95: Being Profitable As A Solopreneur Whether You Are Starting A Business, Self-Employed
95: Being Profitable As A Solopreneur Whether You Are Starting A Business, Self-Employed, A Solopreneur, Entrepreneur, Mompreneur, Business Owner, Side Hustler, Freelancer, Bookkeeper, Virtual Assistant, Or VA
Starting your own business and making sure you are profitable is a dream many of us have. Determining whether you will be an entrepreneur or a solopreneur is one of the first things you should consider when starting your business. Many people believe these two are the same, but there are some pretty major differences between the two. In today’s podcast episode, I will walk you through not only these significant differences but also what some of the main benefits are when you are a solopreneur. Currently, there are over 59 million Americans who are either freelancers or solopreneurs, and that number is expected to grow to over 90 million by 2028. If you are thinking about becoming a solopreneur and are tired of working at your traditional job where you are generating profits for someone else, this episode is for you. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, understanding the difference between a solopreneur and an entrepreneur will help you with the decisions you have moving forward in your business. If you are ready to take the plunge and start your own business, starting out as a solopreneur may be just what you are looking for. Make sure you are following the tips I reveal in this episode so that you have a much higher success rate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
Starting your own business and making sure you are profitable is a dream many of us have. Determining whether you will be an entrepreneur or a solopreneur is one of the first things you should consider when starting your business. Many people believe these two are the same, but there are some pretty major differences between the two. In today’s podcast episode, I will walk you through not only these significant differences but also what some of the main benefits are when you are a solopreneur. Currently, there are over 59 million Americans who are either freelancers or solopreneurs, and that number is expected to grow to over 90 million by 2028. If you are thinking about becoming a solopreneur and are tired of working at your traditional job where you are generating profits for someone else, this episode is for you. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, understanding the difference between a solopreneur and an entrepreneur will help you with the decisions you have moving forward in your business. If you are ready to take the plunge and start your own business, starting out as a solopreneur may be just what you are looking for. Make sure you are following the tips I reveal in this episode so that you have a much higher success rate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…When you hear the words solopreneur and entrepreneur, do you think they are referencing the same thing? If so, you are not alone. There are many business owners who view these two classifications as the same, and although most solopreneurs are entrepreneurs, not all entrepreneurs are solopreneurs. There are some major differences that you should be aware of. Knowing these differences will also help you when you decide to start your own business by enabling you to gain insight as to what you’d like your business to be. The initial intent of your business will help you decide which you are most like and help you make decisions about how you run your business. Regardless of which “preneur” you fall under, either of these will help you fulfill your dreams of owning your own business and can be rewarding.
We’ll start off with the definition of what a solopreneur is. A solopreneur is an individual who is building their business on their own. They are organizing and managing the business without the help of a partner, and they assume all the risk. They are responsible for the success or failure of the business and don’t have any employees. Most solopreneurs are service-based business owners such as freelancers, bookkeepers, coaches, or consultants.
Entrepreneurs, on the other hand, are similar to solopreneurs, but they don’t necessarily manage all aspects of the business; their goal is to hire employees so that they can manage them as the work is performed. Some entrepreneurs will start off as a solopreneur with no employees and will move into entrepreneurship over time with the addition of their employees. With this addition and any other partners, the business has, the profits generated from the business need to be split with them.
When you are a solopreneur, you have low financial risk. There are many solopreneurs who start their businesses with $100 or less but don’t let this low startup cost cause you not to take your business seriously, as it can lead to a higher failure rate. You ultimately want to make sure that you enjoy working independently. Solopreneurs are not afraid to do the work. They are all in when it comes to doing it on their own, which is why so many solopreneurs are starting businesses. On the flip side, you won’t have any employees that you need to pay, and you are able to keep all of the profits you generate in your business. You don’t have to worry about benefits, payroll, taxes, or even training and managing employees, although you may hire a contractor or freelancer yourself for help. You have complete control of your business since you don’t have to consult with other owners or partners about business decisions. You get to decide how you will work, when you will work, and where you will work. You have minimal workspace requirements, and many solopreneurs work from home with only a computer and internet access. You get to set your own hours and decide on your income level. You get to set your work schedule around your lifestyle, which often leads to a better work/life balance. As a solopreneur, you are the founder and the sole employee of your business. You will be the one who gets the business up and running as well as the person who delivers the products or services to your customers on your own. To do this, you need drive and commitment. As a solopreneur, it is also much easier to file your taxes since most solopreneurs can file an additional form called the Schedule C on their personal tax return rather than filing a separate business return.
One of the most significant differences is that most solopreneurs have the desire to keep working in their business and don’t have plans for selling their business. They want to continue to work on their business, become more knowledgeable, and grow. Most entrepreneurs want to build their business, manage their employees, and have a business they can sell in the long run. This often requires the ability to scale. Solopreneurs, on the other hand, will normally stick with their business until they are ready to retire. Most times, their business carries through with that very first single idea they had when starting the business. Even though solopreneurs don’t plan to scale their business, that doesn’t mean that they are not able to increase their profits. Solopreneurs can work towards the profits they desire. Normally a solopreneur will trade their time for money, which can generate a plateau since you only have so many workable hours in a day and limits on your time. This can be true, but in my programs, this is where I work with my clients to make sure they are setting up their business and pricing in a way so that as they become more efficient, they are also more profitable. We take into consideration the amount of time they are able to devote to their business and create their goals and profits around this information so that they can generate their desired profits. The sky’s the limit when you do this properly, and you don’t have to limit the amount of profits in your business.
When marketing, generating new leads, and taking on customers, most entrepreneurs will tend to work at getting these leads and customers so that their employees will do the work. Solopreneurs, on the other hand, will get the work they want to do. They are also in charge of taking on customers or even saying no to a customer without having to consult with other owners of the business. You have a much more intimate relationship with your customers since you are the one directly working with them. Most solopreneurs are also able to have a consistent customer base to bring in revenues and find they don’t need to network or market as much as entrepreneurs.
So, what are some of the most popular types of solopreneurs? There are photographers, personal trainers, graphic designers, virtual assistants, bookkeepers, event planners, copywriters, bakers, tutors, cleaning services, personal assistants, social media management, coaches, consultants, and so many more. You most likely could take the job you are currently working in and create your own solopreneur business doing exactly what you are doing now.
To maximize your solopreneur experience, I recommend that you make sure you manage your time carefully. Set goals, prioritize what’s important, be organized, and make sure you are not working on anything that doesn’t bring you to your overall goals. Automate whenever you can to save you time and always continue to invest in yourself and continue increasing the knowledge you have in your industry. You are your biggest asset as a solopreneur, you alone will generate your profits, so make sure you are taking care of yourself properly. Before you start your solopreneur journey, make sure that you really enjoy what you are doing. You don’t want to spend every day working on something that you don’t enjoy. Many solopreneurs thrive on working alone, but if you enjoy connecting with others, make sure you are networking and surrounding yourself with other solopreneurs or business owners to gain insight and seek advice.
Are you ready to start your own business as a solopreneur? Maybe you already have a business as a solopreneur. If so, you are one of over 59 million Americans who are freelancers or solopreneurs, and did you know that this number is expected to grow to over 90 million by 2028? This is incredible! Solopreneurs are on the rise, and many companies are hiring highly sought-after independent contractors or solopreneurs just like you as freelancers to help them grow their businesses as it gets harder to find good employees. Do you love what you do? If you are ready to get started as a solopreneur, my advice to you is to just get started. So many of my clients say they wish they would have started their business sooner. You can easily start your business as a side hustle, or you could take the leap and go all in. Ask yourself how you would run your business if this was the only way you could make money. I am sure this is already changing your thoughts about starting your own business. Take advantage of the freedom you’ll gain with your business, and decide what you will do with your time as you work in your business as a solopreneur, and even more importantly, how will you spend your flexible time when you are not working? Most solopreneurs say they are happier working on their own than with an employer and would never take on another traditional job again after they started their business.
I love working with people who are getting their businesses up and running. As a solopreneur myself, it is amazing to watch the transformation from someone starting out as a side hustler or running their business on a part-time basis all the way through growing that business to bring in the amount of profits needed to sustain and enjoy their life, whether that is obtainable with their part-time business or if they are working on a more flexible full-time basis. I am excited to announce a special opportunity for you to take advantage of where you can see what you can accomplish in your business when you work with me. My 100th podcast episode is coming up in the next few weeks, and to celebrate; I am giving away a four-week business strategy and coaching package to one of my lucky podcast listeners. My one-on-one business strategy and coaching sessions really help clients get specific about what they need to work on to reach the next level in their business. We make plans and follow through on my client’s intentions that lead their business to the success they want to achieve. As a CPA, Business Strategist, and Coach, I help business owners just like you to push through and stop limiting yourself with the success you could be achieving in your business. Whether you are unsure of the next steps you need to make, you want to get more sales but are unsure how to do it, or you need to gain a deeper understanding of your business finances so that you can be more profitable, I can help. Clients come to me because they know that I am knowledgeable in both the financial aspect of business as well as how important it is to have a strategy and work through your mindset and whatever is holding you back from reaching the highest vision you have for yourself and your business. By helping you make the right decisions and holding you accountable so that you follow through with your plans, you get to see your results much faster. You could be seeing success like this in your business. If you’d like to be entered in the drawing for the four-week one-on-one coaching package I am giving away; you need to sign up for one of my free consultation sessions by September 3rd, 2022. I always offer these free consultation sessions, but when you sign up for one of my free consultation sessions from now through September 3rd, 2022, you could also be the winner of the four-week business strategy and coaching package I’m giving away. You can go to www.FinancialAdventure.com/Contact-Us to schedule your session. During this consultation, we’ll spend up to one hour together going over where you currently are in your business, where you’d like to see yourself and your business in the future, and take action to get you started on the path to success. You’ll walk away with action steps so that you can start moving forward in your business right away. If you are already a one-on-one client of mine, that’s not a problem. Just let me know that you’d like to be entered into the drawing on our next call, and you’ll also have a chance to win. I’ve been helping business owners and bookkeepers achieve their goals for over 25 years, and it’s the best feeling when I see the joy it brings my clients when they follow through with their aspirations. I am looking forward to meeting you in a consultation session soon. I’ll post links to this and other valuable resources for business owners and bookkeepers where you are listening to this podcast and in the show notes.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
