Before you embark on your solopreneur journey, there are a few basic things to think about. You don't have to sweat it too much, though - they're not set in stone, and you can revise them as you go, learn, and gain some experience.
Do you have what it takes?
There are plenty of reasons to become a solopreneur. You can be your boss and have the lifestyle you always wanted, along with the prospect of making it to the influencer level and eventually becoming financially independent. While it's great to have a vision and something that gets you up in the morning, it's essential to be aware of your expertise and have a specific niche where clients will find it valuable to pay for your knowledge and skill set. If you're unsure, don't be afraid to try anyway - you have very little to lose and a lot to gain. Don't put yourself under unnecessary pressure by leaving your job while you're not confident your solo enterprise can financially support you. Other than that, go for it!
Clearly define your expertise & services
You must describe your services clearly enough for your target audience to understand what they can expect. Avoid characterizing them with a simple general statement (i.e., I can help with marketing), but pick a specific industry area (branding, messaging, SEO). If you're into multiple industries or areas, list them individually. Don't forget to include your whole skill set. Any certifications, licenses, or specialized training can also significantly increase your chances of attracting clients.
💡 Keep in mind
There may be things you can do that appear so natural to you that you won't even consider mentioning them or using them to your advantage.
Find your target audience
Look at industries and areas where your potential clients are, and evaluate how your skill set fits into it. Consider how realistic it is they will be open to working with you. You can also segment your target audience by size (individual, small company, mid-sized company, big company), specialization, or some other attribute relevant to your industry that sets one group apart and gives you an edge. You may even discover an underserved niche where you can more easily step in and fill the need. Consider the geographic locations you'll focus on, too - depending on your specialization, it can be only your city, county/local area, state/region, country, a set of countries, or the whole world. Some clients only want to work with locals, or at least prefer that option - even if it means declining more experienced people who aren't nearby.
💡 Keep in mind
If you're not a recognized expert in your industry with a demonstrated history and accomplishments, clients from different countries may find you untrustworthy or too risky to work with and it's likely they can find someone like you locally.
Online vs In person
Consider the form of your sessions - can you meet with your clients in person? If so, will this be your preferred form, or will you only use it for the initial or important sessions and handle the rest online? Or are you going to be fully remote? Although online meetings are becoming more common, certain industries or assignments still require at least an initial in-person meeting. If it's a long-term cooperation, in-person meetings are common every few weeks or months. Your ability to attend meetings in person will also largely depend on the size of the geographical area you want to cover. The more frequent and essential in-person meetings are in your industry, the more likely you may want to look for clients close to you. Alternatively, you have to be okay with a lot of traveling and have paying for it figured out, too.
💡 Keep in mind
Going to in-person meetings will cost you time and traveling expenses; if you're meeting in a restaurant or a cafe, you'll be paying for that, too. Consider whether your hourly rate (or other form of billing) will compensate for all these or whether the client is willing to cover them - you will have to use your prudence to evaluate whether it's reasonable to ask for or demand this.
Competition research
Before you start thinking about how exactly to present and market yourself, it's a good practice to look around you. Find people who offer what you want to provide in the geographic area of your choice. The closer to your level they are, the better. Notice the message and skills they're trying to put forward, the niches they cover, the scope and quality of their online presence, and the type of their clients. Some industries are more crowded than others. If you see that your preferred one already has too much competition and you will likely have difficulty standing out, try to narrow down your specialization or find an angle that will set you apart from others. Checking out your competitors and their online presence can show you what the norm is, what they are lacking, and what you can do better, and perhaps even help you figure out a way to differentiate yourself.
Remember
👉 Don't be afraid to dive into solopreneurship - you can do it even without leaving your job.
👉 Clearly defining your expertise will help you to set realistic expectations and target the correct audience.
👉 It will be a process - you probably won't be able to attract or win the big clients outright. Start where you can and then gradually move up.
👉 The farther you venture out geographically, the bigger the competition and the higher the importance of appearing trustworthy and bringing extra value.
👉 The system you put in place and the form of your sessions will significantly impact your time - choose wisely.
👉 Know who you're up against and learn from them what you can. If there's no competition, it can be a red flag.
Homework
1️⃣ Write down all your relevant knowledge, skills, and certifications, along with your confidence in them being valuable and sought after.
2️⃣ Identify all target audiences whose needs you can fill and learn about their expectations.
3️⃣ Define the geographical area you'll operate in while keeping in mind the openness of your field to working with people remotely.
4️⃣ Consider your preferred form and frequency of client sessions, whether and how often you're willing and able to meet in person, and whether it matches the requirements and customs of your industry. Remember your time and monetary expenses connected to the in-person sessions.
5️⃣ Make a list of 5 closest competitors and consider how you compare to them, what you can do differently, and what you can learn from them.
👏 Nicely done!
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