without participating in the development or production of the firm’s goods.
Solopreneur Categories.
Independent Worker
Independent workers incorporate freelancers, contractors, and independent consultants. They operate their businesses with no employee and need no one to tell them how and when to work.
Pros: Sustainability, ability to earn considerably more than an average position, choice of work to be done and how to do it.
Cons: No health coverage, all personal expenditures and investment on tools and equipment are borne, and no employer provided advantages.
Moonlighter:
Moonlighter refers to people who have a job from nine until five and take on freelance jobs in their spare time as a means of earning extra cash. This strategy enables one to augment their earnings while offering the flexibility of freelance work.
Pros: Side income, the benefits of an employment position, and ability to work on other skills.
Cons: Inefficiency in managing time can lead to an unwanted impact on one’s primary activity that can result in putting in more effort than necassary and feeling exhausted in the process.
Diversified Worker:
These workers accept various contracts and projects simultaneously as a “Portfolio Career”. As solopreneurers, these professionals work on multiple tasks which also helps in enhancing self productivity as well as skills simultaneously.
Pros: Greater flexibility;easier access to opportunities and revenue generation from advertisments on different websites.
Cons: Stress from ineffective supervision has an impact from perceived neglect from clients. Additionally, the focus on the management of many tasks increases the likelihood of fault and neglect.
Temporary Worker
These workers take up short term contracts, which may develop into full time opportunities with established companies. These workers typically provide their services for a set duration and try to earn experience across different industries and regions.
Pros: Improved chances of employment, increased opportunities to meet and work with new people, and greater functional diversity within a firm. They do have chances for full time positions.
Cons: The risk of being underemployed, lack of opportunities that are commensurate with one’s competencies and skills, and job security.
Solo Business Owners (Solopreneurs)
True soloprenuers are single proprietors. They have a proper legal business entity that allows hiring employees or collaborating with freelancers. Business decisions are entirely at the hands of the owner.
Pros: The owner is free and has the autonomy to build an impactful business from the ground up.
Cons: The business’ growth potential is previously capped since the owner has to oversee the entirety of the business processes and supervise employees or contractors.
Key Takeaways For Starting Soloprenurs:
To summarize, of course, there are many archetypes of solopreneur models and each niche has its advantages and problems. Most importantly, it is introspective. Figure out what your goals, interests, and lifestyle are to figure out what is the best opportunity to accomplish your goals. Every independent contractor or part-time freelancer or full-time entrepreneur can use these solopreneur models to help them succeed.
