If you’ve decided to be a solo entrepreneur, or “solopreneur,” you’ve set yourself on a course with many advantages. You have great independence and freedom, and you can set your own business goals and timeline, without having to worry about partners or employees. The benefits of being a solo entrepreneur extend across all parts of your business.
Set Your Own Schedule
Setting your own work schedule is perhaps the biggest advantage of going it alone. You have no one to answer to but yourself and your clients. For some people, that means keeping regular working days and hours; for others, it means going with the flow or setting your hours around family needs.
Whatever you decide works best for you, be sure to set aside time for days off. Don’t wait until it’s “a good time”: plan your time off into your work schedule and your budget. You don’t want to wait until you’re burned out.
Design Your Own Benefits
As a solo entrepreneur, you’re also in control of planning your own financial future. You can choose the type of medical insurance you want from the marketplace, and you can decide whether the time is right for other types of insurance.
As for investing your money, a portion of your earnings should be set aside for retirement. You have a number of choices, including a SEP-IRA. SEP-IRAs are simple to set up for solo entrepreneurs. There are no start-up costs, and you can contribute up to 25% of your earnings annually.
Do the Work You Want to Do
You went into business because you had a vision and goals to accomplish. You can grow as slowly or as quickly as you wish, or stay at the same level if that’s what you want. And, you can easily change directions to respond to the needs of your market.
You don’t have to sit in meetings, make presentations, or pitch your ideas. You also don’t have to take work that doesn’t fit your business goals. You can choose your niche and become an expert in all aspects of it.
The flexibility and freedom of being a solo entrepreneur can’t be matched. You can start with a great idea and shape it into the kind of business you want. You can work at your own pace, balance your business and personal life, and be totally in charge of your decisions.
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