It feels so amazing getting to first take the leap into the thrilling world of solopreneurship, right? It’s terrifying because, technically, there’s a lot that’s going through your mind and your life (even personal relationships). So, yes, by all means, this is extremely daring! For the most part, it’s usually filled with some promise, too. But at the same time, like everyone knows (and even those shows and movies depict), it’s not really a cakewalk any of this.
It’s not always great having to face reality, but the reality would have to be the fact that starting a new business all by yourself comes with a unique set of challenges. Actually, it’s not just challenges; it’s the potential for a full-on major disaster that can immediately destroy what you’ve attempted to build up (yes, even if you literally haven’t begun your business yet). But what exactly are these? Well, here’s what you need to know!
There’s the Potential of Financial Fiascos
No one likes to talk about money, but we have to talk about money. One of the fastest ways to hit a wall as a new solopreneur is to run out of cash. Technically, before you even start your business and fully register it, this can also happen. You’re passionate, you’ve got a great idea, but the bank account is looking grim. Managing your finances is absolutely crucial from day one.
Tech Nightmares are More Common Than You Think
So, just imagine this: you’re about to close a major deal, and suddenly, your website crashes, or your laptop dies. Needless to say, tech issues can be a nightmare, especially when you’re just starting out and every moment counts.
Seriously, you’re going to have to look into investing in reliable technology and keep everything up to date. So, you’re going to want to regularly back up your data to avoid losing crucial information. For example, it might be a really good idea to look into using cloud services to store important documents and consider having a backup device on hand. If you’re not tech-savvy, it might be worth investing in some professional help to set things up correctly from the start.
Burnout Breakdown Happens Fast
You have to understand that starting a business is a marathon, not a sprint. It’s easy to fall into the trap of working around the clock, thinking that more hours equals more success. But if you burn out, your business will suffer too. Are you taking breaks? Are you juggling everything? How are you managing?
Marketing Mayhem is Difficult
You’ve got an awesome product or service, but how do you let people know? Well, the obvious would be marketing, right? After all, marketing is a critical component of your business, and getting it wrong can set you back significantly.
The problem would have to be the fact that a lot of business owners expect to go viral within days of starting their business. Sure, there are plenty of businesses that do, but you have to understand it’s rare, and oftentimes, these people create a parasocial relationship prior to starting up their business.
It’s Hard to Navigate the Red Tape
Legal issues can be a minefield for new solopreneurs so that alone is why you need to have good business insurance from a reliable insurance agency. You seriously never know what could happen to you, and yes, that means legal issues. So, in general, there are just a lot of decisions that could be fatal to your business and to you overall.
There’s a lot to consider, from choosing the right business structure to understanding your tax obligations. Ignoring legal requirements can lead to fines or, worse, the closure of your business.
While you absolutely need insurance, you’re also going to need a legal professional that you basically partner up with to help you out with all of this. Overall, it’s about understanding your legal responsibilities from the get-go, which can save you a ton of headaches down the road.
Client and Customer Chaos is a Thing
As you already know, clients are the lifeblood of your business, but managing them can be tricky, especially when you’re flying solo. Difficult clients, scope creep, and late payments can derail your progress.
Basically, all it takes is one angry client; even if it’s your first one, they can immediately destroy your business. For example, if you put your business on “Google My Business,” well, that one review, that one start review (especially if that’s literally the only review on there), will kill your business instantly.
