What do you define as success?
Naturally, being a ‘successful’ Solopreneur depends on your definition of success, and your goals.
But I think it’s fair to say we all want the 3 things above, to some degree.
In this article we’re going to take a deeper look at how to achieve them.
The trick to earning more money as a Solopreneur lies in the power of leverage.
Despite making an active decision to work on your own, it doesn’t mean you should be boycotting the principles of Entrepreneurship.
It also doesn’t mean you should expect lower or slower returns.
Just like a start-up is able to scale their growth through employees and resources, you too have to find a way to scale.
This is achieved through leverage.
So what does this actually mean?
It starts with the process of identifying the roles you play in your business.
You then need to categorise them into low, medium and high paying tasks.
Typically, tasks that would earn you:
- £10 per hour (low)
- £100 per hour (medium)
- £1000 per hour (high)
This is achieved through outsourcing the low-to-medium tasks, as you concentrate on the ones that can earn you the big bucks.
The level of freedom you experience in your business isn’t just about the amount of money you make.
Many Solopreneur’s earn serious dough, but if you’re working 60 hours a week, is it really worth it?
True freedom is achieved by putting processes and automation in place. Effectively, it needs to be able to run whether you’re there or not.
Now as you might expect, this is challenging for Solopreneur’s providing a service; especially if you’re the one with the desired skill set.
Coming to an agreement with another business and leveraging (there’s that word again) their skill set to service your customers, will free you up.
For businesses that sell products, your ability to delegate and teach remote employees or freelancers is key.
A popular example…
For some, the word ‘McDonald’s‘ brings up connotations greasy food, minimum wage, and ‘Supersize Me’ – remember that film?!
For others, myself included, it’s a shining example of business processes and automation at its finest.
With McDonald’s, one thing is constant. No matter which one of the 36,000 restaurants you visit in the world, the way they make a burger is the same. This is quite a feat if you think about it.
Their standards and processes are SO specific, that it doesn’t matter which of their 1 million employees is in front of that grill, they all know how to cook the burger the same way.
And in this example lies the clue to true freedom from your business…
If you can create instructions, processes and tools for automation and teach others to use and follow them, you can experience true freedom from your business, whilst still reaping the rewards of your creation.
If you try and do everything in your business, you’ll never have enough time.
It’s probably no surprise to you that by implementing the ideas mentioned above (doing higher value tasks, outsourcing, creating processes etc) you’ll free up a huge amount of time.
Whether you choose to invest this back into your business, or give yourself a proper work-life balance (I prefer the second), I’d like to touch on the notion of exchanging your time for money…
Some people think that success is down to hard work and long hours.
I think this is bullsh*t!
Success is down to SMART WORK.
How can I achieve my goal in the shortest possible time, with the least expenditure (both effort and resources)? Now this is a good question.
How can I work harder? This question sucks.
Once you break out of the paradigm that ‘the more you work, the more successful you’ll be’, only then will you truly pursue the smart business strategies that can take you to the next level.
Achieving True Success
Success isn’t being super wealthy, but never having time for the family.
It’s not being free of a traditional workplace, but struggling to provide.
And it’s not having all the time in the world, but the inability to make money.
True success as a Solopreneur can only be achieved when you combine all three elements; money, freedom and time.
I hope this advice gives you the theoretical blueprint to implement these changes in your own business and work towards what all Solopreneur’s want – real success.