The Solopreneur

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June 15, 2022

The decision to go into business for most is never an easy one, yet alone to go into business on your own. Of late you may hear the term “Solopreneur” being used more and more but do you really understand it beyond a Solo-Entrepreneur?

Solopreneurs, at their core, work on a very simple principle – grind and hustle alone. They own, manage and run a business independently without the support of co-founders, partners, and employees, taking on greater than normal financial risks in order to do so.

Much like most entrepreneurs when they get started in business, the solopreneur assumes the chief role for all major business functions; sales and marketing, operations, finance, product development and more. 

WHAT SEPARATES THE SOLOPRENEUR FROM THE ENTREPRENEUR?

So what is it that makes the solopreneur different? Putting it simply, when an entrepreneur starts out with the intention of building a company that can operate with or without them, with partners and employees, solopreneurs’ intention is to work alone,building a business they can run entirely on their own. 

Solopreneurs build businesses based on their passions or skill sets that can bring in income even when they’re not working. Solopreneur businesses don’t hire other team members but they may occasionally hire freelancers to help them with specific tasks.

Solopreneurs prioritize business growth by building systems, automating tasks, and finding new revenue streams to continue to grow their income level.

HOW TO GROW YOUR BUSINESS AS A SOLOPRENEUR

Solopreneurs encounter many of the same challenges that other business owners face—and some unique ones, as well. Tasked with single-handedly managing all aspects of their businesses it is very easy for them to become overworked and overwhelmed. They may also find it difficult to grow their businesses as they deal with competing priorities and not enough hours in the day.

Fortunately, with dedication to working smarter not harder, solopreneurs can gain the capacity to devote more time and energy to revenue-growth.

If you’re starting or running a one-person company, consider the following suggestions:

  1. Treat your business like a business. Don’t neglect the back-office end of your business. Ensure to use the right tools to monitor and run your business, for example using a financial tool like QuickBooks Online to track your invoices and expenses or a full management tool like MyBizWorks to manage different areas of your business such as project management, finances and client management.
  2. Automate to Save Time. While Solopreneurs are doing their best to be in all places all the time, it is certainly not a possible feat, but one way to give that illusion while still maintaining your business is to automate parts of your business. Automations for welcome messages, payment reminders, service requests and more can save you lots of time. 
  3. Broadcast Your Business. Content marketing is key, especially for most solopreneurs whose business is built based on their area of expertise. Content marketing is the best way to show off your unique style and expertise, whether it’s a podcast, a YouTube channel, a blog or an email newsletter.
  4. Don’t be afraid to Outsource. Just because you don’t want to hire employees doesn’t mean you can’t get help with different aspects of your business. To give yourself more time to work on revenue-generating activities, consider outsourcing tasks that you either aren’t adept at, or simply dislike, such as social media marketing, research or bookkeeping.
  5. Be Organised. Use tools to help you keep track of to-dos, deadlines, and important information. Use platforms like Evernote or Dropbox to save and organize information you’ll need to reference later. Maintain e-folders with client and project details and maintain your sanity by keeping things organized.

If you would like to discuss ways in which you can build, maintain and- grow your solo business, send us an email at success@realbizsol.com or give us a call at (876)648-1305.

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