Who’d have thought ten, twenty years ago, that venturing out as a loner in public could one day earn you cool points? Well, it’s happening, people!
Unchaperoned ventures, activities and business endeavours are rapidly becoming all the rage of late, with workers, travellers and diners opting to fly solo. Becoming the new cultural trend — knocking veganism and growing your own veggies down a peg or two — the lifestyle choice is taking social platforms by storm. I mean, are you even doing things by yourself if you’re not blogging about how wholesome the experience is, or snapping selfies?
Solitary living is becoming that much of a hit that businesses are conjuring up new, specialised services to cater for the hype. Irma, a danish grocery chain, have recently opened their doors, announcing themselves as the “World’s Smallest Restaurant”, to provide a one-in-one-out offering for singletons. Partnerless foodies are welcome to wine, dine and enjoy their meals alone, without judgement or having to share.
ABTAs latest Holiday Habits survey revealed a behemoth “spike in solo travel” from over the last 12 months. One in nine holidaymakers are now choosing to take a holiday on their own, doubling the number of travellers from six years prior.
Thus travel firms like Rivera Travel are having to adapt their business model, by result of popular demand, to provide more solo cabins for the 18% of single travellers who now constitute a significant portion of their consumer base.
The single trend is even resonating in the business sector, with workers pursuing careers as solopreneurs and becoming financially independent. The Enterprise Research Centre said: “in 2017 there were 1.11m micro-businesses (with 1-9 employees) in the UK, which employed around 4.09m people (17.6% of the workforce) and accounted for £552bn in sales — 14.7% of that by all UK firms.” Such stats are impressive.
But what even is a solopreneur?
You will have definitely heard of an entrepreneur before, but the ‘solopreneur’ has only just started to make its way into popular culture. And you’ve got technology to thank for it — shock.
Digital resources are enabling business workers to become more self-sufficient than ever before. Intuitive softwares and gadgets make it possible for them to scrap permanent employees — and even an office altogether — to go it alone.
How Does a Solopreneur Differ to an Entrepreneur?
A solopreneur is an individual who seeks utility through delivering a brand or service to the masses. They independently go forth to attain personal and monetary benefits without assistance from a permanent support network. Thus, they’re extremely passionate people by nature and are fully committed to turning their business vision into a reality.
Solopreneurs differ to entrepreneurs quite significantly, as entrepreneurs are more inclined to:
● delegate work loads and roles to a team of employees
● develop business models with the intention of selling it on
● preference networking events as opposed to late nights spent designing business plans and prototypes.
They’re tenacious beings who are prepared to pull up their socks and dedicate their entire livelihoods to their business.
What’s the Appeal of Becoming a Solopreneur?
Solopreneurs are keen to exhaust themselves with infinite work-piles, intense levels of multitasking and the persistent risk of failure. The latter of which would be regarded as nightmarish cons to the everyman, are all in fact perks of the job for the lone enterpriser.
See below for a list of arguable benefits, that may or may not tempt you into venturing out into the great unknown, alone.
You get to be in charge of every savvy business decision
As a business owner this can be a big advantage. No longer do you have to run concepts, strategies or creative brainwaves past partners or employees. You get to decide on everything by yourself. This element is particularly rewarding if the undertaking turns out to be successful — perhaps not as much, if not.
You get to design your own work schedule
Now, without any assistance from co-workers, your work schedule may be heavy and relentless. However, from being solely responsible, you don’t have to rely on potentially unreliable workers to perform and deliver tasks for you. Nor must you spend time allocating work hours for employees, or justify your obsessive work culture to your business associates. You’re also fully flexible, which means you can work whenever you choose, at your most productive time of day.
You’ve no financial wastage coming out of your business model
You can rest-assured knowing you’re singly and adequately pulling your weight. By taking on permanent employees whom you’re unable to consistently monitor and keep track of — you’re not guaranteed a ROI. Factors like unproductive labour, sick days and unreliable workers can all impose significant financial damage to your business without contributing any value.
Whatever profits you earn are all your own
From being the main (and only) person in charge, you’ll reap all of the financial gain, despite having to be personally liable for all the business debts.
It’ll boost your quality of life
Findings from a survey undertaken by MBO Partners found that “70% of participants felt healthier since working on their own, 43% were earning more money and 48% reported they were more secure.”
Let us know what you love about being a solopreneur, comment below.