A common mistake I see with new solopreneurs and entrepreneurs is that they build a business plan before they have a strategy.
95% of solopreneurs and entrepreneurs start like this.
- Build a website
- Create a social media profile
- Launch a test product with a landing page
This approach feels right, but it’s premature.
A smarter and more productive step is to first build your solopreneur strategy.
Strategy is the collection of decisions you make that give you an advantage in a sandbox (market) where you can win.
Once you have a strategy, you can start to build your plan.
3 Questions to Start
- What 1 BIG client problem will you solve?
- Can you win in your sandbox?
- Will people pay for your solution?
I started my first business in finance with an MBA and eight years of ‘on the street’ experience. I thought my education and experience would be the keys to success.
Big mistake.
My goal with my first solopreneur business was simple.
Help folks grow their money for a more secure tomorrow.
I used amazing products, graphs, formulas, and solutions. They meant nothing to my prospects.
What I needed was a solopreneur strategy to address the three key questions.
I had to find the 1 big money problem folks wanted me to solve.
Once I had the right problem (and it took a while to find it), I could offer a solution.
When folks saw how the solution fixed their primary money problems, they became clients.
That was step 1 in my 14+ years of leading a firm with a solid strategy.
Growth and sales became easier from that moment forward.
How to Find the 1 Big Problem
To find the 1 big problem, start with the little ones.
The little problems are the popcorn you pick up as you follow the trail.
Little problems:
- Folks want to write a novel but don’t know how to start.
- Folks have a story idea but don’t know how to frame it.
- Folks don’t know how to sell their stories.
Combine these little problems to find the big problem.
Frame the big problem:
How does a first-time writer go from saying, “I don’t know what to write” to saying, “Thank you for coming to my book signing event?”
Look for the popcorn and reverse engineer back to the big issue.
Win in Your Sandbox
Competition in the solopreneur space is tough, I admit.
Here’s the good news:
Most solopreneurs have little idea how to pick the right sandbox. They either pick a space where they have no chance to win or a space that is too small to matter.
When you find the sandbox that gives you a 60–75% chance of winning, you have built a sharper solopreneur strategy.
Examples
- Instead of a solution to help all realtors, pick realtors in your city that sell homes to a specific group of buyers and sellers.
- Instead of a solution to aid all career coaches, pick coaches who guide the C-suite in tech.
- Instead of designing a SaaS system for all startups, pick the ones in healthcare that cater to oncology.
- Your single objective here is to find a sandbox that has potential and where you can build an advantage through differentiation.
Validate that People Will Pay for Your Solution
There are hundreds of pricing strategies.
I suggest two to start.
Option 1
Offer the product for free to a small group of people in your sandbox. Test it and ask for feedback.
When demand moves up, attach a price to the offer.
Option 2
Sell the product on day 1.
You may not get the same feedback as you would with a free option, yet sales volume numbers tell you everything you need to know.
If you sell the product on day 1, I suggest a sales price on the higher end of the scale.
Commodity pricing is a tough game. You send the wrong message if you undercut your competition on price.
You’ll have to win on volume. This is not an easy gig.
Instead, pick the higher price range and then tailor the solution to those who can afford it.
Starting a business from home offers career flexibility, but there are challenges to running a home business.
Answer these 3 strategy questions below: Now it’s time to build your solopreneur business plan.
- Find the 1 BIG client problem
- Pick the sandbox where you can win
- Validate that people will pay for your solution
FAQs
What do solopreneurs struggle with the most?
When I consult with solopreneurs one of the biggest challenges I see is loneliness.
These days there are thousands of online gurus who tell folks to leave their corporate job and start a solo venture.
While this sounds like great advice the reality is solopreneurs spend many days alone in their home office.
Isolation can often lead to low productivity, which is not good for any business.
I find it helps to have a group of fellow solopreneurs that you can lean on for insight, support and advice.
It’s tough to start a new business all alone.
As you continue down the solopreneur path, be sure to stay in touch with others who are trying to build a business.
How to Succeed as a Solopreneur?
The two elements that help most solopreneurs succeed are a smart strategy and a willingness to take risks.
Strategy is not perfect, and its helpful to understand solopreneur strategy vs planning.
When you take time to test your strategy in public your confidence grows and your risk starts to decline.
When you launch a product and try to sell it without conducting any research or testing, it’s almost impossible to succeed.
Helpful Resources
Here are a few outside resources to help you start your solopreneur venture:
Every Wednesday, the solopreneur newsletter, Solopreneur Doorway, gives you 3 minutes of growth ideas and insight.
Every issue helps turn your challenges into more clients and higher sales.
When you’re ready, discover your custom, 90-minute coaching session.
Your challenges are unique to you, and our coaching session will uncover the issues and fix them. Fast.
The Small Business Association has great content. They provide several helpful resources. You can find it here.
Convertkit can help you create your mailing list and landing pages to test your products.
I wish you tremendous success!
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