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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 July 2, 2020

13 Common Life Problems And How To Fix Them

13 Common Life Problems And How To Fix Them

In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

1. Financial Crisis

We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

Solution

To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

2. Health Crisis

Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

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Solution

When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

3. Relationship, Marriage, and Family

There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

Solution

The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

4. Workplace

The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

Solution

Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

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5. Career Pressure

In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

Solution

Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

You can also observe your colleagues who are succeeding and take note of what they are doing differently.

6. Unfair Treatment

We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

Solution

There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

7. Emptiness and Boredom

When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

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Solution

To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

8. Confusion

Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

Solution

Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

9. Friendship Problems

We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

Solution

Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

10. Haunting Past

We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

Solution

Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

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11. Safety and Security

You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

Solution

Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

12. Failure

Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

Solution

You can read a book or biography to get inspired by other people’s success stories.

13. Grief

No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

Solution

Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

The Bottom Line

Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

More Tips to Help You Get Unstuck

Featured photo credit: Danka & Peter via unsplash.com

Reference

[1] Medicinet: Confusion: Symptoms & Signs

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