Hey Solopreneur — Don't Get Trapped!Mar 07, 2022
Become a Solopreneur. Say goodbye to your sucky boss! (???)
A solopreneur is only the early stage of an entrepreneur's journey.
Most leave the 9-5 only to get trapped in a 24/7/365? Here's how ...
You have a dream of leaving the 9-5 rat race. To be your own boss.
Bravo! Bold move.
Know this. There are 3 stages of the entrepreneurial journey in a bootstrapped business.
1. Pre-Launch: Building out your business/revenue model, digital ecosystem and customer acquisition system. (get good at this!)
2. Post-Launch: Achieving product/market fit and then getting paid ... really really well. (Finally!)
3. Scale & Grow: Leverage your established KPIs into business growth. Start building a team. (now you own your time)
>> Most solopreneurs get stuck in stage 2.
>> Most don't don't make great money because they think like a freelancer, not an entrepreneur.
>> The talented ones leave a great paying job because they want freedom. Maybe they were earning 100-200k in the old gig.
>> They launch their new business selling their expertise. The smart ones figure out how to productize their skill-set (digital courses etc...)
>> Most try to replace their old 9-5 income (few do), but the smart ones double or triple their old 9-5 incomes.
When you start getting paid really really well, Stage 2 is wonderful for a while. You're making great $$$, you're free, only you're not. Why?
Try taking a long vacation. Even a long weekend. You can't. Because when your revenue and personal income is "great", you have customers to take care of. They don't care that you need a break.
You'll soon find out you've traded in your 9-5 for a 24/7/365.
I've bootstrapped six businesses over the 30 plus years. I always start out as a solopreneur.
I like stage 2 for a while. But once the $$$ start rolling in, I get tired of being a slave to my business. I build businesses that will become a slave to me.
When your revenue climbs north of 500k you start to realize you need a team. Paying for that team gets easier north of 1M.
It's how I've a built multiple INC 500 companies for myself and my partners.
Many solopreneurs see themselves only in a solo business, like a golfer. Solo. But at some point when that solo golfer gets really good and turns pro, they need a team.
All pros have teams.
Most solopreneurs aren't entrepreneurs, they're freelancers with a fancy website.
Enjoy stage two for a while, but it can be like being a bachelor too long.
Don't miss out on the true entrepreneurial freedom of building a business with a great team.
How can you avoid getting stuck? Get really good at stage 1, even after you launch.
FYI ... Even in my worse times, I would NEVER go back to that old 9-5.