I have been a solopreneur throughout my career (and a solo for much of my life). Solopreneurs (solo entrepreneurs) are self-employed business owners who work and run their businesses alone, without employees. (The people who work with me work are independent contractors, not employees.)

Solopreneurs are often professionals or former professionals with skills or expertise to share. Thanks to technology, they can now also be store owners, publishers and consultants in any sector and serve potential customers in any part of the world. Solopreneurs have no plans to hire employees in the future (although more than one-half of all U.S. small businesses that now have employees expanded from solopreneur status) and use independent contractors to provide needed services (virtual assistants, design, accounting and technical support services). They are typically not looking to expand into multiple (or any) physical locations and are often internet-based or powered. Many solos run their businesses from a home office and have very low overhead costs. They have complete decision-making authority, as well as responsibility for making sure that taxes get paid, paperwork gets done and that new business is found, won and successfully served.

People who make good solopreneurs tend to be disciplined workers. They are comfortable with using technology to promote themselves and their business, and to collaborate, communicate and work with others. They have a strong desire for financial and creative freedom and have the passion and the drive to fulfill their dream. They are comfortable making decisions, setting goals and acting on opportunities. If these traits describe you, then entrepreneurship may be a good strategy to create income in your ‘un-retirement’ years. Learn more about this and other strategies for creating a happy, healthy, independent future in my new book, Retiring Solo, now on Amazon.

Encore Business Advisors