Definition, Enterprise Concepts, And Motion Plan

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If you wish to be your personal boss, set your personal work hours, and by no means handle a single worker, solopreneurship is the car that may allow you to obtain that objective.

Whereas it would sound too good to be true, we’ll provide you with a sensible overview of what it’s prefer to be a solopreneur (trace: it nonetheless requires exhausting work) and supply a confirmed step-by-step course of that can assist you grow to be a profitable solopreneur.

We’ll additionally break down the important thing variations between a solopreneur, an entrepreneur, and a freelancer, and supply an inventory of profitable solopreneurs you possibly can observe for inspiration.

What’s a Solopreneur?

A solopreneur is a enterprise proprietor that doesn’t commerce their time for cash and has zero workers.  

Some widespread examples of solopreneurs embody course creators, content material creators, product homeowners, and affiliate entrepreneurs.

Solopreneur vs Entrepreneur vs Freelancer

The primary distinction between a solopreneur and an entrepreneur is that an entrepreneur could have workers working for them, whereas a solopreneur has no workers. 

Nonetheless, neither solopreneurs nor entrepreneurs commerce their time for cash. 

That is the principle distinction between a solopreneur and a freelancer. 

Whereas each solopreneurs and freelancers function with zero workers, a freelancer trades their time for cash, whereas a solopreneur can promote a deliverable (course, advertisements, product, and so on.) that’s not tied to their time. 

Because of this, a solopreneur can scale their enterprise infinitely by promoting extra of the product, whereas a freelancer should elevate their hourly price to scale. So regardless that each are self-employed, the solopreneur can finally create a enterprise that generates passive earnings, whereas a freelancer will all the time must work to generate earnings.

That stated, some solopreneurship enterprise fashions (like content material creators and affiliate web site homeowners) require numerous upfront funding earlier than seeing a greenback. In distinction, freelancers can instantly generate income after touchdown a brand new shopper. 

However, if you wish to personal a enterprise that may finally make passive earnings with out managing workers, solopreneurship is the important thing to attaining that objective.

Solopreneur Enterprise Concepts

Listed here are a couple of of the preferred solopreneur enterprise fashions you possibly can steal.

Affiliate Advertising

Beginning an affiliate web site is a superb enterprise mannequin should you’re a digital marketer or net designer. 

Primarily, you construct an viewers after which promote different manufacturers’ services to your viewers.

When somebody out of your viewers buys that services or products, you obtain a fee. 

Affiliate marketing graphic

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The fantastic thing about this enterprise mannequin is that you simply by no means must work together with the purchasers. You simply ship results in the enterprise, and so they mechanically pay you a fee of all of the gross sales generated out of your viewers. 

There are two primary strategies of affiliate marketing online:

  1. You run advertisements to a touchdown web page after which ship these results in your associates. The draw back is that you need to spend your cash to amass these leads, so you actually must be wonderful at profitably buying leads.
  2. You construct an internet site utilizing search engine optimization and drive natural site visitors to your associates. Whilst you don’t must pay something to amass these leads, the draw back is that it will probably take months to construct an viewers by means of natural search engine optimization. 

Listed here are a couple of examples of affiliate web sites:

Whereas the web sites above are companies with workers, you possibly can run a smaller operation as a solopreneur utilizing the identical enterprise mannequin. Or, you may also select to scale the web site right into a extra established enterprise with full-time workers.

Course Creator

The course creator enterprise mannequin is fairly easy – you file some movies instructing a ability you might have after which promote it to individuals who need to purchase that ability.

Course creation is a superb enterprise as a result of it requires little upfront funding, and you may promote it infinitely. The tough facet of this enterprise mannequin is that prospects sometimes solely purchase programs from folks they think about specialists.

So should you don’t have a private model and credibility in that area of interest, promoting your course received’t be simple. For instance, chances are you’ll must go on podcasts, construct a social media following, and collaborate with different influencers to construct credibility.

The excellent news is that after you have that credibility and an viewers, you may make cash nearly immediately promoting programs.   

Listed here are a couple of examples of solopreneur course creators:

Product Proprietor

In the event you’re a coder or developer, you possibly can construct and promote your personal product. The profit is that when the product is constructed, you sometimes simply must preserve it updated. You may as well construct out extra options and cost extra because it improves.

The draw back is that this enterprise mannequin could require substantial upfront funding should you don’t know tips on how to code.

Whereas some folks have efficiently employed builders to create merchandise for them, you’ll must know who to rent and consistently work with that individual to enhance the product.

In the event you don’t have coding expertise, you’ll doubtless construct a staff or deliver on a co-founder, and it could grow to be extra of a startup than a solopreneur enterprise mannequin.

Listed here are a couple of examples of multi-million greenback companies created by solopreneur product homeowners:

Ecommerce Proprietor

There are additionally loads of completely different ecommerce solopreneurs that personal way of life companies. 

With an ecommerce enterprise, you put up bodily merchandise on an internet site, and folks should purchase them. 

You’ll be able to create, retailer, and ship the merchandise your self, or you possibly can undertake a dropshipping mannequin the place you’re employed with a producer who creates, ships, and shops the product for you. Then, you simply submit your product orders to the producer as they arrive in. 

Whereas the dropshipping mannequin is superb you probably have slightly money to fabricate a bodily product, you even have much less management over the product high quality and the delivery course of on the whole. 

Nonetheless, it may be an ideal way of life enterprise, and loads of teams, like Dropship Way of life, can help you collaborate with different dropshippers.

Right here’s an instance of a solopreneur ecommerce retailer proprietor:

How To Be a Profitable Solopreneur

Changing into a profitable solopreneur is comparatively easy, but it surely isn’t essentially simple. The excellent news is that should you stick with the recommendation under and put within the work, you’ll finally have a worthwhile enterprise. 

Step 1: Select a Area of interest And Construct An Viewers 

Selecting a distinct segment is arguably a very powerful facet of the method.

Ideally, the very best area of interest to pick out is:

  • One thing you’re obsessed with
  • One thing you might have a novel ability set/experience in
  • A market with low issue (there aren’t many creators within the house)
  • A market with robust demand and excessive worth (lots of people have this drawback/curiosity and pays some huge cash to unravel it/study extra)

That will help you choose the very best area of interest, think about score every area of interest on a scale of 1-10. I’d additionally weight area of interest issue and distinctive benefit extra closely than any of the opposite classes:

Framework to choose a niche

As soon as you choose a distinct segment, I like to recommend constructing an viewers earlier than creating a proposal. 

Most individuals create a proposal (product, course, and so on.) and then attempt to construct an viewers to buy their provide.

Because of this, they sometimes spend some huge cash on advertising and marketing and grow to be discouraged after solely a handful of individuals buy the provide. 

So construct your viewers first after which create a proposal you already know they need. 

We have now a whole information on the subject of constructing an viewers, so I received’t go into an excessive amount of element right here, however think about these questions:

  1. How will I create content material distinctive from what at the moment exists? Folks most likely received’t observe you should you don’t have a novel angle or worth so as to add.
  2. Which medium (video, textual content, audio, and so on.) ought to I choose? The quick reply is to pick out the one you take pleasure in probably the most, as publishing frequency and consistency are probably the most vital features of constructing a model.
  3. Do you need to create a private model or an organization model? Private manufacturers are likely to develop quicker, however it is going to additionally make eradicating your self from the corporate more durable.

When you reply these three questions, create a publishing cadence. Publishing consistency is arguably a very powerful think about constructing an viewers, so set a sensible objective that you may stick with for a number of months. 

In the event you’re searching for audience-building inspiration, I like to recommend analyzing solopreneurs like Justin Welsh or Brett from Design Pleasure, as they’ve each constructed extremely profitable audiences that gasoline their companies.

Step 2: Create an Supply 

Now that you’ve got an viewers, it’s time to create a proposal. 

First, establish an issue your viewers at the moment faces to make sure you create a proposal that folks need.

So survey your viewers and ask them about their challenges and what merchandise/providers they purchase.

Customer research survey

Then, resolve the way you need to clear up it. It is likely to be providing a bodily product, a course, a partnership/affiliate deal, or an app/digital product.

Over time, you possibly can have a number of income streams, however for now, begin with only one. 

In the event you’re unsure which income stream to start out with, think about the next chart:

Pros and cons of solopreneur business models

Step 3: Create SOPs And Leverage Automation

Many individuals get into solopreneurship with the dream of attaining passive earnings, however many solopreneurs discover themselves working extra hours than once they labored full-time.

The important thing to eradicating your self from the enterprise is to create methods and processes that enable the enterprise to run with out your help.   

How do you do that?

Begin by auditing your time. This train primarily has you file what you do each quarter-hour of your day in an effort to determine what duties you’re spending time on.

Right here’s a time audit template that you need to use to audit your day. Then, undergo every process and mark each the worth of the duty and whether or not it gave you vitality or took vitality away from you.

It is a idea that Dan Martell makes use of, and you will discover his templates within the workbook. Ideally, you need to take away as many duties as potential that drain your vitality and duties which might be low worth.

Time and energy audit dan martell

As soon as you determine which duties that you must offload, ask your self these two questions:

  1. Is there software program I should purchase to automate this course of?
  2. Can I rent a VA or part-time worker to execute this for me?

For instance, should you spend 20% of your time managing funds, can you buy a software like QuickBooks to automate the method?

Or, should you spend 50% of your time answering shopper assist questions, rent a VA to do that for you. 

The important thing to creating the enterprise scalable is to create SOPs (commonplace working procedures) for every process. SOPs make it simple to provide the duty to any VA, and they’ll constantly obtain the identical end result. 

To create an SOP, write down precisely the way you execute the job your self. 

For instance, should you’re outsourcing buyer assist, write down the solutions to shopper FAQs, tips on how to deal with sure conditions, obligatory logins, and another data required to do the job.

Then, if the VA asks you any follow-up questions, inform them to put in writing the questions and your solutions within the SOP doc. 

Need assistance? Right here’s a template in order for you steerage creating your first SOPs.

This manner, anybody can do the job. So even when one VA quits, you possibly can simply assign the identical process to a different VA with out spending time retraining them.

As soon as your corporation runs on autopilot, you’ll lastly have passive earnings.

Step 4: Scale Your Enterprise

Now that your time is free, due to your new passive earnings, you possibly can take pleasure in hanging out on the seaside or use your new free time to take your corporation to the subsequent degree.  

As a solopreneur, your objective most likely isn’t to rent full-time workers, however there are two different strategies to scale your corporation’s profitability:

  1. Construct an even bigger viewers
  2. Add extra income streams
Growth methods for solopreneurs

I like to recommend beginning by rising your viewers as a result of doing so will make any income stream you add extra worthwhile.

Growing your content material publishing quantity is arguably the easiest way to construct your viewers. 

Nonetheless, you don’t essentially must create extra content material to extend publishing quantity.

As a substitute, begin by repurposing your content material. 

For instance, should you’re at the moment creating video content material, you possibly can repurpose it as a podcast. You may as well obtain the script from the video, put it into an AI writing software like Jasper and even ChatGPT, after which have the AI software create a weblog put up. 

You may as well repurpose the weblog put up into a number of social media posts.

As you possibly can see, repurposing permits you to scale content material output with out really creating any new content material.

Digital content repurposing framework

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Nonetheless, optimize every bit of content material for the platform you propose to publish it on. For instance, should you’re republishing a video to TikTok, you should definitely add captions, related hashtags, and edit it within the type of TikTok content material.

To automate this course of, you need to use a software like Repurpose. There are additionally loads of advertising and marketing companies that now provide content material repurposing. 

One other strategy to develop your viewers rapidly is to do content material collaborations with different influencers. 

For instance, you possibly can do a podcast interview with one other content material creator in your area.

Alex Hormozi is a superb instance of a content material creator who has mastered the method of collaborating with different influencers and repurposing the content material on a number of platforms.

For instance, after showing on one other influencer’s podcast, his staff republished the content material to his podcast, TikTok, LinkedIn, and several other different platforms.

You’ll additionally discover that the content material is all the time optimized for the particular platform. So even should you don’t have time to optimize it, think about hiring a VA to do that for you.

Alex Hormozi repurposed LinkedIn post

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It’s additionally price noting that you simply don’t must broaden your content material technique to all main platforms. Begin by including only one platform to your publishing schedule after which add one other. Every platform attracts a novel viewers, so that you might need to regulate your content material barely as you study extra in regards to the nuance of your viewers on every platform. 

Now that you simply’re maximizing your content material output, you may also add different income streams. Your new income stream will be both the identical enterprise mannequin (e.g., should you’re already promoting a course, you possibly can promote one other course) or a brand new one (e.g., should you’re promoting a course, you possibly can additionally provide a bodily product).

Once more, begin by including only one new income stream at a time and use the very same course of you utilized in step two to create your first provide.

You may as well construct out your provide with upsells. For instance, should you at the moment provide a course, you possibly can provide a mastermind as an upsell to associate with the course.   

Amy Porterfield has a superb instance of this in her course:

Upsell example

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Start Your Journey To Solopreneurship Immediately

Most individuals flip to entrepreneurship for monetary freedom, however managing folks is usually more difficult than working for folks. On the flip facet, changing into a freelancer could imply you by no means must handle a single individual, however you may additionally really feel that a number of bosses handle you. 

Freelancers even have extra monetary threat as purchasers can depart right away.

So if you wish to run your personal enterprise in your phrases and even simply have a facet hustle that makes some passive earnings, think about solopreneurship.

If you wish to join with different solopreneurs beginning their very own companies, think about becoming a member of the Copyblogger Academy. It’s a neighborhood of solopreneurs and freelancers creating their very own monetary freedom by constructing profitable companies that may function with no staff of workers.

You additionally get direct entry to me and might attend workshops and Q&As with different creators. You’ll be able to enroll at present to make your new enterprise concept a actuality.   



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