You’ve decided that entrepreneurship is for you and you’re ready to dive into your new calling. Good on you!
It’s a super exciting time when you decide to be your own boss, but at the same time, YOU are the only one on your team. Not everyone has the luxury of hiring as soon as they get their business off the ground.
There’s a term that’s become very popular amongst the business realm: solopreneurship.
But what exactly is the difference between solopreneurs and entrepreneurs? Solopreneurs tend to wear all the hats within their business while an entrepreneur delegates tasks to their employees or contractors.
Essentially, they’re part of the same umbrella of business ownership, but can you really be successful as a solopreneur?
Absolutely! You can still achieve success as a one-person show. But when you’re the only one handling all the tasks within your business, how can you effectively use your time without burning out and propelling your business forward?
First, consider some of the most common struggles of the everyday solopreneur.
Top struggles for solopreneurs
Solopreneur life is a time to get super clear on your business and optimize systems and processes before you begin to scale.
But what are some common struggles solopreneurs run into?
- Being alone
If you’re used to the hustle and bustle of being in the corporate world or just having coworkers around you, it can be quite a shock to step into a world where you’re the only one.
If you find yourself feeling a bit lonely, then joining a networking program or coworking space in your area is a great way to connect with other business owners until you hire a team of your own.
- Planning for taxes
Oh, taxes… gotta love em’. When you enter the business world, taxes become quite different, and it varies depending on where you live.
Using a bookkeeping system is a great way to keep track of your profit and expenses during the year. Hiring a bookkeeper or accountant is also an option when you’re just starting off.
- “There’s so much to do!”
You’re right! There is much to do in the beginning stages of entrepreneurship… but there are plenty of ways to manage your time, energy, and get things done effectively.
If you want to be successful, keep reading for solopreneur tips and resources you can use for your own business.
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Don’t forget about your why
You started your business for a reason. Maybe it was to escape the mundane of your 9-5 corporate job. Perhaps it was because you wanted location or time freedom and the ability to do as you pleased. Or maybe it was to spend more time with your loved ones…
Whatever the case is, you decided you wanted to build something of your own.
Why is defining your why so important to being a successful solopreneur? Put simply: It’s going to keep you going during the more difficult times.
Running your own business isn’t easy but it can be simple. So when things feel out of order, the first thing you’ll want to turn to is your reason why.
Managing the hats you wear
As a solopreneur, you likely take on many roles in your business.
Here are just a few that you may take on in your day to day…
- Marketing Strategist
- Graphic and Web Designer
- Copywriter
- Branding Strategist
- Social Media Manager
- CFO + Bookkeeper
- Client Management
- Tech Support
That doesn’t even include the actual service you provide or the product you offer. How can you manage all of these roles with only so many hours in a day?!
First things first, make a list of every task each role needs to complete. Once you break it down, note how long each task generally takes.
This may start with you tracking your time with tools like Toggl, so you can organize how you’re spending your time and for how long.
Once you’ve broken down every role by task and time, you’ll want to use something to organize it all. This can differ from person to person, but a physical or digital calendar can be a great place to start. Google calendars is a great digital tool you can use to layout everything you need to get done.
As you take on projects, clients, or develop new products, you may need something a bit more robust to keep everything organized.
There are quite a few Project Management tools you can use that fit your style, budget, and workload. Trello, Asana, and ClickUp are just a few to look into.
Using tools to organize your business is just the beginning. If you’re wondering what essential tools and systems successful entrepreneurs use in their businesses, keep on reading.
Email marketing platforms
If you’re growing a service-based business, a digital product, or physical products, then having an email list can be a great way to sell your services or products.
There’s a common misconception that email marketing isn’t what it once was, but that couldn’t be farther from the truth.
According to Hubspot, email generates $42 for every $1 spent, which is 4,200% ROI. Safe to say… It works.
Here are just a few suggestions for email marketing: Flodesk, Mailchimp, ConvertKit, Active Campaign.
Graphics and web design
Hosting your business using a website helps build credibility and authority as you begin to navigate entrepreneurship, and we’ve got some good news for you… We can walk you through it with a couple of options.
Just starting out? Check out our WordPress themes.
If you’re ready to invest in a more robust website, you can launch your custom-designed one-page website with us!
If you find yourself needing quick and easy graphics and templates, check out Canva for your basic branding and graphics fixes.
Finances and bookkeeping
Keeping up with your books is an essential part of being a business owner. Setting aside money for taxes, keeping up with revenue and expenses, and making income projections are all part of the bookkeeping and finance process.
Quickbooks and Freshbooks are just two of many accounting softwares you can use to manage your business finances.
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Client management
You may be able to manage your client workload with the pen and paper method for a bit, but when you begin to gain new clients, new projects, and things start to grow… that pen and paper method is going to be quite overwhelming to keep up with.
If only there was something that could help you keep up with your clients, invoices, and contracts – Oh wait! There is!
CRMs are a great tool to use to keep things organized within your business. Many of them connect to your payment processor and bookkeeping system to eliminate the need to do all the inputting of information manually.
Here are just a few of our favorite CRMs: Basecamp, Honeybook, and Dubsado.
How to get paid
We’re betting you actually want to get paid for your work? With many payment processors, processing fees are common. It’s the act of doing business, but when you have a quality payment processor, your business is not only more credible but it makes it easy to automate and streamline your processes.
Stripe, Paypal, and Square are a few places to start looking.
Managing your calendar
Going back and forth to find a time to chat with a client can be very time consuming and distract you from tasks that may be more demanding.
By sending potential clients or customers a link to jump on your calendar, you’ll save everyone time and a headache.
While your CRM may offer scheduling tools, some opt to use a separate app to get the job done.
Calendly and Acuity are two calendar booking tools you can use in your business.
Being a business is a rewarding experience, but not without difficulties. One of the most necessary tips to apply is to take things one step at a time and go at a flow that works for you.
Not quite a business owner but looking to make it happen? Our signature course, LaunchPad, is a 4-month accelerator program aimed to help aspiring entrepreneurs start and grow their businesses.
Want all the juicy details? → Find them here.
