Have you ever dreamed of being your own boss and earning while doing something you love? Being a solopreneur or becoming a one person business, might just be perfect for you.
You don’t need a fancy office, big team, or loads of startup capital either. Thanks to modern tools such as online stores and social media platforms, it’s never been easier. Launching a solo business on your own terms is easily achievable, even as a side job.
But what does it really take to become a solopreneur? How do you find a business idea that works, and start making money?
In this guide, we’ll talk about how you can align your solopreneur journey with your life, find a business idea that suits you, and build it in a smart, sustainable way.
What is a Solopreneur?
A solopreneur is someone who builds and grows a business without fixed employees or outside investors. For some, this could be a stepping stone for building a small team or a million-dollar business. But maintaining a one person business can also have its own perks.
Solopreneurs can stay nimble and focused with a one person business model, only growing and hiring as necessary. Instead of managing a team or chasing venture capital funding, solopreneurs build systems that allow them to create value and income sustainably.
As solopreneur, you can take advantage of:
- Better Control – Your clients, your hours, and the kind of impact you want to make is your call. With 100% business ownership, you can direct your business with minimal bureaucracy.
- Lower Financial Risks – No pressure from high overheads, fixed salaries and wages, or investor demands. A one person business reduces your financial risk and increases your potential as a high-revenue business.
- Freedom to Define Success – Instead of chasing growth to keep shareholders happy, you can choose to shape your own success. Whether that means expansion, or staying as a solopreneur venture, it’s up to you.
All in all, solopreneurship is about designing a business that fits your life, not the other way around.
Is Solopreneurship the right path for me?
Solopreneurship is more than just making a profit or growing big. It’s about building a business aligned with your personal goals and lifestyle.
It invites you to ask questions as a business owner, like “What kind of life do I want to create?”, “What kind of work energizes me?”
In Tim Feriss’s The 4-Hour Workweek, he talks about thinking differently than the usual 9 to 5 lifestyle. So if you’re thinking about reinventing your life for more money and mobility, solopreneurship might be the perfect model for you.
How to be a Successful Solopreneur
In Paul Jarvis’s Company of One, he argues that growth isn’t always the path to success. He encourages entrepreneurs to focus on sustainability, simplicity, and building a business that supports the life they actually want.
But business development can be difficult, so how can you launch your single-person business and attain that success? Jarvis introduces 5 key strategies:
1. Adopt the Right Mindset
Focus on your core purpose, and how YOU define value. Think about your ideal life, and what kind of business would support that. This will help you understand what problems you love solving, and what strengths you can offer to others.
2. Launch and Iterate with Baby Steps
Begin your journey with small steps, starting with the smallest possible version of your offer—known as a Minimum Viable Product or an MVP. An MVP can be useful for both physical and digital product creation and it is far from perfect. But it helps you avoid over-investing in ideas that don’t work, and start learning and earning sooner.
3. Leverage Scalable Systems
If you think scaling a business is a tall order of a solopreneur, think again. You don’t need a bigger organization to scale. The key is to multiply your efforts through scalable systems (such as automations and partnerships) that allow for repeatable, high-impact results.
4. Stand Out with Your Unique Personality
In a one person business, YOU are the brand. Your values, your voice, and your unique take on things are what attract the right audience and will drive your marketing strategy. Don’t be afraid to stand out with your personal branding, whether on your website, or even on social media platforms. That’s how you win loyalty and advocacy.
5. Build Trust and Long-Term Relationships
Instead of prioritizing on volume, focus on the quality of your relationship with your customers. Serve your best clients well, create real, lasting value and nurture strong relationships. This will turn your loyal customers into your trusted advocates.
Learn more about these 5 principles with our free book summary of Company of One.
How to Find Ideas for Your One Person Business
The key to a good solo business idea is finding a niche that you can truly own.
In The $100 Startup, Chris Guillebeau introduces the Point of Convergence—the sweet spot where passion, usefulness, and skill come together. It comes with 3 key components.
- Passion – These are topics and interests that light you up. These are activities you enjoy without even getting paid for it.
- Usefulness – This covers what people demand or need. Think about what people are willing to pay for, and what problems you’d like to solve for people.
- Skills Transformation – This is where your passion and usefulness connect. This is where you identify the skills you already have and love to do, then combine or sharpen them to deliver real value.
Identifying a business model that uses your skills to support both your passion and what people demand is how you find the best niche for you.
This is how real solopreneurs find their niche—and how you can turn your personal brand and interest into income.
If you’re stuck, check out our article with 12 Unique Home-based Business Ideas such as online business ideas, content creation, digital products, and more. You can also learn more about the Point of Convergence and more with our free summary for $100 Startup.
How do I know if my business idea will succeed / be profitable?
Believe it or not you don’t need a perfect business plan. The best way to know, without wasting time or money, is to test if people respond to it, and validate if they are willing to pay for it.
In The Lean Startup, Eric Ries highlights the value of testing. Start by building the simplest version of your idea, see how people respond, and use that feedback to improve your idea further.
You can explore more about this Build-Measure-Learn process from our free summary of The Lean Startup, or read our article on business idea validation here.
Must-Read Books for Solopreneurs
Are there any resources to help you get started and build the business you want? Here are ReadinGraphics’ top picks to guide your solopreneur journey:
The $100 Startup by Chris Guillebeau
In The $100 Startup, Chris Guillebeau puts together what he learned from studying 1,500 people and how they started their micro businesses with little to no funding. He shows how to combine passion and usefulness so you can do something meaningful and earn from it.
The Lean Startup by Eric Ries
If you want to develop great products and services, Eric Ries breaks down how to do it with minimal risk in The Lean Startup. This book contains frameworks that will help you test your business idea, build what people actually want, and start building a business with improved success.
The E-Myth Revisited by Michael Gerber
Many businesses fail when their owners fail to evolve with the business. In E-Myth Revisited, Gerber explains the different roles a founder must master so you can have freedom, scale, and sustainability.
Entrepreneur Roller Coaster by Darren Hardy
The Entrepreneur Roller Coaster will help you overcome the entrepreneurial highs and lows every business owner experiences! Darren Hardy walks you through challenging areas such as handling doubt, fear and rejection, and how to survive the journey.
The Business Coach by Brad Sugars
If you’ve ever wished you had a business coach or mentor in your bag, The Business Coach is for you. Sugars breaks down 6 areas every business owner must learn to manage, and also gives top tips for finding a great business consultant or coach to take you higher.
You’ll also find more great reads for startups and entrepreneurs here: Best Books on Entrepreneurship to Succeed in Business
Ready to Be a Solopreneur?
Solopreneurship is not just about starting alone. It’s also about creating a business that aligns with your life.
With the right mindset, systems, and tools, you can build something meaningful while solving the most challenging problems for the right people, and getting paid for it.
You don’t need a massive following, a big budget, or years of planning. All you need is a clear purpose, a simple offer, and the courage to take the first step. Start today—and take that first step toward your solopreneur journey.
If you’re ready to dive deeper, explore Readingraphics’ text, visual, and audio summaries of the best books on startups and business development. Take the first step today—Subscribe to access all these great titles AND more than 300 other best-selling book summaries, to begin your entrepreneurship journey!
