5 Things About Solopreneurship

I think the term “solopreneur” should be coined “everything-preneur” because on a given day, a small business owner with a team of 1 wears about 1,000 hats.  From CEO to accountant to marketing executive to secretary (and everything in between), running a business on your own requires a lot of flexibility and focus. Here are five things I’ve learned about solopreneurship.

1.  Develop early habits of work/life balance.  I schedule my workouts and personal errands as meetings on my iCalendar.  Do I ever cancel that workout when a client or candidate requests an evening phone call?  Of course I do.  I am deeply connected to my business and love what I do, which makes it difficult to shut down.  It’s also tricky to implement an “end of the day” time when my office is a few steps from my living room.  But developing the habit of scheduling these personal tasks as I would schedule any important meeting helps me to achieve an important balance between my work life and personal tasks.

2.  Expand your professional network.  Many solopreneurs become comfortable in their independent role.  Too comfortable.  It’s important to establish connections with business owners in your industry as well as other markets.  Pick up the phone and call owners who are not direct competitors, but exist in a similar market.  Identify key influencers (and a mentor) and introduce yourself!  Remember, it’s a two-way street.  When another business owner is willing to speak with you by phone, respect his/her time and keep the call brief.  Follow up by sending articles you think he/she may find interesting and become a valuable contact to that person, too.  I also recommend choosing at least ONE professional conference to attend each year.  IRL (in real life) connections are the key to developing professional bonds and camaraderie with other influencers.

3.  Stretch your marketing dollars. Endless advertising opportunities are available to small businesses, but not all of them are logical.  Choose your advertising options wisely (carefully considering target audience demographics, viral capabilities, etc.) before committing.  Once you have earmarked your quarterly advertising budget, fill in the rest with social media outreach.  Blogs, Facebook business pages, Twitter and Pinterest are all key components of modern social media strategy.  And the best part is they are all means of DIY marketing!  If you are new to these avenues, you can easily master the learning curve by liaising with social media experts and watching how businesses in other markets are successfully using social media to increase brand awareness.

4.  Keep learning.  I set aside one hour each day to read industry blogs, news, conduct market research and identify industry trends.  Because customer service is the cornerstone of my business, I am constantly seeking new ways to support my clients and their families.

5.  Focus. This message may seem to be simple and obvious, but I begin each morning by setting an intention to maintain focus throughout my day.  It all begins the night before when I sit down to write my to-do list for the following day.  After compiling important tasks, I tear off my to-do “draft” and re-list each item and task from top to bottom and in order of priority.  The “hot” items with high levels of urgency will be completed early in my day when I have the clearest mind and highest level of energy.  If I am not able to complete every task on my list, the items with the least urgency and lowest priority (i.e. change my cell phone plan or pick up milk) will wait until the following day.

Do you have a small business or are you considering launching one?  What do you believe are additional key components of start-up success?