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How to Become a Successful Solopreneur and Thrive

How to Become a Successful Solopreneur and Thrive

The term “solopreneur”, while not new, has gained popularity lately as a way to describe the growing number of “solo entrepreneurs” out there today. And even though there is a lot of overlap between an entrepreneur and a solopreneur, there are subtle distinctions to be made between the two.

In this article, you will learn about the differences between a solopreneur and an entrepreneur. You will also learn how to become a successful solopreneur and thrive.

Solopreneurs vs Entrepreneurs

The Differences

Solopreneurs place a high value on control. By definition, a solopreneur is a one person operation.

By contrast, an entrepreneur is building a team of people who specialize in specific areas of the business. Think sales, accounting, customer service etc.

A solopreneur, on the other hand, is responsible for every aspect of the business. Now, that doesn’t mean that they don’t have help, but more on that later.

Because solopreneurs by nature work alone, most tend to be introverts. If you need a group dynamic in order to get your creative juices flowing or to stay productive, solopreneurship might not be for you.

And because solopreneurs don’t have employees that work specified hours, they can generally set their own schedule. This can be a double edged sword. It gives the solopreneur the flexibility to take time off as needed, but without self motivation, the business won’t survive.

The Similarities

Both solopreneurs and entrepreneurs build real businesses. Sometimes people think of the solopreneur as someone with a lucrative hobby or someone who has “created a job for themselves”. And while this may be true for some, the vast majority of solopreneurs are building real businesses that provide a continuous flow of recurring income that builds wealth.

Both strive to build businesses that can be sustained on their own and require minimal oversight to maintain. Both solopreneurs and entrepreneurs are building businesses that can be sustainable with minimal oversight. The entrepreneur does this by putting a management team in place so that the company runs efficiently in their absence. The solopreneur uses systems of automation to achieve the same result.

All successful businesses must start with a founder who has a clear vision of what they want to accomplish. So both solopreneurs and entrepreneurs set long term goals and short term goals that are clearly defined and measurable in order to track their success.

Both are also self-determined. Self determination is the concept that your reward (or income) is directly proportional to the effort you put in. In other words, as an employee, if you make a sale that generates $1,000,000 for the company, you only get a small percentage of that as a commission. But as a solopreneur you get the entire amount.

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The Benefits of Solopreneurship

There are a myriad reasons that people become solopreneurs. The desire to become your own boss, dissatisfaction with current employment, flexible work schedule, more family/vacation time and of course a much higher income potential. But there are some other, not so obvious benefits to becoming a solopreneur that include:

Expand Your Skill Sets

Because you are responsible for all aspects of your business, it forces you to tackle all the problems that will inevitably arise in every area.

Not so good at maintaining a website? Don’t worry, it will eventually go down forcing you to figure out how to fix it.

Not good at sales or public speaking? You will be as soon as your income depends on it.

But don’t worry, after a while, all solopreneurs get used to these things and pretty soon you’ll be taking them as they come.

Can Work on the Most Important Parts of Your Business

As an employee, you are forced to endure a lot of things that are completely (un) or even counterproductive to the mission of the company. Think about how many useless meetings you’ve had to sit through, or how many reports you had to make or paperwork you had to fill out that was completely unproductive. That is a ton of non productive activities that you are required to perform.

As a solopreneur, you are freed from all that frivolous CYA paperwork and you can concentrate on the most productive parts of your business.

Can “Turn on a Dime”

In today’s fast paced world, being able to adapt to changing market conditions is the key to building a successful business. As a solopreneur, you have the ultimate flexibility in this area. With no investors, shareholders, board members or even employees, you can adjust your strategies and implement them very quickly.

Control the Brand

As a solopreneur, you are the brand. You are the one responsible for your public identity. This also means that it’s up to you to promote your brand identity to the public.

Make What You’re Worth

Few people in corporate America think that they are actually getting paid what they are worth, while this may or may not be true.

As a solopreneur, your compensation is directly related to your efforts. There are truly no limits on the income of a solopreneur.

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More Job Satisfaction Than the Average Worker

In a recent survey, just barely over half of the U.S. population (51%) reported that they were satisfied with their jobs.[1] Conversely, over 80% of solopreneurs reported job satisfaction with 76% planning on remaining in their careers in the future.[2]

A Sense of Accomplishment You Can’t Get Anywhere Else

Have you ever taken on a big project that made you feel overwhelmed at times? That made you think that you bit off a little more than you could chew?

Maybe it was that hike in the Grand Canyon that turned out to be more than you bargained for. Or maybe it was deciding that you were going to paint your house instead of paying someone else to do it? Whatever it was, think about the pride of accomplishment you felt when you pushed through and finished the project. That feeling is what motivates the solopreneur to succeed.

Able to Work from Anywhere

Because of the internet, you no longer have to rent, stock and maintain a physical storefront. Literally everything you need to do in order to sell a product or service can be done over the internet. And if you are selling information or software products, those can be delivered immediately via download.

Types of Businesses That Are Best for the Solopreneur

Obviously not all types of businesses are suited for a solopreneur. If you want to actually manufacture a product, you still need to have a physical building with machines and employees in order to produce that product. But there are a lot of internet based businesses that are perfect for the solopreneur.

Virtual Assistant

A virtual assistant is someone who helps others with (mostly) mundane tasks like sorting and answering email, scheduling appointments and social media management. These are all activities that take a significant amount of time and people will gladly pay others to do.

Blogger

This is one of the most popular ways people become solopreneurs. Start by picking a subject (or niche) that you already have an interest in and start creating content around that subject. Then, become involved in groups that share a similar interest and contribute.

This combination of creating quality content and networking with others will grow the audience for your blog. Once you develop an audience, you can monetize it by selling ads and or using affiliate marketing.

Ebook Author

If writing is your thing, becoming an Ebook author may be right up your alley. We all know how hard it is for a first time writer to get published. Lucky for you the internet has made it possible for almost anyone to get published.

By writing books in electronic form, you’ll have no publishing costs. And since you are selling the book yourself, you get to keep 100% of the profits. And yes, you can even sell your book on Amazon (although they will take a percentage of the sales price).

Graphic Designer

If the visual arts are more your thing, becoming a freelance graphic designer may be for you. Graphic designers help companies design logos and other visual content to help promote a company’s identity and brand.

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Life Coach

Are you a people person? Then becoming a life coach is something to consider. You will work with individuals helping them with things like budgeting and finance, organization and even family and personal relationships. This can all be done using email, Skype or even over the phone.

We’ve only gone over a very few of the businesses that are suited for the solopreneur. There are a lot more you could choose from. Things like podcaster, event planner, tutor, handyman, travel consultant and many more. Your possibilities are almost limitless.

How to Succeed as a Solopreneur

Becoming a solopreneur can be exciting, rewarding and lucrative. But it’s also a lot of work. Sometimes, people become overwhelmed at the thought of doing everything themselves. So here are some tips you can use to lessen the burden and become a successful solopreneur.

1. Have a Solid Plan

Just like any business, it’s important that you set goals both long and short term so that you can measure your progress. To that end, you should develop a mission statement and a vision statement that you can refer to down the road.

Your plan should include four components

  • How will you grow your business?
  • How are you planning for that growth?
  • How do you plan to create passive income?
  • Will you be expanding by adding additional products or services?

If you can map out where you want to be, you’ll have a much easier time getting there.

2. You Don’t Have to Go It Alone

One of the most intimidating things about becoming a solopreneur is the amount of work involved. After all, if you’re in charge of sales, marketing, customer service, accounting, advertizing, branding, social media and more, it quickly becomes overwhelming.

But here’s the good news, you don’t have to go it alone. There are a ton of other solopreneurs out there willing to take on the tasks that you can’t or just don’t want to do. These people specialize in services like website development, email marketing, copywriting, accounting, graphic design, social media management, and a lot more. By using these other solopreneurs, it will free you up concentrate on the most productive areas of your business.

Remember in the beginning when I said that, just because a solopreneur doesn’t have employees, it doesn’t mean that they don’t have help? This is what I mean. You can get all the benefits of an employee without all of the headaches by using freelancers and only paying for the work you need.

3. Don’t Be Afraid to “Pivot”

All too often we get a vision in our head of how things need to go or what they should be like. But the world doesn’t really work that way. Circumstances change, markets change and customer’s taste’s change.

Be willing to adjust your priorities, goals and even your vision of the company to correspond with these changes. After all, this is one area where you, as a solopreneur have a huge advantage over your larger competitors.

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4. Don’t Be in Competition With Anyone but Yourself

Trying to compare yourself to others is always a losing game.

First of all, you will always be behind someone, and ahead of others. We tend to always focus on who’s in front of us, and not who’s behind us. This is a mistake on two counts. By only focusing on who is ahead of us, we may miss that person behind us that came up with a new strategy and is about to leave everyone in the dust.

Secondly and more importantly, it’s too easy to get discouraged and give up if you are constantly seeing your progress as not measuring up to others. Plus, remember that you are only comparing yourself to what others want you to see. We all put our best foot forward in public situations but, no one really knows what it’s really like for other people.

In short, the best way to progress is to celebrate all your successes, both large and small and stay motivated.

5. Automation

This is the best friend of the solopreneur. You should always try to automate as much of the work as possible.

Use email autoresponders to market to customers. Use Sales funnels to acquire customers and sell products. Use social media scheduling software to make regular posts.

There is a lot of automation software available today, take advantage of it!

Conclusion

There are an estimated 18 million full time solopreneurs in the U.S. with and additional 12 million part time or so called “side gig” solopreneurs.[3] And the numbers keep rising every year.

The appeal is easy to understand — more control over your business, a flexible schedule, higher income potential, more time with friends and family, and virtually unlimited vacation time. The solopreneur also has the luxury of outsourcing duties that an employee would normally handle, thus eliminating the need for employee training, paid sick leave, benefits and payroll as well as employee turnover.

In short, the solopreneur gets to be the boss without all the headaches of employees. The world of the solopreneur keeps growing with no end in sight. In short, there’s never been a better time to go “Solo”.

More About Solopreneurship

Featured photo credit: Austin Distel via unsplash.com

Reference

More by this author

David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

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Last Updated on February 11, 2021

10 Secrets of Making Every Presentation Fun, Engaging, and Enjoyable

10 Secrets of Making Every Presentation Fun, Engaging, and Enjoyable

Not a lot of people are good at public speaking. You could even say that virtually everyone needs to get some practice, and preferably good guidance, before they can learn to stay calm when facing a room full of people. Having all eyes on you is an uncomfortable experience and it takes time to get used to. However, even if you can manage to control your stage fright and stay focused, it doesn’t necessarily mean that your presentation won’t put people to sleep. This is usually the case with long presentations on a very dull subject, with the presenter speaking in a monotone voice and dimming the lights to play a PowerPoint presentation.

You have to work hard to develop the right skills

If you want to be remembered and actually get people engaged, you need to make your presentation fun and enjoyable, without coming off as corny or desperate to please. I know, it doesn’t sound that easy at all! A good presentation during a promotional event or given to an important client can be a game changer for your business, so it is easy to get stressed out and fail to perform all that well. Luckily, giving an interesting lecture is something that can be practiced and perfected. There is plenty of advice out there on the topic, but let’s look at the most important aspects of giving a memorable and fun presentation.

1. Make your presentation short and sweet

With very long, meandering speeches you tend to lose the audience pretty early on, and from then on out it’s just a test of endurance for the few bravest listeners. Not only will people’s attention start to drop rapidly after sitting and listening to you talk for 30 minutes, but you also risk watering down your core ideas and leaving your audience with little in the way of key phrases and important bits of information to take away from the whole ordeal. Famous speakers throughout history have known the importance of condensing the information by using well thought out sentences and short phrases loaded with meaning.

JFK’s famous: ”It’s not what your country can do for you, but what you can do for your country,” expresses so much in very few words and gets the audience thinking. Ancient Spartans, for example were famous for their quick, dry wit, often demolishing their opponent’s argument with a single word or phrase. You’ll want to channel that ancient spirit and be as concise as possible when preparing your presentation.

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2. Open up with a good ice breaker

At the beginning, you are new to the audience. There is no rapport, no trust and the atmosphere is fairly neutral. Even if some of the people there know you personally, the concept of you as an authority on a particular matter giving a speech will be foreign to them. The best way to encourage a warm and friendly atmosphere is to get some kind of emotional response out of the audience right at the beginning. It doesn’t matter what emotion it is, you just need to connect with them on a more personal level. It can be shock, curiosity, laughter, knowing smirks, nervousness – whatever gets them out of that initial feeling of indifference. There are different kinds of effective ice-breakers, but generally speaking, the most successful ones utilize one of these tactics:

  • Joking
  • Tugging on their heart strings
  • Dropping a bombastic statement
  • Telling an interesting and relevant anecdote
  • Using a metaphor or drawing comparisons

You can make a small, self-deprecating comment, stir the presentation one way and then suddenly surprise the audience, use sarcasm, open up with a short childhood story that taught you a lesson, quote a famous person and elaborate on it from personal experience, use an inspirational anecdote or hit them with a bit of nostalgia. Just remember to keep it short and move on once you’ve gotten a reaction.

3. Keep things simple and to the point

Once you’re done warming up the crowd you can ease them into the core concepts and important ideas that you will be presenting. Keep the same presentation style thoughout. If you’ve started off a bit ironic, using dry wit, you can’t just jump into a boring monologue. If you’ve started off with a bang, telling a couple of great little jokes and getting the crowd riled up, you have to keep them happy by throwing in little jokes here and there and being generally positive and energetic during the presentation. You need a certain structure that you won’t deviate too far from at any point. A good game plan consists of several important points that need to be addressed efficiently. This means moving on from one point to another in a logical manner, coming to a sound conclusion and making sure to accentuate the key information.

4. Use a healthy dose of humor

Some of the best speeches and presentations in the world, which have been heard and viewed by millions, all feature plenty of humor. No matter the subject, a great speaker will use natural charisma, humor and beautiful language to convey their points and get the crowd excited about what they are saying. A great example of building rapport with the audience through the use of humor is Barrack Obama talking about the government building Iron Man.

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It is silly and fun, and absolutely not something that you would expect from a man in a position of power speaking in such a serious setting – and it’s exactly why it works. The more serious the situation and the bigger the accent on proper social behavior, the harder your jokes will hit.

5. Try to tell a story instead of ranting

Some people can do all of the above things right and still manage to turn their short and fun little presentation into a chaotic mess of information. You don’t want your speech to look like you just threw a bunch of information in a blender in no particular order. To avoid rambling, create a strong structure. Start with the ice breaker, introduce the core concepts and your goals briefly, elaborate on the various points in a bit more detail, draw logical conclusions and leave your audience with a clear takeaway message. You want to flow naturally from one part to the next like you are telling a big story chapter by chapter.

6. Practice your delivery

Standing in front of the mirror and practicing a speech or presentation is a technique as old as mirrors – well, come to think of it, as old as human speech, since you can see yourself reflected in any clear and calm body of water – and that means that it is tried and true. The theory is incredibly simple, yet the real problem is actually putting in the effort day in and day out. Work on your posture, your tone of voice, accent, pauses between sentences and facial expressions. The most important thing is to talk slowly and loudly enough to be heard and understood clearly. Many famous speakers, such as Demosthenes and King George VI, overcame speech impediments through hard work.

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7. Move around and use your hands

Although you won’t instill confidence in your project if you are very jittery, moving around erratically, not knowing what to do with your hands and making fast movements, standing dead still can be just as bad. You shouldn’t be afraid to use your arms and hands when talking as it makes you seem more passionate and confident. The same goes for moving around and taking up some space. However, try to make slower, calculated and deliberate movements. You want your movements to seem powerful, yet effortless. You can achieve this through practice.

8. Engage the audience by making them relate

Sometimes you will lose the audience somewhat in techno-babble, numbers, graphs and abstract ideas. At that point it is important to reel them back in using some good, old-fashioned storytelling. Make comparisons to events from everyday life that most people are more than familiar with. By making things look simple, not only will you help your audience get a better understanding of the subject by enabling them to visualize the information more clearly, you will also draw a connection between you. After all, you are all just regular people with similar experience, you just happen to be performing different roles at the moment.

9. Use funny images in your slides

Although slides are not really necessary at all times, if you do need them to make your point and present your information more effectively, it’s best to liven them up. They say that facts aren’t always black and white, and your presentation should reflect this. Add a bit of color, make the information stand out and use an interesting animation to switch from slide to slide. You can use the slides to add some more humor, both in terms of the text and the images. An image that is used to elicit a positive response needs to be funny within the context of what you are discussing. For example, if you are discussing the topic of authority, an image of Eric Cartman from South Park in a police uniform, demanding that you respect his “authoritah,” is a nice way to have a bit of fun and lighten things up.

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10. End on a more serious note

When all is said and done you will want the audience to remember the core concepts and keep thinking about what you have said after the presentation is over. This is why you should let things naturally calm down and end with an important idea, quote or even a question. Plant a seed in their mind and make them think. Let us turn to Patrick Henry for a great way to end a speech: “Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death.”

As you can see, there is quite a bit to learn when it comes to giving a good presentation, one that is both memorable and fun. Be sure to work on your skills tirelessly and follow in the footsteps of great orators.

Featured photo credit: Austin Distel via unsplash.com

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