The Solopreneur Myth: How to Be a Roaring Success When It’s Only You

Do you work for yourself – or are you planning to in the future? Join me as I bust the Solopreneur business myth.

If you work alone, you’re in good company. Each year sees an upsurge in start-up businesses. In fact, the number of new start-ups registered by HMRC in 2024 was almost 850,000!

So, if you’re on your own you’re in good company

The Unstoppable Rise of the Solo Business

Single person and micro businesses are growing rapidly in the UK.

The last deep-dive report, Microbusiness Britain recorded 1.11 million Solopreneur and micro businesses accounting for an enormous £552 billion in sales.  

It is easy to spot the reasons behind the rise of Solopreneur, Freelance and Side-Hustle businesses in recent years.  Tired of bland corporations and faceless businesses, consumers are increasingly looking for authenticity, connection and personalisation. 

On the High Street, ‘big name’ retailers are giving way to independent shops and artisan food stores.  It’s even possible that you could know the name of the person who kneaded the dough in that freshly-baked loaf you bought the other day.

You may have heard the famous quote by Napoleon, that Britain is “a nation of shopkeepers”.  While he meant it as an insult, I think of it as a great compliment. 

The UK has always been a fantastic place for doing business, and we have a history of celebrating the small and proud!

That said, there is a lot of confusion surrounding single-person and micro businesses, along with some common myths that understate their marvellous contribution to our economy. 

So let’s begin by busting the Solopreneur Business Myth, and celebrate the importance of the ultra-small.

A Solopreneur Business is NOT the Same as a Small Business

Solopreneur businesses are often lumped into the same category as a small business or SMME (Small, Medium and Micro Enterprises) 

If you work for yourself, you might feel as though a great deal of ‘small business advice’ just doesn’t apply to you (and the funding and grants definitely don’t!)

This is because in a great deal of cases, it won’t! 

A small business employs up to 50 people, while a medium enterprise has up to 250 staff. The majority of micro businesses – 80%, in fact – are made up of two people or fewer (one!),

This means advice about planning and growth will vary greatly and, in some cases, be totally irrelevant to the Solopreneur.

For example, common single-person business issues tend to centre around knowledge and confidence, such as:

• not charging enough
• failing to outsource vital business skills
• misunderstanding their target customer

As a Solopreneur, Freelance or Side-Hustle business, I would advise caution. Be careful of taking ‘one size fits all’ advice that has been tailored to small businesses. You will benefit from seeking guidance provided by an Advisor who understands your unique challenges. 

Solopreneur Business Equals a Lifestyle Business

As a passionate advocate of Solopreneurs, Freelancers and Side-Hustlers (I am a Solopreneur myself and started off as a Side-Hustler) one of my biggest pet hates is people referring to them as a “lifestyle business”. 

This myth implies that running a single-person business is more of a hobby than a legitimate profit-making business, which couldn’t be further from the truth.

Solopreneur and micro businesses make up a staggering 75% of all businesses in the UK, with 4.3 million non-employing businesses run by exceptionally hard-working people.

And, as I’ve already said, these businesses contribute billions of pounds to our economy, whether you decide to work from a fancy office – or at home in your pyjamas!

Solopreneurs Businesses Don’t Need to Plan

In a report by the Enterprise Research Centre we can see that more than half of all single-person businesses are home-based.

In addition, results from a survey of ultra-small businesses showed that 74% aim to “keep their business similar to how it operates now”.

You may be forgiven for thinking that a home-based business that isn’t looking for rapid growth doesn’t need to plan for success. If this is the case, you would be wrong. 

Solopreneur business planning doesn’t have to be complicated (in fact, it shouldn’t be!) However, it should demonstrate the same level of commitment as any other business. 

For starters, your business plan should include an understanding of your mission, your values, your brand, your customers and – yes i am going to say it – your cash flow forecast!

You should also ensure that you regularly analyse any potential risks to your business. Take time to check-in with what your competitors are doing.  This will help you better understand the market, and how you can position your business for greater success.

What’s Next?

I specialise in working with Solopreneur, Freelance and Side-Hustle businesses. If you are thinking of starting out as a single-person business – or if you’re in business already but are looking to grow and develop in the way that’s right for you – we should talk.