Top Tactics That Solopreneurs Know… And Do!

LWM_MJ15_web_Page_37As a Small Business Coach, I work with a large number of Solopreneurs. Many of my clients are women. Let’s look at the case of female Solopreneurs and the facts.

FACT: In a study by the SBA, Women owned 6.5 million or 28.2% of non-farm US Firms. More than 14% of these women-owned firms were employers, with 7.1 million workers.

INTERPRETATION: Therefore, this means that 86% of women owned firms have no employees, or are Solopreneurs.

FACT: Almost 80% of women owned firms had receipts totaling less than $50,000. Further, total receipts for firms in this under $50,000 group
constituted about 6% of total women-owned business receipts.

INTERPRETATION: 80% of us make up only 6% of the revenue. Banded together, small woman-owned companies do make an impact. As each individual company grows and increases, we can make an even bigger impact. …Now for the tactics.

What do Successful Solopreneurs Know and Do?

Here are Eight Top Tactics:

1. Write your Business Plan. Whether it’s MBA-style-needed-for-financing or something simple, get your ideas out of your head and down on paper. Don’t wait for the perfect format. Do it. Set this as an objective along with a plan to complete it.

2. Write your Marketing Plan. How will you decide where to invest your marketing resources without a written plan? Again, get your ideas out of your head and down on paper. Remember that your time is your most valuable resource; carefully consider and then decide where to invest your marketing time.

3. Write your budget, both revenue and expenses. It’s not enough to take in money and then decide how to spend it or to spend it and then figure out
how to make it. Use your budget as your projection tool for income and expenses. Budgeting is a skill that you can learn!

4. Emphasize Profit. Many businesses focus just on what they bring in. That’s the revenue side. Remember–If you have lots of revenue and even greater expenses, you do not have a business. Profit is the defining factor.

5. Establish, maintain and leverage key business relationships for mutual gain. Business relationships are key for your business success. None of us can succeed alone. Decide who you can help and who can help you. Work to help each other to succeed.

6. Analyze your referral sources. Everyone agrees that word-of-mouth is the best form of advertising. Where is your business coming from? Are some referral sources stronger than others? What are you doing to foster those relationships? Make a plan. Execute it and watch your business grow.

7. Have a written vision for your product and business. When you know where you’re headed you have a better chance of getting there. Clearly understand what you offer and who your ideal clients are. Be able to articulate that in a way that attracts your target audience.

8. Focus. Most Solopreneurs, who are Entrepreneurs at heart, are very creative people. They have great ideas. They move from one idea to the next.
Focus will ensure that you follow through and complete those great ideas and bring them to fruition.

In this article, we’ve taken a peek at the tremendous potential that exists for Solopreneur Women as well as looked at specific tactics to pursue that. Now it’s up to you. Do you want to grow your business? How much do you want to grow your business? What actions are you willing to take to make that happen?

I’d like to end with a quote from Fashion Designer Tory Burch:
“Think of negativity as noise and always believe in what you are doing.”

By Kim Lysik Di Santi, CPBA, CPVA,
Founder & Executive Coach, Total Strategy

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