6th June 2017
Today’s way of working is more fluid than ever. Whilst many people still work for public or private organisations in a more traditional way, there’s been a clear increase recently in so-called ‘solopreneurs’ – people who work for themselves.
A growing trend
According to a report from the Office of National Statistics, Trends in self-employment in the UK: 2001 to 2015, the number of people in self-employment grew from 3.8 million in 2008 to 4.6 million in 2015. More people are choosing to work for themselves, either as a result of redundancy and the chance to do something different, or because they want more control over their work-life balance. Some are just ready to pursue a long-held dream, whilst others have a clear entrepreneurial spirit and want to build something they can sell on.
Defining a solopreneur
But not all of these people are solopreneurs. A solopreneur is someone who starts a business, but has no real intention or need for growth into a business with a team of people. Instead, they are content to work hard by themselves, building their business into something successful, but stopping short of hiring people and becoming a company in the traditional sense.
The ups and downs
Running your own business is hard work – particularly if you’re on your own. You have to cover all the tasks that are usually handled by a team of people: product and service development, marketing and sales, networking and business growth, finances and planning – and you actually have to do the work too.
On the flip side, solopreneurs have control of their own working hours; they can often choose which clients they want to work with; they can work from home or from a local base to avoid commuting; they can add and remove products or services as they see fit; they are largely in charge of their own destiny.
Being a successful solopreneur
So what does it take to be a successful solopreneur? People who’ve been running their solo business for a while have a lot of good advice available:
To find out more about how we support start-up businesses, solopreneurs and sole traders, contact Wise & Co today.