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Should You Transition From Solopreneur to Entrepreneur? Here’s How to Know

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You’ve been in business a couple of years, and you’re at the re-evaluation stage, wondering if you should change things up. Do you want to keep doing it on your own as a solo operator? Or would you rather be a systems operator with processes in place that can help you grow with a team? As of 2019, 41.1 million Americans were solopreneurs—comprised of freelancers, contractors, consultants, and business owners without teams.

Being a solopreneur is exciting. You have a business that you’re passionate about. You have no one to answer to. And everything is on your time. 

The downside?

Everything is on you. 

Not every solopreneur is meant to stay a solopreneur throughout their business journey, and many are. It all depends on your goals, your fulfillment, and how you want to structure your life. 

Here’s everything you need to know about if and when you should (or should not) make the transition from solopreneur to entrepreneur.

The difference

Many solopreneurs consider themselves entrepreneurs—and they’re not wrong. Solopreneurs are simply entrepreneurs who have chosen to rely predominantly on themselves to execute their vision in the business instead of building an in-house team to support them. This means everything in the business that allows it to run, from marketing to bringing in sales to client delivery, is reliant on the business owner. Solopreneurs may hire freelancers or companies for specialty projects like graphics or logos. Perhaps, solopreneurs may also hire freelancers to outsource the tasks where they’re weak or have zero interest, however, most of the business execution is handled by the solopreneur. This can make many solopreneurs reliant on constant effort for the cash flow in their business, especially if they are some kind of specialist with custom deliverables. 

Entrepreneurs typically focus on building a system and a team, to remain in the visionary role as much as possible. They desire to scale the business, bring on more people, add more services or products, and expand the business without limits. Entrepreneurs may learn how to do most of the things in their business as it pertains to the execution and delivery in case they need to step in, but this is not where they spend their day-to-day efforts. Instead, entrepreneurs focus on business growth. They’re primarily pouring their energy into ways the business can continue to scale, even if they step away. 

Who the switch is right for

If you’re a solopreneur and you are considering switching to becoming an entrepreneur, chances are you’re overwhelmed and overworked. You’ve been carrying the load on your own, maybe even thought of selling your company and let’s face it, it can get heavy without support.

Alternatively, you may find yourself saying that you want the business to grow and run itself. You don’t want to do it alone anymore. The important question to ask yourself here is, Do I need a team or do I need better systems and processes? 

Social media, ads, and funnel strategist, April Wilhelm of Wilhelm Media Group, says she knew the switch from solopreneur to entrepreneur was right for her when she found herself getting burnt out and doing work she wasn’t excited about every day. “I was extremely successful as a solopreneur,” Wilhelm said, “but as my business grew and my personal life changed…I was getting burnt out and needed more flexibility while still having the same success.”

However, the process isn’t always linear. After a while, Wilhelm went back to solopreneurship, but is slowly rebuilding her team after learning the leadership skills required to be CEO in her company.

If you have no desire to grow a business beyond yourself or beyond your lifetime, and you’re more ease-oriented than ROI-oriented (meaning you’d rather work four days a week than make more money), chances are that you simply have a systems problem. You may need to delegate to a freelancer virtual assistant five hours per week. You may need some more automation in your business for your sales and marketing processes. Look at where there may be some time and energy leaks in your business and see if there’s a system, process, or automation that can plug that hole for you. This may mean hiring a coach or consultant to help you identify where you can strengthen and streamline your business. But it may not require you to bring on a team.

TD, a copywriting business owner, made the decision to move from entrepreneur with a team to a solopreneur. When asked about why she chose solopreneurship, TD said, “I wanted to be a better businesswoman, and I felt really disconnected when I wasn’t focused on the business end of it all. I’m more nimble this way. I can act in the moment as inspiration strikes.” Making the change from entrepreneur to solopreneur let TD have more direct control over the business. 

If you have decided that you want the business to run without you or that you want to build a legacy-focused business that will continue to grow after you die, then switching to entrepreneurship may be right for you. Many solopreneurs struggle to bring in enough income to get the business to perform on its own so that they can take vacations, rest periods, or even work on the business instead of in the business. This can lead to serious burnout with mental, emotional, and physical health complications as a result. Hiring a team to take the load off of you and grow the business whether you’re present every day or not is a great reason to hang up the solopreneur hat—but it doesn’t have to be drastically different from what the business looks like today. 

For example, you may only need to hire a virtual assistant in order to get the tasks off of your plate that aren’t allowing you to grow or take care of yourself. If you struggle with organization or project management, then you may need to hire an online business manager (OBM). If sales aren’t your favorite thing, you may need to hire a small sales team to take over your sales process for you. Regardless of who you bring on, you don’t have to go from zero to a full-fledged company overnight. It’s a process, and you start one hire at a time based on your most pressing need. 

There is another time to switch, but instead of from solopreneur to entrepreneur, you make the switch from entrepreneur to solopreneur. This can happen for many reasons, some of which include divorce, changing businesses, starting over, growing out of business, or having other financial shifts. Personal branding strategist, Kimra Luna, said, “Being on this (solopreneur) path right now has primarily been because I’m rebuilding my brand, starting over, and really wanting to take things slow. I learned a lot of things from hiring in the past, and so now it’s made me more mindful about how quickly I hire.” 

When asking Luna what led to the decision to start over as a solopreneur instead of going straight to entrepreneurship, she replied, “I know how to grow, I’ve done it before. And I want to do things in a slow, more mindful way. So that I, for one, don’t burn myself out. But for two, once you have people on your team, you’re managing more than just yourself. Now you’re actually managing multiple people, and that can become very draining as well. So I want to make sure that I really have the capacity—energetically, timewise, and financially —to bring on people in the right roles.” 

When to switch

If being a one-person show doesn’t work anymore, and you want the business to scale without you (or you’re experiencing burnout and you’re considering burning your business to the ground—which is more common than you’d think), you may want to consider switching to entrepreneurship. But before you make that decision, here are the things to try (and ask yourself) first.

  1. Have you implemented all of the automated systems that will help you run your business, and you’re still experiencing burnout?
  2. Have you outsourced the menial, specialized tasks, like graphic design, webpage design, video editing, and other project-based tasks already?
  3. Have you created systems and processes that optimize your time and streamline your work? Standard operating procedures, project management tools, and time management calendar blocking aren’t just tools for companies. They’re life-savers for solopreneurs too.
  4. Has your vision for your business changed, and do you now want to move more into a legacy-based business model?

Your answers to these questions will let you know if it’s truly time to make a change or show you exactly where you should focus your efforts first if you do want to stay a solopreneur. 

Solopreneurship is a powerful journey, and like anything worthwhile, there’s a lot of trial and error. It’s normal for there to be seasons of overwhelm in your business, especially if you’re just starting or in the process of growing. However, if there’s sustained overwhelm, check your systems, processes, and automation first. If those things are on point and working for you, then it may be time to reconsider your business structure.

Kellee Marlow is an Impact Entrepreneur, Business Strategist, Empowerment Accelerator, and Motivational Speaker. She built her career by embracing disruption and identifying innovative concepts and technologies that challenged companies and people to think differently. After 20+ years of business experience in different roles and industries, Kellee has created a catalyst mindset that is science-proven, focused on empowerment, innovation, and inspiration that guides people to successfully realize their entrepreneurial or personal goals. She is the founder and host of Spark, on KXSF.FM and 8+ online platforms that stream world-wide. Kellee created the Spark platform to inform, inspire, and ignite her audience by pinpointing the underlying value of the expertise from change-makers in psychology, wellness, business, and innovation. She tackles topics including the future impact of artificial intelligence and cryptocurrency; career reinvention and self-empowerment tools like empathy, gratitude, and social fluency.

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to https://sca.auction/.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

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Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

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augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

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