“I’ve scaled a 6-figure business in 6 months”
“I’ve triple my revenue without a team”
“I’ve made $100k in one launch”
All those messages makes you think that is what you should aim for, anything less than that means you are failing, and all of the sudden you’ve added a next level of pressure to a process that is already hard, which is building a business!
And then we start to see..
“I’ve a 6-figure business and only work 3 days a week”
“I’ve scaled my business working part time”
“Grow your business working 4h a week”
And again, you set yourself another “crazy” goal and unconsciously you start to believe having a successful business online means working very few hours while making 6+ figures a month.
But here you are, starting your business or maybe just a few years down the road, and your idea of success if to have a business that takes 10+ years to build (but you want it done on your second year otherwise you are failing)
Why being a solopreneur can be dangerous ?
This week I saw a reel from Robert Kiyosaki (Rick Dad Poor Dad Author) that in a few words said exactly what I’ve always knew but couldn’t find the right words to express it.
Being a solopreneur (or self-employed) and running a business are two VERY different things.
When you are self-employed you CAN NOT stop working, because if you do you run out of business. It is that simple!
But something as simple as that seems to have been forgotten online.
I see a lot of coaches and online experts teaching you to build businesses where you are 100% the delivery person of your business and while you can make good money, it doesn’t mean is sustainable and something you can do on the long-run.
As a service provider, I’m on that trap myself but the difference is I’m aware of that trap and while I’m making money now as a solopreneur, I’m re-investing and building a business that will be sustainable in the long run.
Let’s illustrate this a bit more take a look at a few solopreneur traps:
#1 The Coach
Offers: 1:1, Events, Group Coaching and Mastermind
Team: 1 VA
Revenue: +6 Figures
The reality:
Coach has quite a few high-ticket programs and has built a good audience, which makes it easier for her/him to sell the high-ticket offer and be a 6 figure business.
The entire delivery of her/his offers are owned by her/his. If she/he is not around, the calls needs to be cancelled and/or rescheduled, any vacation time needs to be added within the programs curriculum because the coach won’t be available to support the clients at that time.
If something happens to this coach or she/he decide to take a longer vacation, the business has to be put on pause because the service can not be delivered if she/he is not around.
If your service can not be delivered when you are not around, you don’t have a sustainable business!
#2 The VIP Day Service Provider
Offer: VIP Day Build Out
Team: 1 VA
Revenue: 6 figure
Service provider only work 3 days a week.
The reality:
The entire business is build around a 3 day work week, which is when the service provider deliver the VIP days. A VIP Day has a higher ticket which allows for a 6-figure business.
This service provider has the same issue the coach, the entire delivery is owned by her/him and if she/he is not around, the service can not be delivered.
The dangerous of being a solopreneur is that you are your biggest liability. When you don’t have processes in place, a good framework, a strong business model and someone that can replace you, the moment life happens your business will suffer.
Usually, the moment life happens is the moment you need your business (its revenue) the most and you’ll realise you can’t count on it if you are not there to do the work.
That is the moment everything spirals and you enter the most challenging phase of your solopreneur journey!
Now, I understand, not everyone wants to grow a business and that is ok. There are strategies you can put in place to make your solopreneur business a bit more sustainable, for example, you can sell a course as part of your offers and that will give you at least one stream of income that will be around if you have to step away.
Basically, adding streams of income that doesn’t rely on your time and making sure you are investing on a personal level to have financial freedom it gives you more stability and reduces the risk of running a solopreneur business.
Do you need help implementing different strategies and building a sustainable business? Book a free consulting call and let’s take a look at your business together!
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