Solo-Preneur or Small Business Owner - Which One Are You?

This is a query that gets asked normally. And it surprises me how lots of business owners take into consideration themselves solo-preneurs, even with revenues properly more than $0.5m and even as higher as $1m.

So initially let's define every single one particular.

A solo-prenuer is an individual who operate for themselves and quite a great deal by themselves. They are the Chief All the things Officer in their business enterprise. They may perhaps have up to 3 people today on their group who are over probably all independent contractors or subcontractors. There is a higher possibility that they have not established their business as a legal entity with the government.

A business owner is somebody who may perhaps be functioning for themselves but are under no circumstances by themselves. They have a group of individuals who are personnel of their business. There business is established as a legal entity.

Now you might be saying - "I have a group of contractors but I'm not a solo-preneur; I am a business owner." Or you may be saying - "I have established my business as a legal entity but it really is just me so I assume I'm a solo-prenuer."

So what is my point?

There are lots of traits that can flip flop among the two but the important distinction is mindset. You can't be a business owner as lengthy as you are a solo-prenuer. If you want to take you enterprise to the subsequent leave you have to advance your considering.

Solo-prenuers trudge along operating day in and day out as the laborer of their organization. They develop a task for themselves. Their major aim is to survive and supply for themselves and their family members. They work in haphazardly techniques with the sole objective of becoming in a position to spend their individual bills although simultaneously avoiding payments to Uncle Sam.

Business owners might commence out operating day in and day out as the laborer of their organization but they by no means strategy on staying there. They improvement systems along the way so that as they develop they can employ other individuals to do these job. They implement methods that will aid them develop. Their major aim is to produce a lucrative business that can assist their life but has a a lot larger objective. They realize that by striving for profit they will accomplish far over they may picture. They comprehend that the solutions they supply can have a principal influence on their neighborhood and beyond.

You can be a solo-preneur or a tiny business owner. 1 is not superior than the other. Just know that the 1 you make a decision to be will make a decision the fate of your business enterprise and the life style you reside.

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