What does it take to be a Great Solopreneur?

Are you a solopreneur? One of the newest words in the small business dictionary, a solopreneur is simply a person that does everything for their business. They are the provider, the bookkeeper, the marketing professional, and the person who empties the trash. Because solopreneurs often operate from their homes, the structure of the business is often very simple.

Many solopreneuers use this structure as a starting point for a business which will hopefully grow. The first goal may be simply to make the business in to something that will support the solopreneur’s lifestyle of choice but later, the satisfaction of evolving in to a successful business is sought after.

What qualities can be found in a successful solopreneur?

Focus

Solopreneurs are often creative and because of that their minds are often in high gear thinking up the next idea. Resist that urge. A common mistake among young business owners is to try to develop multiple ideas at the same time. Successful entrepreneurs know that developing one idea before moving to the next breeds success.

Leverage

Solopreneurs who have sustaining businesses know that relationships are vital and even more vital is possessing the ability to leverage those relationships for mutual benefit is equally important. Even if  you don’t regard yourself as a people person, it’s time to learn. Business relationships are born out of general caring for somebody else. How many new relationships have you formed this month?

Profit

So you’re getting a lot of business? Congratulations! Of course the amount of revenue you bring in is important but successful business owners know that revenue isn’t nearly as important as profit. A lot of work isn’t a sign of success if you aren’t making a profit in the process.

Referrals

The best referrals are from word of mouth but what other sources are providing business for you? Some will be more valuable than others and you as a solopreneur should know the profitable referrals versus the luke warm networks. If you  know this information you now know where to focus your relationship building time.

Budget

When money comes in, what do you do with it? How much can you spend on advertising? Website development? Your business has a lot of needs and if you don’t know where your money is going, you’re setting yourself up for disaster. Make a budget and more important, stick to it.

Vision

You’ve heard it before but an entrepreneur without a vision can’t set business goals. Where do you want to be in three years? Long and short term plans as well as product development is formed around your vision.

Bottom Line

As you continue to grow your new business, think about where you’re going and set realistic goals for success. Good luck!