The Solopreneur Business Model

Jackie B. Peterson

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A person who makes a living directly doing what she loves.

What is a Solopreneur?

!Who are Solopreneurs?

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! Rise of the creative class ! Drive for independence, freedom and control of

destiny.

! The web opens up the world market

Why the Solopreneur?

The Creatives

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! Economic downturn ! Shrinking employment at big business ! Desire to keep working ! The longevity bonus ! Drive for independence, freedom and control of destiny.

Why the Solopreneur?

Encore Entrepreneurs

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! Economic downturn ! Shrinking employment at ! big business ! Desire to keep working ! Drive for independence, freedom and control of destiny.

Why the Solopreneurs?

Generalists

!Once Upon a Time

There was an entrepreneur named Joe.

This is the story of Joe and his widget….

!Step 1. Joe develops a Great Widget. Step 2. Joe opens shop to sell Great Widgets. Step 3. Joe makes Great Widgets and runs shop. Step 4. Joe has Ah Ha moment: he can’t make Great Widgets and run shop. Step 5. Joe hires employees to make Great Widgets. Step 6. Joe builds his business not Great Widgets.

Traditional Business Model

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!

Traditional Business Model

The Pyramid

!Once Upon Another Time

There was a solo named Jolene. This is her story….

!Step 1. Jolene is consultant, professional, photographer, artist or writer Step 2. Jolene starts business to sell her work or services Step 3. Jolene creates her work and runs her business. Step 4. Ah Ha moment: she can’t create her work and run the business. Step 5. But Jolene can’t hire anyone to make her creations or deliver her services Step 6. Jolene’s business folds and she thinks of herself as a failure.

Solo

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If you want financial success, it is better to invent a great widget than deliver unique services or create great art.

Is This the Moral?

!Solos cannot employ others to deliver their services or make their art and….

" Doing the work takes up all their time. " So, they try to do it all..make the product and do the

admin/support services of the business " And they are overworked and abysmally underpaid. " They have no time and no money.

Problem is Time

!" Eventually time and money are exhausted. " Options Remaining:

! Give up. ! Get a day job. ! Make their beloved work a hobby. ! Or…..

Time|Money Squeeze

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Water Bug Business Model

YOUbookkeeper

virtual assistant

tax adviser

web site designerphotographer

social media coach

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Follow Business Principles for

Solopreneurs

Make it Work!

!

Find Your Sweet Spot

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Passion

MoneyTalent

Your sweet spot

Passion, Talent & Money

!" To make a living from your creative work or knowledge, you must focus on it.

" Most critical step to financial success. " You cannot be: A jewelry maker and a voice over artist

" You cannot be: A writer and a house painter

" You cannot be: A massage therapist and an interior designer

Focus, Focus, Focus


!" Narrows your range of choices-keeps you on

track. " Helps you allocate scarce assets like:

! Time. ! Attention. ! Money. !This is not the conventional wisdom which

often say: offer something for every one then you will never miss a sale!!

Find Your Sweetspot

Focus, Focus, Focus

!" With a narrow niche, you become the expert or

a specialist.

" Can charge more money.

" Eliminate competition.

Develop Your Niche

Become the Go-To Expert

!" Become known for one thing.

" Build a reputation.

" Connect to the right customers.

" Become able to charge more money.

Develop Your Niche

Power of a Specialized Niche

!Power of a Specialized Niche


Develop Your Niche

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Develop Your Niche


Amy McAuley www.OculusFineCarpentry.com

!" Present exactly what you do.

" This is very hard work but necessary.

" You have only a short time to be heard. (Attention is a scarce resource).

Articulate What Makes You Special

Your Elevator Speech

!! Who are you? ! What do you do? ! What is your benefit

to a customer? ! Why should they

choose you?

Your Elevator Speech


!!Hot Tip!

Have a friend listen to you describe what you do and “catch” the golden nuggets.

Photo BuySilverGold

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" Clear, concise, compelling.

" Easy to say.

" Use it everywhere, again and again.


Clear, Concise and Compelling

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www.imagine-pro.com

Know Exactly What You Do


!You have only 4.2 seconds to get someone’s attention. Practice until you are articulate, clear and confident.

!Hot Tip!

Photo by wWarby


!" Stick to your Chosen Path.

" Saying no to the wrong thing is powerful.

" The power of intentionality.

" Know how to identify distractions disguised as opportunities.

Stay on Track

Learn to Say Yes and No

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Stay on Track

It’s So Easy to Say Yes

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Ruth Greenberg www.RFGTile.com Stay on Track

Learn to Say No

!" Track your time.

" Charge top dollar for your work.

" Learn what your competition charges.

" Leverage your time.

" Outsource support work.

Time|Money Squeeze

Know Time|Money Relation

!" Track your time.

" Resolve: do only things that you do best.

" Focus on your work.

" Outsource support.

Time|Money Squeeze

Know How You Spend Time

!" # hours on marketing each day. " # hours on producing work. " # pieces to sell to generate monthly income. " # completed projects. " Achieve recognition.

Time|Money Squeeze

Set Measurable Goals

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! Set goals are in front of mind.

! You can figure out how to achieve them.

! Once achieved, celebrate!

Time|Money Squeeze

The Power of Goals

!" Know costs.

" Know financial needs.

" Know how you spend your time.

" Structure time to meet financial goals.

Time|Money Squeeze

Structure Time to Meet Goals

!" Charge enough or:

! Customers will not value you. ! You will not have money to hire support. ! You will be overwhelmed with low paying work that will never lead to

larger jobs.

Time|Money Squeeze

Charge Enough

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" Identify competitors. " Study how they market (web, FB, etc.). " Find gaps between their services or products

and yours. " Compare pricing to set your prices

Time|Money Squeeze

Know Your Competition

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" Do the work once and sell it again and again.

" Develop multiple income streams.

" Determine where you should spend your time.

Time|Money Squeeze

Leverage Your Time

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!

YOU bookkeeper

virtual assistant

tax adviser

web site designerphotographer

social media coach

Time|Money Squeeze

!! Write down financial goals.

! Know monthly personal expenses.

! Know monthly business expenses.

! Seek out financial advice and support.

! Think like an entrepreneur – not a starving artist.

! Say Yes to wealth.

Understand Your Business

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" Develop a budget of personal needs. " Develop a budget of business needs.

! Include the cost of hiring help. ! Include a reasonable salary for yourself.

Develop a Business Mind Set

Know Your Financial Needs

!" Include the real costs of living:

! Health Insurance. ! Savings. ! Debt reduction. ! Retirement

" Do not create a Starving Artist Budget!


Know Your Financial Needs

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" Bookkeeper. " CPA or Tax Adviser. " Adviser at SBDC. " Classes.


Find Financial Help

!" Quiet inner critic. " Do not give in to limiting beliefs. " Envision the benefits of being paid well.


Say Yes to Wealth

!!Hot Tip!

Practice in the mirror saying: “I deserve to live well.” Practice until the person in the mirror doesn’t laugh back at you.

Photo Fox3siu

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" Know exactly who is a good client.

" Don’t chase customers who do not meet your customer profile.

Understand Your Target Clients

Market Only to Target

!" Learn and get referrals from current customers. " Know where past customers came from.

" Create a customer profile.

" Plan how to get your message to your target.


Start with Current Customers

!Twin Pillars of MarketingMessage Target


!" Use a marketing calendar.

" Schedule marketing activity every day.

" Research, phone calls, networking, writing an article or a blog, updating your web site, coffee with referral sources, etc.

Market Every Day

Organize Your Marketing

!" Marketing every day reduces anxiety.

" Avoids the Euphoria-Despair curve.

" Won’t get lost in the noise. Stay visible.

Market Every Day

Persistence Pays Off

!!Hot Tip!

Make a list of marketing numbers. Start by calling a friend. Don’t hang up until you’ve made your first business call.

Market Every Day

!Happily Ever After?

!Of Course!

She has developed a business mind set.

She understands her target market.

Jolene found her focus & developed her niche.

She avoids the time|money squeeze.

She articulated her unique value proposition.

She avoids mission creep.

She markets every day.

!" A new webinar series called Best Beginnings. " Helps you imagine, plan and start your solo business

using the Better Smarter Richer method. " Create the business you want – the right business for

you- one that works !

" Go to www.bettersmarterricher.com to learn more and register. Starts September 16, 2015

" Seven sessions. Live. Interactive

Coming Soon

!" www.BetterSmarterRicher.com

" [email protected] " Sign up for my Newsletter and blog.

" Take the course on line at www.bizcenter.org/BOL

" My Book – a work book for solopreneurs to learn what is preventing you from the success you deserve.

Questions?

Best Beginnings: Your Start-Up Done Right Make money following your dreams

Enroll Now!

BetterSmarterRicher.com/best-beginnings/

Thank you!

Jackie B. Peterson