It’s hard to become financially free when you’re an employee. Your salary is capped at a certain amount. And not every one earns enough to squirrel away part of their salary for the future.
That’s why people venture into business to potentially increase their incomes. And most start out as solopreneurs.
With technology today, you can run a successful business even when alone. You can start an online business, a freelancing gig, coaching, and more.
But what’s a solopreneur exactly? How do solopreneurs differ from entrepreneurs?
Solopreneurs and entrepreneurs are used interchangeably. But note that all solopreneurs are entrepreneurs, but not all entrepreneurs are solopreneurs. There’s a clear distinction.
One main difference is their intention in hiring. In the beginning, solopreneurs and entrepreneurs start by themselves. But entrepreneurs hire people for delegating and managing tasks in the future.
On the other hand, solopreneurs do almost all the work. They are responsible for all aspects of the business. Most don’t intend to hire full-time employees in the long run.
Intention to Grow
Another is their intention to grow. Everyone wants to grow a business. But not to the point of building an enormous business empire. Not everyone wants to be the CEO of Apple.
You might think that they are crazy for not wanting to. But can you just imagine the responsibility and the time you need to allot to grow and expand to that point? What about maintaining it?
Some people crave a healthy work-life balance. And earning enough from your solopreneurship can give you just that.
And by all means, successful solopreneur careers can fetch a livable income and then some.
Ever heard of a solopreneur who launched a coaching business earning $10,000 a month? How about a solopreneur doing dropshipping and making six digits? Yes, it’s possible, but it takes hard work.
Low Financial Risk
Most solopreneur ventures have low financial risk. Ever thought of businesses that started with a few hundred dollars in their bedroom and then grew to thousands a month in income?
There’s not a lot published, but many have failed to build their solopreneur businesses as well. But without the regular costs of traditional businesses like rent and employee salaries, they can start another one or go back to regular employment without too much debt.
And those who succeed have low expenses as well. So they get to keep more earnings for their goals.
Want to become one? Here are some tips to become a successful solopreneur:
Master Time Management
Time is your most valuable asset as a solopreneur. You only have 24 hours in a day. You should know how to manage your time well for all your responsibilities.
The more time you spend on your business, the more it can grow.
You can try out productivity hacks like the Pomodoro technique or time blocking. With discipline and focus, you can build your dream business one finished task at a time.
Develop Multiple Streams of Income
Another tip is to have multiple streams of income. At the start, you might not see a lot of traction for your business. What do you do when you don’t have the cash flow yet?
It’s hard to build a business on an empty stomach, so you must keep earning extra cash from other sources. It can be a job or some freelancing work.
If you do it right, this set-up is just temporary. Later on, you can do without these extra side gigs once you start earning better income from your flourishing business.
Build a Cash Reserve
If we need emergency funds for our personal finances, your business should also have one too. A lot of new solopreneurs blow their earnings on frivolous expenses once they get it. But who knows what the future holds?
You might have positive cash flow today, but one unexpected event (hello, pandemic!) can severely affect your business.
A cash reserve can prepare you for the worst while building for the best.
Grow Your Knowledge and Skills
There’s a reason why you don’t need a lot of capital as a solopreneur. The greatest asset you are selling is your skills.
If you want more chances of success, you should upgrade yourself. Grow your knowledge and skills.
Invest your money and time in books, seminars, mentorship programs and more. As long as you beef up your arsenal with better skills, you can reap more rewards as you apply them in your business.
Automate as Many Tasks as Possible
As a solopreneur, you only have you. Whether you like it or not, you have limited time to allot for your business. How can you make the most of your schedule?
With the latest technology, you can automate some of your tasks effectively.
For example, you can use Calendly to automate scheduling for your coaching business. Your prospective clients can pick the schedule they want. No more back-and-forth emails about your availability. How much time will you save with that?
Another example is chatbots. You can set up chatbots in your social media channel. With these, you can answer most of your prospective clients’ basic inquiries. Now, you only have to focus on the more complex ones.
Hire Remote Workers
You can only automate so much in your business. Some aspects still need a human element. Why not consider hiring remote workers?
Remote workers are independent contractors you can outsource some tasks to so you can free up your schedule. For example, you can outsource telemarketing tasks to some of them. It’s hard to replace that role with a computer program.
If you’re looking for an extra hand, you can view our candidates for pre-qualified Filipino remote workers. You can outsource the best virtual assistants, social media managers, data entry specialists, and more who can build your business to the next level.
Call us or schedule a callback to know more. Cheers!