What is a solopreneur?
In essence, a solopreneur is short for a “solo entrepreneur.” It’s an individual who launches, operates, and expands their own business without the assistance of others. A solopreneur enjoys full control over their business but must be comfortable getting involved in all aspects of operations, including strategy, accounting and financial, legal, marketing, and many other areas.
In other words, a solopreneur runs a one-person show.
Consider this—after establishing successful careers, entertainers often venture onto the stage alone and become solo artists. And this has been done for centuries.
In fact, one of the greatest solo performers of the 19th century was novelist Charles Dickens who separated himself from his peers by performing his own works. A world-renowned writer, Dickens was also known for conducting public readings with passion and flair.
Like Dickens, who was charged with single-handedly satisfying a roomful of audience members, solopreneurs must establish a quality business model that attracts and retains loyal customers, generally in a highly competitive environment—on their own.
10 traits of successful solopreneurs
As you can imagine, it takes a unique set of individual characteristics to be a successful solopreneur. The following qualities all play an important role.
- Self-awareness: You’re able to recognize how others perceive you, and you can articulate your own strengths and weaknesses.
- Passion: Your heart is fully invested in everything you do.
- Emotional independence: You don’t rely on others for personal validation, and you don’t have a strong need to be around people.
- Self-efficacy: You believe in your ability to accomplish your goals.
- Focus on execution: You’re a doer with a commitment to accomplishing tasks quickly and efficiently.
- Hunger for learning: You constantly seek out opportunities for personal development and value education.
- Resilience: You learn from prior mistakes and don’t dwell on setbacks.
- Vision: You have a clearly defined end-goal that you’re always working toward.
- Calculated risk appetite: You take reasonable risks to get ahead of your competition.
- Self-starter mentality: You possess internal drive and create your own momentum.
Factors to consider before starting out
If you do decide to pursue solopreneurship, keep this in mind—the goal isn’t to walk away from your full-time career or to jeopardize your hard-earned financial stability for a chance at greater success.
But rather, it’s about establishing a secondary income stream with minimal to no risk and achieving greater emotional satisfaction along the way.
We recommend that you start out small, perhaps with an after-hours side business, and apply a trial-and-error approach to determine the best path forward. After all, running a small business is challenging and often unpredictable—especially if you are doing it alone.
To aid in your pursuit, you may consider reaching out to other small business owners. Their insights and advice can help you formulate and sharpen your strategy.
How can BHG help?
Since 2001, BHG has provided specialized commercial financing for the country’s top professionals, and our New Business Opportunity Loan was specifically designed to help our borrowers upgrade their services and establish additional income streams.
So, if you’re looking to elevate an established freelance business or pursue a new venture, we can offer you financing up to $500,0002,3 with flexible repayment terms of up to 12 years2 and affordable monthly payments.
At BHG, we’re committed to providing you with the support you need without sacrificing your financial security. Get started online today by visiting our monthly payment estimator. It only takes 30 seconds to view your personalized estimate.
¹ Gandhi, Sima & Pilkerton, Chris. “BankThink: Lenders need to understand that self-employment is the new employment.” American Banker, https://www.americanbanker.com/opinion/lenders-need-to-understand-that-self-employment-is-the-new-employment. Accessed July 28, 2023.
² Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Finance amount may vary depending on the applicant's state of residence.
³ BHG Money business loans typically range from $20,000 to $250,000; however, well-qualified borrowers may be eligible for business loans up to $500,000.
No application fees, commitment, or impact on personal credit to estimate your payment.
For California Residents: BHG Money loans made or arranged pursuant to a California Financing Law license - Number 603G493.
