Some entrepreneurs start companies with others on board. Solopreneurs launch their ventures single-handedly and have to get accustomed to going it alone. Of course, with so much on their plates, solopreneurs often face unique pressures that other entrepreneurs and small-business owners may not.
When anyone starts a business solo, some situations that arise can seem overwhelming without a strong system of support in place to assist. Below, 14 members of Forbes Coaches Council discuss some of the unique challenges that solopreneurs face and what they can do to alleviate them.
Forbes Coaches Council members share unique challenges solopreneurs face and ways to alleviate them.
Photos courtesy of the individual members.1. Having No One To Confide In
The most challenging aspect of the solopreneur journey is the loneliness that comes with this chosen path. You don’t have someone around to ask to get a second opinion on a new idea, share the workload or confide in. To overcome this barrier, I advise my first-time solopreneur clients to connect with other solopreneurs who share the same experience. Join an existing community or create one. - Leang Chung, Pelora Stack
2. Having Limited Strategic Support
Human beings are hard-wired to connect with others, which means we are literally built for human connection. We thrive in a community. Solopreneurship can be lonely, and it limits our circle of strategic support. Not only does authentic connection bring warmth through the storms of building a business, but it also becomes a strategic asset in decision-making and workload distribution. - Abe Brown, Certified Flourishing Coaching
3. Using Personal Capital Longer
Solopreneurs tend to use personal capital to sustain their business far longer than slightly larger companies do, without thinking of the benefit that third-party funding could unlock for them early on. An investor or funder who brings expertise along with funding can alter the growth trajectory of a solopreneur’s journey through mentoring or as a trusted, objective advisor. - Arthi Rabikrisson, Prerna Advisory
4. Staying Accountable
It’s lonely at the top—especially for solopreneurs. So staying accountable (as there is no one to be accountable to) is pretty hard. A simple way to avoid this would be to join a peer advisory board so that you can surround yourself with other entrepreneurs and stay accountable to them. - Nick Leighton, Exactly Where You Want to Be
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5. Getting Caught Up In The Business’s Operational Side
A common challenge for solopreneurs is getting caught up in their business’s operational side and taking their focus off of the bigger vision and plan. For this reason, take some time every now and then—ideally, once a month—to revisit and adjust your higher intention. It also helps to hire a coach who can help you clarify and focus on what’s most important to you and celebrate your progress. - Vered Kogan, Momentum Institute
6. Not Spending Enough In Your Genius Zone
Solopreneurs face the challenge of not spending enough time in their genius zone. When you start a company, you need to start thinking about how to delegate the administration of running a business before you get a single customer. Way too many businesspeople are inundated with day-to-day tasks and spend less time doing what they love most and showcasing their expertise. - Michelle Perchuk, MTV Coaching
7. Having To Serve As A ‘Jack Of All Trades’
The challenges besieging solopreneurs are plenty, the foremost being having to serve as a “jack of all trades.” The nature of running a solo business means that all activities, from end to end, are single-handedly performed by one person. The ability to figure out the high-value and strategic tasks and do these personally is crucial. For all else, look to arranging for external resources to fulfill them. - Thomas Lim, Singapore Public Service, SportSG
8. Taking On The World Alone
The challenge that solopreneurs face is embedded in the name—they are taking on the world solo. They find themselves to be the ones designing the product, selling, billing, scheduling pitches and creating content to market it. The solopreneur can alleviate some of this stress by having a trusted network of peers to leverage for advice and counsel and to partner with if the opportunity presents. - Jill Helmer, Jill Helmer Consulting
9. Lacking Others’ Perspectives
Perspective is everything. Having peers to talk through ideas, decisions and problems with will ensure that you are more likely to do what is right. We are not always right, so being on your own means you are more likely to miss something. To build your own board, surround yourself with mentors and coaches who can give you that perspective. It’s also lonely without the ability to speak to peers. - Alex Draper, DX Learning Solutions
10. Developing The Business
My biggest challenge as a solopreneur is business development. I ask for referrals and make sure that my clients are ready to give good reviews if they’re ever called to by a new potential client. Prepping past clients for new client calls has saved me a lot of time because I can essentially outsource new client sales calls to past grateful clients. - Corrie Block, Paragon Consulting FZE
11. Knowing Your Worth And Managing Your Time
Know your worth. Engage in mastermind groups and build your personal board of directors. Manage time wisely. Simple, free tools such as social media apps can help you stay organized and build your brand. Don’t waste time on activities that can be delegated for a minimal cost. Consider shared resources and spaces that allow you to connect with others. Solo doesn’t have to be lonely. Invest in yourself. - Susan Murray, Clearpath Leadership
12. Finding Ways To Mitigate A Lack Of Resources
One of the challenges that solopreneurs often face is finding effective ways to mitigate their lack of resources. This can include seeking out mentorship and support from other entrepreneurs and leveraging technology and tools to help manage their businesses more efficiently. By being proactive, solopreneurs can overcome many of the challenges they face and thrive. - Peter Boolkah, The Transition Guy
13. Lacking Business Expertise
Solopreneurs often have a tremendous passion for their work, but don’t always have the business expertise to execute compliance measures, bookkeeping, tax filings and so on. Rather than doing it all alone, find ways to automate and outsource. Utilize apps, programs, virtual assistants and other resources to take responsibilities off of your plate so that you can focus on your passion. - April Willis, April Willis Consulting, LLC
14. Missing A Support System
When you are a solo entrepreneur, you typically don’t have a support system or anyone who understands the day-to-day struggles and wins of owning your own business. One thing solopreneurs can do is to look for an existing brand that is willing to franchise. This allows you the freedom of solopreneurship as well as a community of entrepreneurs with the same passion and similar paths. - Jim Judy, TryFranchising.com
