Pros and Cons of Being A Solopreneur

Welcome to the Empire of One newsletter—the resource that teaches you lessons, strategies, and mindsets for building digital businesses as a solopreneur.

This week’s issue is about the positives and negatives of solopreneurship

Average read time: 2 minutes

Maybe you’re on the fence about whether building an Empire of One is actually for you?

I know it took me a little while to make the decision, and it’s not one I made lightly. I spent hours researching and weighing the alternatives.

But ultimately, following the story of Justin Welsh is what motivated me to take the leap.

He talks a lot on Twitter about building a life with meaning by creating digital businesses solo.

Working for yourself with no employees, choosing your schedule, your clients, your path—now that sounds like the life.

But it’s definitely not for everyone.

So If you’re still on the fence, let’s go over some of the pros and cons. Maybe I can help you make a decision.

Pros

• Be your own boss

• Not accountable to anyone

• No employees to manage

• Choose what you want to work on

• Don’t need to share profits

• Great sense of accomplishment

• You control your schedule

• No dress code

• Can explore new avenues quickly

Cons

• It is more challenging to do by yourself

• It can get lonely

• Contractors you hire might not be as invested in your company as you are

• You’re not accountable to anyone—requires a lot more discipline

• Can take a long time before you start seeing any traction

• Harder to sell for an exit if you are service-based

• Easy to get discouraged

Still With Me?

Although there are a few downsides to consider, the upsides are very enticing.

There are ways to mitigate those downsides though.

For example, if you're looking to increase the value of your business, you can diversify what you offer. Digital products, courses, or software will all help improve sale prices.

And discipline gets easier when you build systems to streamline your processes.

If you choose to follow me into solopreneurship, I'll share everything I learn as I build my Empire of One.

By following my journey, you will have an actionable blueprint for becoming a self-made solopreneur.

And if you’d like me to expand on any of the points made in this issue, feel free to respond to this email!

That’s it for this issue. Be sure to follow along on Twitter for daily insight on building your Empire of One.