A Guide to Thriving for Solo Founders

Starting a business is hard enough, but being the visionary founder who also has to juggle networking, marketing, branding, social media, and sales? That’s a whole different challenge. Solo founders often wear every hat, balancing priorities while navigating tighter budgets or slower times. It’s a lot. But here’s the good news: less than 18% of people actually take the step to start their own business, so you’ve already overcome the biggest hurdle. 

You are not alone. In fact, a record-breaking 5.5 million new businesses were started in 2023, according to the U.S. Census Bureau. That’s the highest number on record, surpassing 2021's 5.4 million. Even more interesting is the rise of solo founders. Data shows that 84% of American businesses were run by solopreneurs in 2023, up from 76% in 1997.

It’s clear: entrepreneurship is booming. But thriving in this space requires resilience, adaptability, and focus. This post will dive into strategies to help you avoid burnout, tackle decision paralysis, and optimize your approach to growing profitably.

Common Challenges Solo Founders Face

Burnout
Working for yourself brings freedom, but it can also be draining. Without backup, you’re constantly “on”. It’s essential to assess how you’re feeling and where your business is headed. Self-awareness is the foundation for success as a leader. Here are a few signs of burnout to look out for: difficulty sleeping, feeling like work is mostly a grind, increased irritability, or dreaming of escapes (vacation or getting a “real job”).  If you notice signs of burnout, it’s time to adjust your routine, workload, or strategies to better align with what you need.

Decision Paralysis
Being the only decision-maker can lead to overthinking and stagnation. Every choice feels critical, and it’s easy to get stuck on what to do next. Without a clear roadmap, even the smallest decisions can feel overwhelming. Sometimes, it’s helpful just to get started. Make a list and identify some low-hanging fruit you can knock off right away. Other times, it can be good to use a life-line and reach out to a friend, coach, or mentor. 

Achieving Profitability While Controlling Costs
Balancing revenue growth and cost efficiency is one of the most significant hurdles. When you are trying to demonstrate to investors that your startup has moved beyond speculation and has a viable business model, profitability is key. But it’s always hard to balance the risk of investing in future growth with the likelihood that the risk will provide the returns you’re looking for. One way to approach this is to engage in lots of small experiments. Figure out the next thing you need to learn, and then design a minimum viable experiment to learn just that thing. Rinse and repeat. 

Loneliness
The only job lonelier than being a CEO is being a startup CEO. Being a solo founder is naturally even more isolating. Not only do you carry the leadership of the company on your shoulders, but often you are literally and physically alone in this venture (except for occasional part-time contractors). When you are isolated, it is easy to think that the struggles of starting a business are unique to you. When people join our Founder Forums, one of the biggest benefits they gain is realizing that the challenges they are facing are not unique. Other people have the same frustrations, and now there is a group of people who have their backs. 

Conclusion

Entrepreneurship, especially as a solo founder, is both a rewarding and demanding journey. Remember, the fact that you’ve stepped into this arena already sets you apart from the majority. With focus, adaptability, and resilience, you’re well-equipped to navigate the complexities of entrepreneurship. Celebrate the progress you’ve made, and lean into the support and resources around you. Thriving as a solo founder isn’t just possible; it’s within your reach.