A solopreneur is defined as a person who starts a business completely on their own. They are still classified as an entrepreneur, but they do not have a team of investors to fall back on. As a result, they have their own specific set of challenges. There are a number of things that a solopreneur might need to be successful in their business endeavors, and some of these might come as a shock to you. Here are three things a solopreneur might need that would be easy to miss:
An Office Space
Naturally, a lot of people think that you can work anywhere. However, there are a lot of benefits to a traditional “office space.” Having a physical office means that you will have a greater likelihood of a good presence in the community. DaVinci Virtual says that other benefits include a better understanding of the history and demographics of the neighborhood, free word-of-mouth advertising and a better understanding of the demographics of the community.
Business Insurance
Murfreesboro Insurance Solutions explains that no matter the size of your business, you need insurance that fits. Many companies have business insurance specifically for solopreneurs, as they understand the unique needs of a small business. While it does cost a bit, unfortunately, a lot of solopreneurs seem to forget about business insurance. Indeed, there are a number of areas where your startup should consider having insurance. First of all, if you conduct your business out of your home, you need some type of insurance that covers different visitors to your home in case they have an accident. One option would be a Homeowner’s Liability Endorsement. Your business also should carry an Errors and Omissions (E and O) policy. Finally, if your business conducts a lot of online transactions, it’s probably a good idea to include cyber liability insurance. Heaven forbid that any of your customers lose money or get their identity stolen because of a data breach involving your business! Keep these types in mind so your business doesn’t suffer a fatal blow.
Avoiding Commute
In this day and age, this is not so much something you would need as it is something that you do not need. Thankfully, today’s solopreneur has plenty of items in their arsenal they can use to cut out the commute. According to Jungle Soul Collective, one of the main things they can do would be to utilize video calling features on Facebook, Skype, Google Hangout, and other such mediums. Having a meeting with people right at your desk will definitely help you save time and be more productive.
If you keep these factors in mind, you are much more likely to be successful as a solopreneur. You will eventually be making a very comfortable living for sure!
Trying to jumpstart your solopreneur business? ARC Business Solutions can help you build a strong business!
