Solopreneurs do it all in their business – they wear all the hats. Solopreneur coaching focuses on helping these brave business owners identify ways in which they don’t have to wear all the hats, helping them be more effective (and increase revenue).
Solopreneur Coaching for Jacks & Jills of All Trades
Being well rounded has its advantages, but it also comes with some down sides. Not the least of these down sides is that when you have to do everything yourself you can’t be great at everything. That’s just not realistic. Most solo entrepreneurs try to do it all themselves out of necessity, but they sometimes step over dollars to save pennies. When you think about saving money by doing something yourself, think about the opportunity cost of your time. In other words, if you can generate $100 in an hour and pay someone $20 per hour to handle something for you, it may make sense to spend your time bringing in that extra revenue and delegating the task.
Solopreneur coaching helps identify these opportunities.
Not enough emphasis on business development and sales
Most entrepreneurs start a business because they have a passion for a product or a certain type of work and they are usually highly skilled at something. Many times their skills and personality are not ideally suited to selling, but when you are a one person business you have to balance a focus on sales with the operations of the business. As an old sales expression goes, “Nothing happens until something gets sold.”
Solopreneur coaching helps you identify this issue and build a plan for business development and sales.
Solopreneur Coaching Addresses Unclear Value Equations
While business owners generally start a business because they feel that they have a unique value they can offer people, many are not clear in communicating this. No matter how great your product or service is, it must be clear to your potential customers and you cannot rely on them just “getting it” like you do. They don’t know what is unique about your business, so you have to tell them.
Not enough emphasis on the results they get
Just being busy does not always translate to profits in business. Some business owners find themselves spending too much time on activities that do not drive business results. It is easy to do things that are enjoyable or that you are good at, but sometimes you have to do the things that take you out of your comfort zone in order to get the results you need.
Spotty or disjointed marketing
Not everyone is a marketing guru, and that’s ok. You don’t have to be a guru. You do, however, have to have a clear marketing plan. So many business owners jump from tactic to tactic, many times reacting to something they see someone else doing. Without a coherent and well thought out plan, this will not yield the best results.
Think they can do it all
Even though statistics show that most businesses fail, most new business founders believe their odds of succeeding are better. “It’s not going to happen to me!”. While confidence is a key success factor, overconfidence and thinking you can do it all can be fatal to your business. There is no shame in having people you count on to help reach your business goals.
Limited cash flow
Cash flow is among the key challenges faced by every business, but it is especially common and problematic for solo entrepreneurs. You have to have enough cash flow to stay in business while you build your business. This is where many businesses fall flat by not having enough cash to make it through a slow period and still thrive.
May not have a well thought-out business plan or approach to the market
Many of the challenges we have touched on can be mitigated or eliminated with proper planning. But, the rubber really hits the road when your plan is put into action. A qualified, experienced coach can help you develop and implement a solid business plan that will not only look good on paper, but will come to life in the form of a successful business.
Solopreneurs face many unique challenges. My solopreneur coaching services will help you break away from those challenges, and help you grow your business.