7 Key Questions to Lay the Foundation for Success as a Solo Business Owner

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May you flip your ardour, interest or facet hustle into a six-figure solopreneur profession? Based mostly on my expertise working with hundreds of solo companies, you completely can! However if you happen to’re going to transfer from incomes facet earnings to being your individual boss full-time, you want to be sincere with your self about the solutions to these seven questions.

1. What do you naturally love to do?

Once I discuss loving what you do, I’m not speaking about outcomes. For instance, if you happen to’re a hairstylist, it’s not about whether or not you like to see individuals with fairly hair. All of us do. It’s about whether or not you like the washing, conditioning, chopping and teasing — the strategy of styling thick and tough or skinny and flat hair into one thing full and delightful. 

In the end, it comes down to whether or not you like the course of, and there’s no approach to know that aside from doing it time and again. You have got to personal that, as a result of basically working your individual is doing the similar factor time and again and loving it prefer it’s the first time.

Associated: Why Proudly owning Your Personal Business Is Every little thing

So, if any person calls you for assist and you’re feeling a sense of dread, then possibly that’s not the proper solo profession for you. However if you happen to’re bursting with concepts about how you could possibly assist and advise them primarily based on what you already know about them and the potentialities you dream of for them, then you might have a winner. 

2. What are you actually good at?

That is all about expertise. The best way you gauge what you’re good at is by how joyful your purchasers are while you do one thing for them. Do they are saying that after working with you or being coached by you, they’ve resolved the drawback that introduced them to you? Are they altering their habits primarily based in your suggestions and seeing the outcomes they need?

It’s not sufficient to have coaching or be licensed. It’s additionally about how gifted you’re in delivering the service. In case you’re getting four- and five-star suggestions, and your purchasers are recommending you to different individuals, then you already know you’ve gotten the superpower to flip that ability into a nice solo enterprise.

3. Are you able to earn a living from it?

I by no means stop to be amazed at what individuals can earn a living doing. If you already know even one one who is prepared to pay you, you can also make cash. However the actual considering behind this query is are you able to ship this service in a approach that pretty values your time?

One in every of the belongings you want to resolve is the going fee for the companies you’re providing. Yow will discover this out simply by aggressive . Exit and rent somebody to do your lashes, exit and rent somebody to provide you with a therapeutic massage and see how a lot they cost. Take a look at the costs on completely different web sites and marketplaces (e.g. Angie’s Record, Thumbtack and even ) and get a really feel for what you’ll be able to cost. Then, while you’re prepared, check your . Hopefully, individuals will love what you do and be prepared to guide you at the very least as soon as and a few will turn into regulars. That’s the way you’ll know you’ve bought it proper.

4. Are you trying to work full-time, part-time or side-hustle?

Lots of people discuss whether or not you’ll be able to really moonlight your approach into your individual enterprise. I am a agency believer that while you’re a service skilled, you might be extra inventive than somebody who’s doing manufacturing or retail, since you don’t have a lot of huge ticket startup and working prices. And you have a lot of flexibility as to the way you spend your time working in the direction of that aim, and the way a lot danger you need to tackle.

In the end, you’ve gotten to resolve the place you’re on the danger spectrum. In case you love danger, you’ll be able to completely give up your job. It is a spectrum of 1-10, with 10 being the final daredevil. If you’re a 10, go forward and take a leap of religion. However earlier than you do, have 12-18 months of earnings put aside to give your self sufficient time to ramp up and substitute the earnings out of your day job.

Associated: How Stylists, Canine Walkers and Extra Are Making Six Figures — and What You Can Study From Them

In case you’re danger averse, you’re going to have to provide you with a technique the place you ramp down the time you spend in your day job, primarily based on earnings milestones. It’s your decision to make $100,000 ($8,333/month) out of your life teaching enterprise, however if you happen to’re beginning with teaching buddies and colleagues after hours and on weekends, you would possibly begin by solely making $2,500 every month ($30,000 a yr). 

As you make extra, possibly you are able to do one much less shift at work, and spend one other day engaged on your online business. If you get to $5,000-plus a month, you’ll be able to go part-time at work. You’re basically weaning your self off your day-job wage and shifting in the direction of your solo enterprise. Don’t be afraid or too proud to construct bridges to the place you need to be. In case you can’t alter hours simply in your day job, which may imply quitting and substitute educating for a whereas until you can also make sufficient to cowl all your present commitments.

5. What are you going to concentrate on?

As a service skilled, there are solely so many individuals that you could serve, so you’ve gotten to discover the individuals which can be the greatest match for the enterprise you intend to run. A technique I’ve seen many six-figure solopreneurs method that is to take a look at themselves, what they care about and the points they’ve overcome, after which look for individuals coping with those self same points. It’s about the place you’re uniquely positioned to make a distinction and who your story will resonate with the most. 

It’s not sufficient to say you’re a health coach. Individuals need to know that you’re health coach who helps new moms “get their physique again” or a nutritionist who’s all about serving to nurses follow #selfcare. In case you strive to serve all people, you’ll find yourself serving no one. 

6. Are you able to construct a group round it?

The second a part of a area of interest is creating a group round it. And on this context, your group is a group of parents who’ve been by way of comparable issues as you of their life. After they hear your story, it’s like a canine whisperer; they need to join and study extra from you. Inform your story on , Fb, (*7*)YouTube or evenTikTok, and see who not solely tunes in, however returns and views till the finish. Chances are high they’ve comparable tales and your specialty space lies someplace in serving to them get to the place they need to be in life. Discover sufficient of them, and you’ve got your group. Constructing a tribe does two issues: It could feed the market by spreading the phrase about you and your story, and it’ll feed your online business by bringing in new purchasers.

7. How a lot do you get pleasure from working with individuals?

I stated earlier that constructing a profitable solopreneur enterprise is about loving the strategy of getting your purchasers from level A to level B. For instance, as a canine coach or yoga teacher, you’ve gotten to be snug speaking to and dealing with individuals to tune into what they want, to determine what’s blocking them from fulfilling that want and to assist them perceive how to obtain their objectives, all whereas delivering outcomes. Don’t get me improper; you don’t want to be an extrovert. You simply want to be good at partaking with individuals round the factor you like.

So what’s the backside line? Give it some thought like a kind of Venn diagrams you had to attract grade faculty. The primary three questions above are the three overlapping circles, and no matter matches in the center is a good goal for your solo enterprise. The final 4 questions are the begin of a recreation plan for rising your online business. Reply all of them, and also you’re prepared for six-figure solopreneur success.

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