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It's never easy going into business for yourself, by yourself. But at the same time, it's never been easier. On the one hand, it's up to you to create the business plan, do market and competitor research, incorporate your business, secure funding, and handle the day-to-day business decisions. On the other hand, there are more free, online resources for taking care of all that than ever before.
But just because you can go solo as an entrepreneur, doesn't mean you necessarily should. Here are a few things to consider before becoming a "solopreneur."
Control -- It's your company, and as the lone decision-maker, you can shape it in your image. Decisions can be made faster and you'll never have to compromise.
Ownership -- Partnerships can get tricky, especially when you're talking about equity splits for startups. As the sole owner, you won't have any competition (or confusion) when it comes to equity.
Hiring/Firing -- None of us get into business for the human resources hassle. And while you might hit a couple home runs in hiring, it's the strikeouts that can really cause you to lose time, focus, and maybe even clients.
Expertise -- Creative thinkers may not be the best fundraisers. And great fundraisers may not have the best marketing strategy. By going it alone, you're relying on your own level of experience in every aspect of business, with no experts to lean on.
Context -- You've heard the term "echo chamber," right? We all need a little advice every now and then, from a set of fresh eyes. But that might be hard to come by when you're on your own.
Work-Life Balance -- Because every decision is yours, and because nothing happens if you're not doing it, be prepared to do a lot of work, a lot of the time. And because you can't delegate decision-making to a trusted colleague, the weight of every choice falls on you. So be prepared for a lot more stress in your life.
Even if you still decide to go solo, you might need some good legal advice on the way.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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