Solopreneurship may seem like a wish come true. You have the freedom to work for and by yourself, without needing to worry about the pressures of managing a team or requiring anyone else’s permission to grow your business. But being a solopreneur also comes with many challenges. Here are the top 6 challenges faced by solopreneurs and how you can overcome them.
1. Feeling Lonely And Isolated
Spending your days working from home on your own can become a lonely and even isolating experience. It can be challenging not to have a team to collaborate with and turn to for support. Instead, consider working in different environments. Consider renting an office or participating in a co-working space. This way you’ll be able to interact with others, as well as make new business connections. You could also consider working with a mentor or business adviser and scheduling regular calls or online meet-ups with them to share information and discuss business insights.
2. Staying Motivated
When you’re a solopreneur you only have yourself to rely on. It’s up to you to keep yourself motivated, even when you lack confidence or self-belief. It’s essential that you stay focused on your goals. Joining a business group can be helpful as you’ll be able to connect with other business leaders, as well as get valuable support.
As a solopreneur you may find that there are instances where you lack objective feedback, meaning that it can be difficult to spot potential problems in advance. Collaborating with someone else, such as mentor or advisory board, or partaking in an online business support group, can help to highlight potential pitfalls and problems.
3. Having All The Responsibility
One of the most daunting aspects of being a solopreneur is the fact that you are responsible for all aspects of the business. In order to avoid spreading yourself too thin and missing important deadlines, it’s important to be organized.
“Creating a business plan for yourself is a great way of keeping track of the big picture, as well as helping you to set realistic goals. Make sure that you have an updated calendar with all important milestones noted down. The key is to allocate some designated time to each area of your business every week so that it doesn’t become overwhelming,” says Deborah Peace, an entrepreneurship blogger at Draftbeyond and Researchpapersuk.
4. Tax
The financial aspects of being a solopreneur can be daunting and complicated. However, it’s essential that you inform yourself as soon as possible and ensure that you begin to prepare your taxes early on. This will help you to avoid unnecessary stress later on or a surprisingly large tax bill. Use a self-employment tax calculator to help you estimate your potential tax payments. If you’re still unsure or need help with your finances, it’s worth hiring a professional to help you, such as an accountant.
5. Health Insurance
Depending on where you live, you may have access to national healthcare. However, in some countries, including the United States, healthcare is a big consideration for many solopreneurs. Luckily, there are a range of insurance options available.
“For most solopreneurs, private health insurance tends to be the best option, although it can be very expensive. Another option which has become increasingly popular is a tax-free health savings account. With these, you can add as much money as you like or can afford, and you have the capacity to draw on it whenever you have to,” says John McGuire, a business writer at Writinity and Last Minute Writing.
6. Lack Of Work-Life Balance
When you work from home, it’s easy for the boundary between your work and private life to become blurry. Try to achieve a healthy work-life balance by creating a work schedule for yourself and sticking to it. Schedule in family commitments, as well as taking some “family breaks” to avoid becoming overwhelmed by your work.
Conclusion
Becoming a solopreneur is an exciting endeavor, although it does come with some challenges. Organization is key to running a successful business and maintaining your own health and wellbeing in the process. Remember to trust your instincts and seek support and advice from others when you need it. By knowing the potential pitfalls, you can prepare yourself and your business, so that you may overcome any challenges which come your way.
Ashley Halsey is a professional writer at Dissertation writing services UK and Gum Essays. She has been involved in numerous projects throughout the country, including offering advice to those embarking upon freelancing and solopreneurship. Ashley also regularly attends business training courses and enjoys keeping up-to-date with the latest developments. A mother of two, Ashley enjoys traveling with her family and reading in her spare time.
This is a great article Ashley. I have dreamed about being a Solopreneur for years, while I slave away at my day job. I guess every form of income has it’s issues.
Hi Bret – If becoming a solopreneur is something you’d like to try why not start out doing it as a side hustle? That’ll make it a lot less risky, and you can gradually phase into it full time as revenue grows.