3 Pitfalls of The Solopreneur

Have you heard of the term ‘solopreneur’? According to MacMillan Dictionary, “The solopreneur is basically a business owner who does everything on their own. They, as an individual, are the business, functioning as a ‘company of one’ and single-handedly working for the business, running the business, meeting all its costs and enjoying all the profit…”

Does that sound at all familiar? You aren’t alone, according to this report by the U.S. Government Accountability Office: “40.4% of our U.S. workforce is made up of contingent workers.” With a large proportion of the workforce opting to take success into their hands by through entrepreneurship.

The growing popularity towards this shift in employment status doesn’t mean the profession doesn’t come without its share of pitfalls. Luckily, we’ve identified three of the most common solopreneurs face and outlined how to be proactive instead of reactive. When you run a business, mostly on your own, you need to be able to see opportunities for growth in unexpected places. Read on to learn our “3 Pitfalls of the Solopreneur” and how to avoid them in your own business.

Resources

It’s a new era of business. With the internet, almost anyone has the power to build their brand. One aspect that may hinder your success is access to resources at a price point you can afford. With real estate prices rising in largely populated cities throughout the United States, entrepreneurs, especially start-up owners look to avoid financially burdening situations like a commercial lease but still need a professional workspace.

Office space rentals once revolve around your credit score, capital, and the vision to predict your business’s growth. Now community workspaces allow business professionals with a credit card access to a conference room; upping your resources at a much lower rate.

This option extends cost savings beyond that of just the lease and costs to furnish the location. Have you ever tallied up your coffee bill for the month? You could be spending hundreds of dollars on lattes. Free tea, coffee, and snacks offered by many co-working spaces all benefits the bottom line.

If you’ve never heard of the concept of co-working spaces, they eliminate many setup costs like WIFI, a phone line, and even a receptionist. When using shared services, you’ll be able to bundle these costs within the overall fee that is paid once per month. Multiply your resources for a price that could very easily be within your monthly budget.

Community Ties

Aside from the resources, you will gain from working in a collaborative space, many entrepreneurs and business owners praise the community advantages as well. They realize being in an environment with other, like-minded people ultimately inspires their success. In a home-based business, you are often “out of sight, out of mind” which creates an opportunity cost, even though you are saving on rent that saving is at a cost, and that could be your success. Every business needs a community to thrive and shared working spaces look to bring a community of people together. Many also offer networking opportunities like After Hours events.

Environment

Finally, spaces that encourage collaboration are increasing their value by offering services that the solopreneur niche of the market need. Services like package handling and phone answering will possibly, make many business owners throw away their office leases forever.

About Office Evolution – Aurora

OE is much more than a coffee shop! We are here to support and celebrate your business (and, like mentioned above we provide complimentary coffee, too). We work with business professionals and entrepreneurs, like you, who are driven to succeed.
Here are a few things we’d like you to know about our location. Located in the Southlands Lifestyle Center, our location has 22 fully furnished office spaces that are plug and play ready, three conference rooms, and a 2000 sq.ft balcony. We are located off E-470, less than 30 minutes from Denver International Airport, and close to restaurants, shopping, and multiple business opportunities.

Contact us to schedule a tour at our Aurora location by calling (303) 376-6323 or emailing SEAurora@OfficeEvolution.com

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