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You're the boss.
3 min read
Striking out on your own can be an intimidating prospect, especially if you’re starting a business by yourself.
As of 2015, the U.S. Census Bureau reported that there were more than 2.7 million nonemployer firms that are run solely by owners. Of that group, 35,584 were bringing in anywhere from $1 million to $2.49 million a year.
Making seven figures in annual revenue is certainly a possibility, even as a one-person operation. But what other elements of the solopreneur life do you have to look forward to?
1. No office politics.
You spend most of your time at work, sometimes more so than with your own friends and family. But like your family, you don’t choose your co-workers, and sometimes that can lead to some less than enjoyable disputes at the office. And sometimes that can escalate beyond grumbling and gossip to full-on revenge tactics.
According to a recent poll conducted by insurance solutions platform Insurance Quotes, 44 percent of participants admitted to getting revenge on a co-worker. It should go without saying, but please, avoid going down this route.
2. You aren’t alone.
Even if you are working solo, it is still possible to develop a community with other people in your position. According to MBO Partner’s seventh annual State of Independence in America study, in 2017, there were 40.9 million self-employed people in the U.S. aged 21 and over. And of that figure, 16.2 million people are working independently full time, averaging 35 hours a week.
Related: One Easy Way for Solopreneurs to Grow Their Business Without Working More Hours
3. It'll boost your quality of life.
In the MBO Partners study, 70 percent of the participants shared that they felt healthier since working on their own. Forty-three percent said that they were earning more money, and 48 percent reported that they felt more secure.
4. You set the tone.
From your schedule, where you work, what your office looks like, the hours you keep, whether pets are allowed in the office (especially if it’s your house) to the design for your website and the font on your business cards, it's all up to you. As long as you’re confident in your ability to make the tough calls, you can shape the company in any way you like. Which also means that you can make changes quickly if you find that there is a business model that works more effectively.
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