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5 Ways for Solopreneurs to Sustain Momentum and Thrive

 

5 Ways for Solopreneurs to Sustain Momentum and Thrive



My wife just left her job and founded Alexasia Coaching & Consulting, a coaching and consulting firm dedicated to assisting people in their quest for personal emancipation and realization of truth. She is, like most single entrepreneurs, devoted to her mission and fully committed to achieving success doing what she loves. Her ability to solve problems and multitask on her own astounded me, but she also made me understand how difficult being a single business can be.



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Not all entrepreneurs are solopreneurs, and not all solopreneurs are entrepreneurs. For example, I had a team of investors, consultants, and workers to rely on while creating Lumanu, and my wife acts as CEO/CFO/CTO/CMO all in one package. My product is built with the support of engineers, while my wife's product is herself. She is not only the business's founder and inventor, but she is also completely responsible for its production and delivery. When I compared her experience to mine, I realized how many advantages I had as a venture capitalist.


Solopreneurs will continue to be a driving force of future economic success, with over 41 million American people working as solopreneurs, many of whom engage in the creative economy. YouTube handed out nearly $30 billion to solopreneur producers only last year. That's only one business. But how can solopreneurs keep this momentum going?


1. Have access to tools that are suited to their needs


My wife's time is one of her most valuable possessions. However, in order to make the most of her time, she requires technology and tools to assist her — and her business — in thriving. Kajabi is one of her favorite tools, which she utilized to create her website and sell online instructional sessions to her target audience. Canva has also proven to be an invaluable resource, assisting her in creating interesting content and products from the ground up, ranging from e-books to graphics. One of the key advantages of tools like these is that they can be used to meet many business needs, reducing the number of apps and platforms that solopreneurs must visit on a regular basis.


2. Ensure that personal and business finances are kept separate


My wife spent a significant amount of time deciding which type of business banking account to create. To get there, she had to sift through a never-ending stream of advertisements, sponsored material, and pay-to-play games, but she understood that having the appropriate financial setup was crucial for budgeting, spending tracking, invoicing, and accurate financial reporting. In the end, she decided to manage her invoicing, payments, money, and business banking through the Lumanu app.


3. Look after your physical well-being.


As a sole proprietor, obtaining health insurance can be incredibly challenging. While new laws are ostensibly making it easier, solopreneurs frequently only qualify for individual insurance, limiting the sorts of HMO plans available. You can spend up to a year without coverage if you miss the open enrollment period. One solopreneur I know even pushed her wedding date up to take advantage of healthcare perks!


As the creator economy grows, it will be critical for businesses in this sector to provide health benefits to both creators and solopreneurs. Substack, for example, provides a $5,000-per-year health insurance stipend to authors who use the platform. And I believe that as time goes on, more firms will offer this benefit to their clients.


4. Make Prioritize emotional wellbeing


Most solopreneurs' work lives may be lonely and alienating. The ups and downs of operating a business are unavoidable, but for solopreneurs, in particular, having tools to assist manage the downtime is crucial. Putting a value on mental health is definitely worth the effort, whether it involves taking a class, adopting a fitness program, or joining the industry or professional groups.


5. Create a Build a community


Networking is one of the most crucial things solopreneurs can do, but it's easier said than done. I have a full crew to keep things going when I'm networking, but a solopreneur's hour spent networking is time they're not spending working directly on their business. How can solopreneurs strike the optimal balance between the desire to grow their networks and the need to move their businesses forward?


The good news is that there are several excellent professional networking sites to choose from. Platforms like Discord and Reddit, in addition to LinkedIn, may enable solopreneurs to build better networks and connect with groups of like-minded people in a fun, non-judgmental atmosphere. Solopreneurs can have easier access to capital through networking in this way.


Observing my wife in action has taught me a lot. Apart from the disparities in our paths, the most important thing I learned is that everyone has their own method for beginning a business. It's crucial to respect any path you select because not everyone follows the same playbook or business planning approach. Whether you choose to go it alone or not, you have the capacity to make a great difference in the world if you have passion and purpose.

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