Becoming a Solid Solopreneur: Knowing the Ins and Outs

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The classic image of the solopreneur is one of an individual who takes on so many aspects of the business and uses a plethora of proven strategies and is the equivalent of the Greek myth of Atlas, who holds up the entire world. But the life of a solopreneur is someone who ends up doing a lot of it themselves. But while the life of a solopreneur looks great on the surface, the reality is somewhat different. To become a solid solopreneur, it’s not just about addressing the perks of the job, but about realizing that there’s a lot that comes with being successful, sometimes to the detriment of their lives. If you are looking to become a solopreneur to capture the market in B2B, let’s show you what every solopreneur needs and how you can attain them in such a competitive environment. 

A Healthy Build of Reserve Cash 

One of the realities of being a solopreneur is that you are always looking for a little bit of extra money. The solopreneur is very similar to the freelancer in this respect because there will be many scarce periods where you either do not get paid by clients or haven’t got any jobs lined up. You do not get a steady paycheck every week, this means you’ve got to have a backup cash revenue stream. But this is not all, it’s important to recognize that, when you have difficult periods, you learn to adjust appropriately. Every person makes the mistake of trying to maintain a certain lifestyle when their finances are not ship-shape. However, one of the best lessons any solopreneur can have is to make the most of what they have, no matter how little it is. It benefits to embody a minimalist mindset in these instances, but it also helps to know where you can cut back on your expenses without sacrificing your business acumen. 

In business, the one thing that is absolutely essential is the right technology, and this means that if we’ve invested in technology, only to hit a fallow period, we’ve got to cut back, which can cause the business to suffer. However, there are little components that you can utilize. For example, PAYG SIM (pay as you go) cards are such a little thing that can make sure you are only using the minutes you pay for. The big mistake many solopreneurs make is that they think that they’ve got to overspend. That old adage, “you’ve got to spend money to make money,” doesn’t always ring true, especially as a solopreneur. This is why it’s important, prior to starting your solo journey, that you have a good knowledge of how to utilize your money, no matter how little it is. 

You should start to put away 10% to 20% of your income into savings to cover any fallow periods. Of course, the other key approach could be to make as much money as you can while you are working as a solopreneur, but you can run the risk of burnout. The best skill anybody could have is to learn how to budget. Make sure that you have a finite knowledge of your incomings and outgoings because this doesn’t just help your life, it is the most crucial business administration skill you will ever learn. 

Developing Your Skillset

When we have an idea for a business, we’ve got to know the ins and outs of it. A solopreneur should be someone who knows everything about the market- not just the audience, or how to run a business, but everything in between, such as taxes, licensing regulations, or anything that could affect your business. This is why it’s so important to get into the mindset of reading and absorbing as much information as possible. 

Of course, it’s not so easy in the modern day to amass volumes of literature and it all on board. But there is a service called Blinkist that could help you. It allows you to read or listen to a book summary in fifteen minutes. By the way, this only works with non-fiction books. If you are looking to get a lot of information on information technology, accounting, advertising, and so forth, this is invaluable. The more you learn, the better you will be.

Addressing Your Abilities to Be Productive

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A solopreneur is someone who maximizes their time as they wear many hats and performs different roles, from CEO to product development, as well as small tasks like general admin. With so much to keep track of, you’ve got to prioritize your activities to help you achieve your goals. Therefore, you’ve got to go in with the right sort of attitude. This is where research can help, but when you start to wade through the masses of information, you’ve got to find the most pertinent tools to help you achieve your skills and goals. 

One of the best examples in the modern day is to use the Pareto Principle, commonly known as the 80/20 rule. It allows people to understand where their priorities should lie. The notion that 80% of the results come from 20% of the effort is mind-blowing to the solopreneur not aware of where to begin. This is why it’s important to understand the best time management tips and realize, when you have the right tools at your disposal, you get to prioritize and realize that you are wasting a lot of your mental effort on things that don’t necessarily work. If there are small duties that need completing, is it going to be better for you to outsource them? 

It is vital to be productive, and while any solopreneur can argue that they just have to get into the swing of things, if you really want to hit the ground running, you’ve got to make sure you have the right tools in your toolbox right away. Something like the Pomodoro Technique can keep you productive, but also give you that balance in your life. This is why you have to address the long-term goals.

Knowing How It’s Going to Impact Your Life

There is so much information about being a solopreneur in terms of the business, but little attention is paid to the personal part. If you want to be a solid solopreneur, you’ve got to understand how it will impact your life. You will learn many lessons along the way, such as how to operate with minimum money, and this can be fine when it’s just yourself, however, if you aim to become a solopreneur, and you have dependents, how will it impact their lives? This is why it’s so important to make sure you know what you want to achieve upfront. 

Many people go into the solopreneur world for deeply personal reasons, such as having control over their lives and their earnings, but they don’t pay attention to how it impacts everyone else around them. This is probably why so many solopreneurs are people that tend to fly solo in life. But we have to remember that business is not the cornerstone of a great life. It can help you achieve what you want professionally, but you have to recognize how it fits in with your personal goals. 

One of the best things anybody can do before they make the journey into the solopreneur way of life is to ask themselves what they want. What makes you fulfilled? Because many people think only about one thing, money, which is the foundation to a great life, although only to a certain extent. You must remember that to be a successful solopreneur, you have to first define what success is to you. It could be about doing a job that fulfills you; in which case, you don’t necessarily have to chase the big bucks. Or it could be to do with being a person that has the balance just right. Being a minimalist certainly helps in this respect because it allows you to recognize what is important in your life. 

Because being a solopreneur is something that can consume our lives, not just in the ways of working 60 or 70 hour weeks, but forces us into a mindset where we cannot ever stop. When we are constantly looking for the right tools or the right people, we will have that constant yearning for change. This is not a bad thing and is definitely beneficial to a solopreneur, however, it becomes something that consumes our lives which could mean we never appreciate what is in front of us. This is where we have to learn to separate our business brain from our personal one.

If you want to be a solid solopreneur, you can choose to go all-in with your business approaches, but there’s a lot of skills to take on board. But don’t forget, solopreneurs are people who move from one project to the next; if you are someone that loves the thrill of building up a business, and selling it on, there is nothing wrong with this. However, being a solopreneur means you ask yourself the right questions before you set out on this fulfilling, but ultimately challenging journey. 

 

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