5 Essentials to Ensure Solopreneur Survival

Solopreneurs are on the rise. In June 2022, 16.8 million people identified themselves as self-employed.(Bloomberg) This is an increase from 2020 to the tune of about 1.4 million people in the workforce. There are several reasons reported for the increase, but two of the most common include making different life choices on how to spend their time post-pandemic and position elimination.

Data from the Bureau of Labor Statistics report that 20 percent of all small businesses fail within the first year. Additionally, by the end of the second year, 30 percent of businesses will fail. And, by the end of the fifth year, 50% will have failed. Couple the new influx of solopreneurs into the market with this data and it is apparent that solopreneurs have to thrive in order to survive. Simply put, in order to thrive, solopreneurs must focus on the things that increase revenues. Below are 5 essentials to ensure solopreneur survival.

1. Be a strategic thinker. You have the ultimate responsibility for the vision and mission of your company. To make sure you stay in business you must adopt strategic thinking. The basic key to strategic thinking is never stop learning about what you do not know. Strategic thinkers are the first to do their research and ask questions.
2. You MUST sell your product/service. The hard cold truth is that if you do not sell your product or service, you will not have a company - period. With sales comes revenues and with revenues comes money to pay yourself, hire others, and further develop your ideas.
3. Don’t waste time. Remember, you are one person. And, even if you are working around the clock, you are still one person. This is why it is important to maximize your revenue producing activities and invest in technology that will allow you to spend less time on manual tasks.
4. Keep the creativity. Odds are you started your company because you either developed an amazing product or service that solved a real problem in the world. Don’t lose sight of that! The secret sauce you deliver is why your customers love you and why new customers will be attracted to what you have to offer.
5. Outsource to quality vendors. There will come a time when technology isn’t enough and you will need more help. Consider outsourcing over direct hires. By contracting with a quality vendor you will save time, energy, and money.

At the end of the day, you are the key to your own success. It’s normal to feel under water and pressured to make fast decisions that will have immediate consequences. In order to be a successful and thriving solopreneur you will have to get comfortable with being uncomfortable.

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