Are you passionate about your homemade cakes or are you a skilled bottle artist and ever thought that you would convert your passion into a lucrative business? You are not alone. Now millions of people around the world increasingly choose solo entrepreneurship.
As in every other instance of our lives, the pandemic taught us lessons on how to work, connect, and learn, within the comfort of our homes. The pace at which we adopted the internet into our daily life and work-from-home culture has fostered the emergence of solopreneurship.
Solopreneur is a solo entrepreneur. She does not hire anyone and manages all operations by herself. A solopreneur is different from a freelancer. While a solopreneur runs her own business, a freelancer works for one or more businesses. The solopreneur owns a legal entity. Most businesses start as solopreneur ventures, but these days there is an increasing number of founders who sustain their businesses as solo ventures.
Thanks to technology, most business operations can be replaced with various off-the-shelf and affordable technology tools. Most solopreneur businesses start with passion.
The digital age has helped artists, designers, and others with unique skills to start their ventures, home bakers, fashion designers, interior designers, painters, singers, content writers, bloggers, graphic designers, podcasters, and the list goes endless with digital technology creating more and more innovative business opportunities.
1. Your mindset is the first step
When you decide to be a solopreneur, recognize that it is not a smooth journey ahead. You will face all challenges faced by other enterprises and even more, single-handedly.
2. Identify your passion which can be converted into a business idea
If you are multitalented, it is recommended to identify the most passionate skill. Study its business prospect and evaluate your confidence level to bring the desired customer base. As you go along, you can add more areas once you become at ease with running your venture.
3. Identify the market
Scan the market and study competitors and ensure unique and distinct features and functionalities you can offer from others. These can be the USP(unique selling proposition) for your product and/or service.
Every business has to depend on adequate funding to grow. Hence, have an idea about various funding sources, and hidden charges. If you are investing in savings, stay prudent and spend wisely. Look out for grants or seed funds offered by several agencies, for female founders and make the best use of those opportunities.
Give the highest priority to quality and price, ensure the shortest delivery time, impressive packaging, a clear return and refund policy, and accept feedback constructively, from customers, for improvement.
6. Plan your digital strategy
Irrespective of the type of venture you are in, it is now inevitable that you ensure your digital presence. It will always be desirable to publish your website and social media handles, where your customers can contact you directly and pay online for a hassle-free transaction. Stay transparent and unambiguous in all payment-related matters with the customers. Invest in affordable tools to improve your business operations.
7. Connect and network
It is advisable to belong to a part of a community that does business in a similar domain so that you can share your knowledge, learn from others and emulate success stories. We must learn regularly to stay updated in the domains we are involved in. Do not hesitate to ask for support from experts or mentors.
8. Form your legal entity
You have to form a legal entity to start credibly selling your product or services to comply with rules and regulations as stipulated by the Government in your respective country or region.
So if you have a burning passion and a desire to monetize your skills, what are you waiting for? Decide to set into the solopreneur journey.
Write to me to know more about the solopreneur business [email protected]
Author Bincy Baby is a seasoned professional with 25+ years of experience in ICT, e-governance, water technology, and e-commerce. She is the Chairwoman of CII Indian Women Network Kerela.