Welcome back, Noyackers!
You’re talented. You’re tired of the corporate grind. Solopreneurship promises something traditional jobs rarely do: control over your time, creativity, and income. But this isn’t just about ditching the 9-to-5 — it’s a wealth move. One that demands real strategy.
Going solo sounds like freedom — no boss, no ceiling, full autonomy. But it’s more than a lifestyle shift. It’s a high-stakes, high-reward play that puts you in charge of your financial future.
Let’s break down the real trade-offs — and what you can do to make going solo a smart, sustainable path to building real wealth.
🔍 What’s a Solopreneur?
You run your business yourself. No full-time staff. You handle operations, marketing, finance, and delivery. Some common kinds of solopreneurs are:
🧑💻 Freelancers
🧠 Consultants
📱 Creators
💾 Digital Product Sellers
💡 Solo Founders
Is it Flexible? Yes. Profitable? Potentially. Effortless? Never. Lets dig in.
🔊 Solopreneurship Pros & Cons at a Glance
💡Note: What are your goals in going solo? Do the pros outweigh the cons?
Action Kit: How to Go Solo with Confidence
✅ Establish Your Business Structure: Register an LLC for liability protection. As your profit grows (beyond ~$80K), consider electing S-Corp status to save on taxes. Choosing the right structure upfront can save headaches later.
✅ Master Your Finances & Taxes: Stay financially organized – use a dedicated business bank account and accounting software to track income and expenses. Save for taxes (pay quarterlies on time) and track your write-offs (home office, equipment, etc.). If bookkeeping isn’t your strength, hire a pro.
✅ Secure Your Health Coverage: If you’re leaving a job, you can temporarily extend your health insurance via COBRA to avoid a gap (though it’s costly). Meanwhile, compare individual plans; a mid-level policy might cost a few hundred dollars per month. Consider a high-deductible plan with an HSA for tax-free medical savings, and get disability insurance to protect your income.
✅ Set Up Retirement Savings: Open a self-employed retirement plan – a Solo 401(k) lets you contribute as both employee and employer (up to ~$69K/year if income allows). Alternatively, a SEP IRA is simpler (about 25% of net income). Contribute consistently. Check out our retirement chart to see what the best plan is for you.
✅ Leverage Tools and Automation: Use tech to work smarter. Handle invoices and expense tracking with apps, and automate routine tasks (like scheduling posts or client follow-ups) to free up time. Keep a simple cash flow forecast to prepare for lean months.
✅ Build Your Brand and Network: Build your personal brand and get your name out there. Create a simple website or LinkedIn that clearly states what you do and who you help. Tell your network you’re open for business – referrals often bring your first clients. Join industry groups or online communities to connect with potential clients.
🎙️ Learn More About Going Solo
Laura D. Adams MBA of the Money Girl podcast breaks down what it is like to go solo, what she wishes she had done differently, and tips to start out on our most recent episode of AccessGranted™. Check out her latest book Money Smart Solopreneur for an even deeper dive.
Final Word
Approach solopreneurship with eyes open and a solid plan, and you can turn its risks into rewards. You’re not just creating a job – you’re building an asset on your own terms, and with persistence it can be the smartest investment you make in yourself.
Until Next Sunday,
—CJ & The NOYACK Team
AccessGranted™
