After all, this signifies a step away from your comfort zone, whether you’re leaving behind a job you’re excelling in or investing a great deal of savings in getting your business up and running. However, this will all feel relatively miniscule in the grand scheme of things if you can build a successful brand off the back of taking this risk.
Of course, it is important to remember that you have to work hard in order to see great success as a Solopreneur. Otherwise, you’ll find it hard to keep your business afloat, especially when you’re up against stiff competition.
With that in mind, here are some top tips that you can use to set yourself (and your business) up for success as a Solopreneur.
Develop a business plan. The first step toward running a profitable business is pulling together a detailed business plan. This will help you to identify your objectives and the steps you need to take to reach these goals, making it much easier to manage your time moving forward.
In addition to goal-setting, your business plan should also include in-depth market research. This will help you determine whether or not there’s a demand for the kind of products and services you’re bringing to the table or if you have to go back to the drawing board.
It should also include a detailed section relating to your finances. For example, you should clearly outline your budget and how much money you are able to spend on each sector of your business (such as product development, marketing and more). If you don’t have the necessary funds to get started, your business plan can be used when attempting to win over investors!
Be willing to invest in what matters. When your business is in its infancy, you’ll likely want to spend as little money as possible. However, there are certain areas of your business that you should be willing to invest in if you want to see long-term success. For example, if you were running a pharmaceutical business, selling products to pharmacies and other healthcare facilities, you should invest in proper packaging, such as a medication bubble pack. This will help to preserve the quality of your products while also ensuring that you are adhering to all of the relevant health and safety guidelines and regulations.
Identify your Unique Selling Proposition. There are many different factors that will contribute to your overall success as a solopreneur, such as your ability to retain customers or introduce products to the market at the exact right time. However, one of the most critical is your ability to stand out from the crowd, especially if you’re entering a market that is relatively crowded.
One way in which you can make sure that you always stand out from the crowd is by identifying your USP (Unique Selling Proposition). If you’re unfamiliar with this term, it’s essentially the factor (or factors) that make your business different from every other business out there. If you can’t identify one, this is a clear sign that you need to rethink your approach to running a business. After all, having a USP in place will make it much easier to market your products and encourage customers to choose your brand over a competitor, even if they have been loyal to them for some time.
Get to know your customers. Getting to know your customers is also critical when it comes to the overall success of your business. After all, this means that you can make sure your products and services are tailored directly toward their wants/needs.
Of course, getting to know your customers can feel near-impossible when your business is in its infancy, as you might not have that many customers to reach out to. However, you can remedy this by hosting focus groups with members of your target audience instead. This will give you the chance to really understand your target demographic, their likes, dislikes, and what encourages them to buy a product. You can also ask them for detailed feedback on your products ahead of launching them, so you know ahead of time when you’re on to a good thing.
Work to prevent burnout. Many people believe that being a successful solopreneur requires you to work a ridiculous number of hours a week and check your phone/emails even when you’re off the clock. For example, a recent study found that 33% of small business owners work at least 50 hours a week.
While this may seem like a good idea to start out with, as it means that you can get a lot more work done, it will only lead to trouble further down the line. After all, you’re then much more likely to deal with burnout and exhaustion. This could lead to a loss of productivity, efficiency and, most crucially, motivation. When you lose passion for what you are doing, you’re already on the path to failure.
Fortunately, there are many different ways in which you can set about preventing burnout as a solo business owner. For example, you can:
- Set yourself strict working hours, and avoid carrying out work-related tasks outside of this timeframe unless absolutely necessary
- Look into hiring full-time staff to assist with your workload
- Outsourcing tasks that fall outside of your skillset and would otherwise take you a considerable amount of time to complete
- Prioritizing rest and relaxation and taking a break when you need one
Above all, however, it is important to remember that you have a life outside of your business. While you may be passionate about what you are doing, it should not be the only thing you are doing!
Build a strong support network. Running your own business can feel isolating, especially if you are used to working as part of a larger team. After all, while your day may be varied in terms of the tasks you are carrying out, you’ll be doing most of this on your own. As such, you should build a strong support network during this time so that you’re able to talk about how you are feeling.
While your support network can consist of your friends and family outside the professional sphere, you may also want to attend networking events for other business owners. Not only will this put you in touch with people who understand the unique situation you have found yourself in, but you could also collaborate on projects together in the future.
Build a strong online presence for your company. Building a strong online presence for your brand is one of the easiest ways to set your company up for success. After all, a high-quality website will make it easier for customers to find out more about the products you offer and make a purchase. A strong social media presence will provide people with the opportunity to connect with your brand on a deeper level, heighten your exposure and ultimately influence your sales and profit margin. As such, it is simply something you cannot go without in the current age.
When it comes to posting on social media, you should try to post consistently without overwhelming your client’s feeds – with many businesses opting to post 3-5 times a week. While you may be keen to put as much content out there as possible, you should only post when you have something of value to share – whether that’s an insight into how your products are made or an advertisement. Don’t post for the sake of posting.
If the digital world remains a mystery to you, consider hiring a web designer and social media marketer who can take on these tasks on your behalf.
Final thoughts. When you are first starting out as a solopreneur, success can feel a long way away – especially if you have set your sights relatively high. However, with hard work and determination, you can ensure that you’re heading in the right direction. Furthermore, you can set yourself up for success by:
- Developing a business plan
- Investing your money/funds wisely
- Identifying your USP
- Getting to know your customers and target audience
- Working to prevent burnout
- Building a strong support network
- Building a strong online presence for your brand
While the above list is by no means expansive, it’s a great starting point for those who are just entering the fast-paced world of entrepreneurship. However, it is equally important that you can celebrate the small wins you encounter, as opposed to thinking about how far away you are from your end-goal.
For example, while you may hope to sell 2,000 products before the end of the year – this does not mean that you cannot celebrate smaller milestones on the way, such as 1,000 or 100 products. This will help you keep your motivation levels at an all-time high so that you’re able to stay focused.
Furthermore, it is critical that you do not see a bump in the road or a challenge as a sign that you should turn back. Instead, it just indicates that you need to take a different route.
