Many of us start as a solopreneur. Usually, because you cannot hire right away or at least until you make money in the business. In this article, I will discuss how to overcome 7 problems solopreneurs face today.
Solopreneur Problems
Solopreneurs always have an uphill battle. There are so many things to try to accomplish and yet not as much time as you think.
7 Soloprenuer Problems
Solopreneurs face these problems and more but let’s stick to these today and see how we can overcome them.
- Doing It All By Yourself
- Lack of Mentoring or Coaching Help
- Cannot Afford a Team Yet
- Isolation
- Time Management
- Financial Hardships/Cash Flow
- Promotion of Yourself and Business is Lacking
Let’s discuss each of these and how you, Solopreneur, can overcome them.
1. Doing It All By Yourself
Let’s face it, unless you have financial backing in a big way, you will be doing all the work yourself. You most likely are not an expert in all of these areas:
- Administration
- Finances
- Marketing
- Problem Solving (Brainstorming)
- Project Management
- Sales
- Time Management
These areas and more are skills needed when you are a solopreneur. Yet, none of us can expertly do all of these. You are more than likely an expert in one of these, as that will be your online business. You may be able to do two or three of these well. The remaining items are leftover tasks to accomplish when you have the time (meaning rarely).
Initially, you probably skipped through it all because you were excited and full of energy to get your business up and running. As you’ve settled into it, you are finding less and less time to do it all. If you do not, you will end up burning out quickly.
How to Fix It
One of the best ways to fix it is to hire a team member (subcontractor) as soon as you have one to two clients. Outsourcing can boost your growth more quickly. Having someone help you carry the client’s work leaves you time to do other tasks. As your online business grows, you add more team members as your first one runs out of bandwidth or doesn’t have the specialty needed for a new client.
2. Lack of Mentorship or Business Coaching
The lack of mentorship or business coaching is a big problem when you begin your business. I can remember I wanted to talk to someone so badly. I needed to bounce ideas off, brainstorm, and help with important decisions.
A coach will help you focus on what’s most important at the time and can offer years of experience to help you avoid some of the big mistakes many solopreneurs make. They are also great for brainstorming ideas or offering step-by-step processes.
The lack of an experienced person who has been where you are and has battled the items you are currently battling is a big mistake. A mentor or business coach is a great asset to all business owners. Ultimately, you are only hurting yourself and not gaining the knowledge and help you need.
“Hiring a business coach is an investment in your business’s success and your ability to drive continued growth. Working with a business coach gives you an expert perspective on your abilities as a businessperson that you can leverage for a range of personal and professional benefits including strategic support, expert insight, increased self-awareness, identify growth opportunities, improved accountability, encouragement.” – Indeed.com
How to Fix It
The simple fix is to hire a mentor or business coach, as the ROI on one is significant.
According to a study, coaching has a 221% ROI. (International Society for Performance Improvement)
68% of individuals who hired coaches were able to make back their investment. Those who make a financial gain on their coaching can on average expect 3.44 times the amount spent. (2009 ICF Global Coaching Study)
Not only is the ROI significant (221% – Wow!), but hiring a business or executive coach can also help you develop needed characteristics such as leadership, team management, soft skills, business growth, marketing, and others.
The truth is that hiring a coach adds to your income in the long run if you take action on the steps or tasks given to you by your coach. Do not expect big returns if you are unwilling to do the work.
Find a good mentor or business coach, and you will be grateful.
3. Cannot Afford a Team Yet
Having a team is a big benefit to solopreneurs. Yes, it seems like an impossibility at first when you start on your own without financial backing or help. You think you cannot afford to have another person help you.
In some aspects, you are right. You cannot afford someone to help you with your administrative tasks, but you can afford to have someone help you with your client work.
How to Fix It
Adding a team early on to help with client work will exponentially grow your business as long as you continue to attract new clients. The reason is that bringing on a team member early who can do your client work frees you up to continue to attract clients, not get bogged down in the client work. If you continue attracting new clients, you will continue to grow.
As your team members’ bandwidth fills up, you know it’s time to bring on another team member to do client work. Once you are making more money, you can then add a team member to help with your administrative and other tasks.
4. Isolation
Isolation for the online solopreneur is a real problem. We spend hours every day doing tasks for others and helping clients, but not necessarily speaking to or seeing anyone.
This lack of social interaction can take its toll mentally. Some solopreneurs find that they become depressed or do not know what to do, so that they do not feel so alone.
How to Fix It
I have a few ideas to help you with this problem, solopreneur. I’m not always the best at this myself, but here are some ideas to help you.
Ways to Connect with Others
As a solopreneur, you have to sometimes force yourself out of your shell and get offline. Ways to connect can include:
- Attend local networking events – eWomenNetwork is a great one I’ve attended for years
- Connect with S.C.O.R.E. – they can help provide mentors
- Find an accountability partner
- Join online groups in your specific industry (make sure they have good engagement)
- Join local business groups
- Staying in touch with friends (especially when feeling alone)
- Stay connected to your community (through volunteering, attending church, neighborhood groups, or community meetings)
I don’t recommend doing them all, but decide on one to two at least. Take action prior to feeling isolated and alone. This will help you connect with a couple of people before you need help and will make it easier when you do need it.
5. Time Management
Time management is another problem for solopreneurs. Trying to manage our time and make the most of it is an ongoing battle for most. Because we wear so many hats (doing it all alone), it means we have to spend time on tasks we do not like and probably are not well-suited for.
The tasks we do not like or are not skilled at doing will take more time to do. Pulling you away from another task that also needs your attention. If you are not good at prioritizing or managing all these tasks, they will overwhelm you before you know it.
How to Fix It
One of the best ways to fix this is two-fold. Use a project management system and a good daily journal (or scheduling planner) to help you manage your time. I love my Bullet Journal. I used a project management system, but when I added the Bullet Journal, it completely changed how I viewed my day. They say they are a mindfulness tool. I know it helped this solopreneur overcome productivity challenges.
I used to think I was busy and doing all day, and felt like I got nothing done!!! I hated that feeling. Once I purchased the planner/journal, it changed the way I thought about my day, especially at the end of the day.
As I listed out all my tasks and looked at them the night before with my unchecked boxes, it prepared me for the day ahead. When I viewed the day I just had, however, I saw all the checked-off boxes of everything I accomplished. As I went through my day, I even added tasks that I had forgotten to add or didn’t think I would get to doing that day.
Now, at the end of the day, I feel like I did so much.
My Tip: Be sure to include personal tasks you do during the day somewhere on the planner so you can check those off as well. Add in tasks during the day as you do them if they are not on your list. You will be amazed at how much you’ve accomplished.
6. Financial Hardships/Cash Flow
One of the biggest complaints for solopreneurs starting and trying to grow their business is the lack of cash flow or financial hardship. Every business has ebbs and flows, good times and bad times. Keeping in mind that difficult times may come will help your mindset, so you do not spend too much during the good times.
I’m not saying live in a scarcity mindset, but do not think the revenue flowing now will always continue either. How can you overcome this problem?
How to Fix It
The first way I suggest fixing this solopreneur problem is to create a clear budget for at least six months in advance. If able, budget the entire year and review it often.
Stick to your budget as much as possible. A hard rule for me is that I do not spend if I do not have new clients signing up.
Saving or putting money aside each month is also a big help. When you are attracting clients and bringing in revenue, put a percentage aside each month. This will come in handy during the difficult times (we all face). Remember to also account for the taxes you should be withholding from your income.
Do not spend what you do not have. You cannot count on a new client daily, weekly, or monthly, so cut off spending when you do not have it.
7. Promotion of Self and Business is Lacking
The last solopreneur problem we will discuss overcoming is self-promotion or promoting your business. Your personal brand is now associated with your business brand, especially for a solopreneur.
It can be difficult to promote yourself and your business. This is often lacking in many solopreneurs. You feel shy and not comfortable on camera.
How to Fix It
Here are a few tricks to help you.
- Get professional photos taken with hair and makeup (this makes a big difference)
- This will boost your confidence and help you post more.
- Be sure to get permission for use on social media or purchase the package that includes them.
- Hop on video when you are having a good day to give tips – even for a few minutes helps people see you and begin to like and follow you.
- Record several videos on good days to bank for the not-so-good days.
- Be yourself – your potential client wants nothing less.
- Everyone wants to get to know you first, sometimes even before engaging with you
- There is so much ‘noise’ today on social media, so show how you can help others by doing ‘How To’ videos as well as doing live videos.
You will have engagement and followers before you know it. Keep in mind that today it can take 18 months to 2 years to build it up. Don’t be impatient, keep doing it, and you never know, you may beat the odds.
Final Thoughts
These 7 problems for solopreneurs can apply to most business owners. You will not accomplish the fixes overnight. Take time to implement one at a time. When you’ve conquered one, move on to the next one. A step at a time.
If you need help solopreneur, I am here to help you. Reach out today and set up your Free mini-coaching session. You’d be surprised how much we can accomplish during our time together.
To Your Continued Success
