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A solopreneur runs their business single-handedly without hired staff. They work solo and they own and run their own business. If you want to be a solopreneur, here are strategies that can help you become successful.
Define your niche and make it scalable.
Most successful businesses start within a well-defined niche. This goes tenfold for solopreneurs! Without major funding for advertising and production, you can’t buy your way into a market share. Personal talent, skill and drive are your biggest assets.
If you provide local goods or services, consider things that people need but lack in the community. If similar goods and services exist, try to find your own angle. Don’t try to compete in an existing market but create your own market with a unique product or service. Lead by creating your own niche where possible.
At every turn, build a scalable business and brand. Scalability refers to the ability to increase revenue without drastically increasing costs.
Develop a business plan that defines goals.
A business plan serves multiple purposes. You may use it in seeking investment. A business plan helps you solidify your business approach not only in your own mind, but also in the minds of those you rely on.
A business plan also provides a road map. By setting objectives and goals, you have clear benchmarks to ascertain your success over time. Additionally, it helps you express your needs to other related figures such as freelancers. For instance, you might contract a web designer to create your online store, website, logo and other structure or collateral. Providing an executive summary of your business plan can help them greatly in determining audience and goals.
Emphasize your brand and make it personal and genuine.
As a solopreneur, you are a one-person show. Your product brand and your personal brand may be one and the same. Solopreneurs need to acknowledge that they are, to a degree, a representative of their product and must recognize that they can’t hide behind their product. Make your brand both personal and caring.
Quality of clients matters more than quantity of customers.
Your business will grow, and you will adapt to changing needs and technologies. But what won’t change is that you are a single human being with limited time. Unlike a large box corporation, the solopreneur’s job is not about getting the most clients. Rather, the solopreneur seeks the best clients.
Service-related solopreneurs in particular often start by taking nearly any job, including low-paying gigs. It’s an opportunity to earn some income while honing skills and learning market demands. But over time, your experience and credentials will grow, and your client list will likely grow with it.
Solopreneurs have the luxury of narrowing their client list however or whenever they choose. One factor may include pay, but other factors can be more personal. Narrow down as needed based on your personal idea of success.
Save time using CRM technologies.
Solopreneurs have the luxury of pursuing their passions and doing what they love most. But administrative work, sales and other aspects of any business come with the job too. Even if you enjoy these duties, you likely want to spend more time on actual, revenue-generating work. Reduce administrative duties early on by using digital CRM tools.
CRM (or Client Relationship Management) software and related digital tools can help you increase productivity, manage contacts, schedule meetings and more. And as a solopreneur, you don’t need to spend a fortune on high end software designed for large, complex organizations.
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