Before you quit your job to become a solopreneur, read this

The thought of getting into solopreneurship can be exciting. You get to run your business all by yourself.

No boss to tell you what to do, no investor to impress with sales figures -- it is basically you running your show by yourself.

It can also be scary depending on how you approach it.

But the real question is, are you really cut out for solopreneurship? Yes, the perks are great: freedom, no caps on your earnings, and you get to run your own show.

Unfortunately, there are also some unglamorous parts of solopreneurship that not many people talk about. Loneliness, perennial money worries, nerve-wracking uncertainty, etc.

For these reasons, you have to carefully weigh the odds before diving head-first into solopreneurship.

To help you decide if you are really cut out for solopreneurship, I will be sharing the pros and cons associated with this path. I will also be sharing key attributes you need to possess to help you correctly gauge if you are cut out for entrepreneurship.

These insights are based on my personal experience so be rest assured that I am not giving you fluff.

Why you should become a solopreneur?

1. Freedom

Sweet freedom!

As a solopreneur, you get to enjoy complete control over your business. You get to make decisions without having to consult a board of directors or your staff.

Plus, you get to spend your money however you want. This freedom can be exhilarating.

2. Flexibility What's more fulfilling in life than getting to own your time?

As a solopreneur, you enjoy the flexibility of setting your own schedule. Yes, you will work hard, but you will have time for other things that matter to you.

3. Low overhead

Running a one-person business often means lower overhead costs compared to running a large business. This can lead to higher profit margins.

4. No cap on your earnings

You don't have to work your arse off to get a pay raise. Your earnings are within your power

5. Skill Development

You'll have the opportunity to wear many hats, which can lead to personal and professional growth as you develop a wide range of skills.

The drawbacks of running a one-man show business

Like everything else, Solopreneurship has its downsides. If you are going to get into it, you need to know these downsides.

Here are some I can think about at the moment

Unending money worries

rust me, you are going to worry a lot about money. Even high-profile solopreneurs who net tens of thousands monthly also worry about money.

High responsibility

As a solopreneur, you're responsible for every aspect of your business. This includes tasks you may not enjoy or excel at, such as accounting or marketing.

It gets lonely at times

Working on your business all by yourself does get lonely. You may miss the camaraderie and collaboration found in traditional workplaces.

Is Solopreneurship for you?

Nobody can really answer that for you. But in my opinion and personal experience, you will most likely excel as a solopreneur if:

You are self-motivated

You must be able to motivate yourself as a Solopreneur to keep going and stay on top of your game. Unfortunately, nobody can do that for you.

You can handle uncertainty

Uncertainty is going to become your best buddy. So be willing to embrace it.

You can develop a marketable skill or idea

A viable product or service and a target market are essential for success. Do you have a unique offering or expertise?

You can learn and adapt fast

As a solopreneur, you'll face various challenges, and the ability to continuously learn and adapt is crucial.

You can manage your finances? Financial literacy is essential. You'll need to budget, manage cash flow, and understand taxes.

You are comfortable with solitude

Working alone can be isolating. Consider if you're comfortable spending extended periods without regular social interaction.

In summary

You don't have to check off all the boxes I listed here to be a successful solopreneur. Just start! You will falter and stumble but just start - and keep going.

With time, you will realize you've mastered most of the skills you need to be a successful solopreneur.