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Published on July 9, 2019

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 March 29, 2020

How To Work Remotely And Stay Productive

How To Work Remotely And Stay Productive

With long commutes, increased traffic, limited job opportunities, and, not to mention, unpredictable pandemics, many people are finding it difficult to get out and go to work, build an income, and provide for a family.

All of this presents an opportunity for you to consider working remotely. After all, this is something that’s been on your mind, or you wouldn’t be reading this.

However, when it comes to working remotely, there is a lot more to it than you might think. First, you need to know how to work remotely, as it’s involves many changes if you’re coming from a standard job.

There is also staying productive and gaining a profit, too. With more people indoors and not working, people are going to be more conservative with their money. With these things in mind, here is a guide to help you get on track and address these issues.

How Can I Get Remote Jobs?

The first big question to address is how to work remotely in the first place. As mentioned, getting your first gig is unlike traditional job hunting. In today’s gig economy, there are a lot of platforms that you can consider, which are filled to the brim with other applicants.

No longer are you competing with people within your business or your city, but across the globe.

This makes it necessary to have a new kind of skill set. You need to look beyond a resume and filling out application after application. Instead, you want to be looking at how you can better market yourself, how you can be more creative, as well as how to deliver something people are willing to pay for.

1. Market In The Right Place

When you think about job hunting, you begin to think of the traditional job posting sites: places like Monster, Indeed, and maybe LinkedIn. There are other sites like this that even have a section devoted solely to remote work.

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But places like these are the worst place to be looking. Why? Because a lot of the freelance or remote work on those sites are usually location-specific. That, or they require some in-person contact or are questionable businesses in the first place.

Either way, it’s better if you’re focusing more on continuous gigs from multiple clients rather than applying for full-time jobs while working at home. There are a lot of sites that can help with that. Ryan Robinson created a lengthy list of sites that post remote gig work that’s worth checking out.[1]

From there, it’s a matter of building up your portfolio. This can be difficult at first, but plenty of remote job posting sites can provide you with tips and tricks. Your profile on these sites also works similar to a resume.

2. Get People To Buy

The second part to how to work remotely is getting people to buy what you’re selling. If you’re in the right place, the next thing is to attract people. And naturally, people aren’t going to be coming to you in droves.

That being said, there are plenty of ways for you to build up your profile. A lot of it comes down to the skills that you have and how you showcase them.

Now, you have a lot of skills in your arsenal, but you want to be focusing on ones that close sales. For example, if you are someone who can finish work fast and maintain quality, that’ll be more appealing as clients can give you a larger workload or be confident that when they ask for some work, you can get it done fast.

This skill highlights one big thing that people care about and are willing to pay for: someone that they can trust.

Conveying that in a portfolio is difficult at first, but when you start getting work and people are leaving reviews about the speed of your work, people will begin to see that you are someone they can trust to get work done.

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You also have skills that go behind the scenes. These don’t contribute to your output directly, but they could lead you to more clients.[2]

One trait that’s mentioned is having a place dedicated to your work and where you can focus. This can help you increase your speed and productivity as you have a specific place for you to work.

This can lead to people buying more from you because you have created a system for yourself to enter a state of mind where you can work without interruptions.

How Can I Stay Productive While Working Remotely?

As you begin working away and getting clients, the next biggest challenge is staying productive. Like I mentioned above, having a place where you can focus will help you in staying productive, but oftentimes people need more than that.

For example, having a place where you can put out a lot of work is great, but what if your pickings are slim? Or maybe you’re not a huge fan of sifting through job postings?

Having a place where you can focus is good, but it might not help you to feel motivated to do parts of the work you don’t want to do.

When it comes to working remotely, there are times where you’ll have to do work that you don’t want to do. And there will be times when work comes slowly. During those times, you need to have ways to stay productive. Here are some suggestions to help.

1. Create an Ideal Work Space

Let’s go into more detail about what a productive space looks like and why it can be effective. First, you want to make sure that this space isn’t in your bedroom. Many remote workers work from their bed, and it’s bad for several reasons.[3]

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The biggest reason comes down to how we are programmed. When you are lying in bed, the brain is programmed to go to sleep. If you try rewiring your brain to think staying in bed is “going to work,” it’s difficult for your brain and your body to get into that mode.

You want to make sure that the area you are going to feels like you are “going to work.” Even though work is only a few footsteps away, that’s enough time for you to tell your brain, “I’m going to work now.”

With this in mind, you want your space to be ideal for working. Make sure that the space is clean and not cluttered. You want to make sure the area feels like an office or a place where you can get things done.

2. Take Breaks

When working remotely, you get to set your own hours. While that is great, this is something a lot of remote workers forget about.

You’d think that working at home is luxurious, but in reality, a lot of freelancers overwork themselves. It’s not out of the ordinary for freelancers to work exceedingly more time than those working a typical 40-hour workweek.[4]

With that in mind, be sure that you are pacing yourself. Take breaks, and get away from your office space once in a while. Even with a virus flying around, you can still get outside or walk around your home or apartment.

Not only is this good for your own sanity, but it can also be a productive tool as well. Our bodies aren’t built to continuously put out work without stopping, and even if we’re in a comfy chair, we can still feel drained by the end of the day if we attempt this.

By taking some regular breaks at your own pace, you can boost your productivity, especially if you are incorporating stretching and other activities that bring you energy.

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3. Set Regular Goals

One of the biggest challenges with how to work remotely is the fact that you need to set your own goals. When you’re going to work for a company, you already have your duties outlined.

That’s not the case when you are the one setting your own hours and acting as your own boss. That difference can be mentally shocking despite it being so obvious.

Because setting goals and working towards them is challenging for many people, some people give up on goals quickly or self-sabotage. They run into one problem and lose all motivation.

With this in mind, you want to be setting goals on a regular basis. You can think of it like a schedule. For this many hours, you want to be doing a specific task. Or maybe you want to structure it as a to-do list and schedule your time according to the tasks that need to get done.

Whatever the case is, setting goals or having a plan in place allows you to set markers that you can work towards. This is a system that works because businesses do this all the time through the duties and responsibilities in each position. They’re the ones setting the markers that you are working towards.

Final Thoughts

Working remotely isn’t as glamourous as it’s made out to be. You need to create systems and habits for yourself that not only will get you clients, but keep you productive and content in your position.

Now may be as good a time as any to see if this can work for you. Even though most people are out of a physical job, the gig economy could present opportunities for people to stay afloat during these hard times.

More Tips on Staying Productive

Featured photo credit: Paige Cody via unsplash.com

Reference

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