^

Freeman Cebu Business

Solopreneur

FULL DISCLOSURE - Fidel Abalos - The Freeman

The “ber” months (the four months of September, October, November and December) will start in a few days from now. These months come with the anticipation of the Christmas holidays. Holidays that are closely associated with spending. Most likely, however, wild spending will be set aside for the time being because of the ongoing wallet-busting pandemic. History tells us though that consumer spending has a huge influence in our economy. Therefore, to those who have the itch for entrepreneurship, they should always keep that in mind.

However, do you really wish to become an entrepreneur or just, simply, a solopreneur?  While it is true that all solopreneurs are entrepreneurs, not all entrepreneurs are solopreneurs. Both though love to work independently and be their own bosses and have great business ideas to start with. Yet, that’s where the similarities end.

Yes, we all know what an entrepreneur does as universities are even offering entrepreneurship as a course. A person setting up a furniture factory, for instance, may probably be an entrepreneur but not a solopreneur. Why? This is because he must hire or engage carpenters to make chairs and tables.

However, if he is only into designing furniture for factory owners, probably, he is solopreneur.  Why? It is possible that he won’t hire anyone to design for him but himself. He is working alone or by his lonesome.

Also, more often, solopreneurs do not think of diversifying. They are so focused on what they do and that’s it. Entrepreneurs, on the other hand, do think of diversifying more often. It would seem that they have this insatiable thirst for building a business empire. In fact, some will normally seek funding from venture capitalists or angel investors to expand and ultimately going public for their financiers’ exit.

In terms of financial management, the entrepreneurs’ challenges are oftentimes tough. A mandatory weekly or monthly payroll will always pose a drain in their treasury. With no employees to attend to, solopreneurs are relieved of those worries.

Also, oftentimes, solopreneurs use minimal spaces for their undertakings. In fact, some are just using their bedrooms for what they do. More often, an internet connection, a table and a laptop are all they have. Entrepreneurs, on the other hand, especially when they sell goods, will have huge areas to maintain. Thus, rental costs become a burden too.

So, what are those businesses solopreneurs normally undertake? Among others, one can go into Airbnb hosting, photography, graphic designing, event planning, freelance writing, web designing, baking and personal accounting. If one believes these require special talents and may not have them, then, he can always go for dropshipping.

Dropshipping is a kind of business where a store doesn’t really keep the products it sells. It is a business model wherein a store sells a product (online) it purchases from a third party (online) and has it delivered or shipped directly to the buyer. Consequently, the seller does not handle it or has not even seen the actual product.

Simply put, the customer puts an order in the dropshipper’s online store, the dropshipper, in turn, places an order with the supplier. The dropshipper’s supplier will, in turn, ship the order to the customer.  As the flow will suggest, this is a retail fulfillment method. Obviously, the dropshipper does not maintain stocks or inventories but an online store.

So, what are the benefits, we may ask. Well, for aspiring solopreneurs, this is a good one because of its accessibility. So accessible because everything we need is in the internet. Products are just clicks away. Therefore, a solopreneur can easily assemble products that are deemed in demand either constantly or seasonally.

Unlike traditional retailers, since a dropshipper (owner of an ecommerce store) doesn’t have to keep physical inventories, there is no need to invest thousands of pesos in it. In fact, items aren’t purchased unless these have been paid.

Apparently, it is so easy to get started. The fact that stocks aren’t carried, a warehouse isn’t needed and all storing activities like packing and shipping the orders and handling incoming or returned items do not exist. Consequently, overhead cost is so minimal.

Moreover, store location isn’t an issue because the netizens are everywhere. The items that maybe sold are unlimited. The internet is awash with these.

Indeed, depending on your appetite for risk, you can either be an entrepreneur or a solopreneur.  Whatever route you take, just dwell in the thought that you are starting a new career on your own terms.

SOLOPRENEUR

Philstar
  • Latest
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with