Strategic Advice for Thriving as a Solo Entrepreneur

Running a business of your own requires a lot of skill, passion, and hard work. Your company, no matter how strong the demand is, can crumble if you lack resilience. Many startup founders choose to start their own businesses because they want to regain their independence. Working for someone else is restrictive, exhausting, and ultimately most of the money goes to another person. Unfortunately, this also ends up becoming financial suicide for the majority of them.

Understanding the Risks

Starting a business can understandably be stressful and definitely risky. The Small Business Administration (SBA) defines a solopreneur as a business that has one to ten employees. In 2019, the failure rate of startups was around 90%. Research concludes that 21.5% of startups fail in their first year, 30% in their second year, 50% in their fifth year, and 70% in their tenth year.

Contributing Factors to Business Failure

There are several factors that can contribute to business failure. Having the wrong mindset and lacking the necessary skills are the biggest reasons. Here are some strategic tips to help you thrive as a solopreneur:

Transform Your Passion into a Business

Since you’re going to spend most of your time working on your startup, you need to do things that you truly enjoy. Identify your passion and if you see yourself turning it into a business in the long run, go for it. Once you’ve identified the business you want to start, find your reason for starting it.

Establish a Dedicated Work and Promotion Space

It may seem convenient to work from your home, but setting up a business requires a focused environment. If you’re just starting, it may be best to rent a co-working space to get things done. While you’re starting, don’t forget to promote your business by sharing your story. The best place to promote your business is through online platforms. If you don’t know how to market your business and you’re on a budget, I recommend taking Story Matters Academy masterclasses (link provided in the comments).

Surround Yourself with Like-Minded Individuals

Being surrounded by individuals who share the same mindset and goals can keep you motivated. Fellow solopreneurs or entrepreneurs can support you in whatever stage you are in your business. You can also rant about your frustrations and seek advice based on their experience.

Final Thoughts

Starting a business is a challenging journey, but with the right mindset, skills, and support system, you can succeed. There may be obstacles along the way, but with persistence and dedication, you will overcome them. I wish you all the best in your entrepreneurial journey!