I Didn’t Know Success As A Solopreneur Would Cost Me This
Truths about the online entrepreneur life no one talks about.
I’m an online entrepreneur. This means I get to set my work times, and take vacations as and when I wish.
It also means if I don’t work for too long, I have a hard time getting back into the flow. When I come back from a month-long vacation, the “holiday hangover” is real, and it takes me at least a week to start working again.
The “money anxiety” sometimes gets too much to handle, especially on months when the cashflow isn’t too great.
I have to cancel on friends many times to accommodate impromptu work meetings or to meet client deadlines.
Life as a solopreneur is filled with ups and downs, and mostly, we get to see the ups of this lifestyle when we come across posts on Medium or LinkedIn. Entrepreneurship is glorified to such an extent, that several influencers have gone on record saying college degrees and 9-to-5 jobs are not worth it anymore.
But is that really true?
Entrepreneurship isn’t easy, and it certainly isn’t the alternative for the 9-to-5 job you detest so much. It will demand a lot from you, and will give you a lot in return too. But the returns are unpredictable, and often, your best efforts will be in vain.
I’ve been living the solopreneur life for almost three years now, and in this post, I’m sharing three of my most controversial opinions on living the entrepreneur life. Read on for some valuable insights into what it takes to be your own boss.
1. Have a backup plan before quitting your job
I know how exciting it can be to have a brilliant business idea.
You might be tempted to quit your job and jump into entrepreneurship immediately. But as fascinating as it may be, starting a business takes work.
To make yourself risk-proof, start a side hustle while you are still working.
With a side hustle, you can test your business idea and see if it has potential, while still having the security and stability of a full-time job.
I know this from personal experience.
When I started earning from writing, I was tempted to quit my job and dive into solopreneurship headfirst. But I knew being a full-time writer was complicated and needed a backup plan. So I decided to write as a side hustle and kept my job.
It wasn’t easy. Balancing my full-time job with my writing gigs took a lot of hard work and dedication. But it was worth it because it gave me the time and space to test my business idea and see if it had potential.
And you know what? It worked.
My side hustle grew, and I was able to build a solid customer base and generate revenue. I onboarded amazing freelance clients and built steady income streams from multiple sources. That gave me the confidence and motivation to quit my job and focus on my business full-time.
If you’re looking for motivation, I’ve detailed my transition story here.
Key takeaways
Start a side hustle if you’re considering switching from a 9-to-5 to entrepreneurship.
Don’t quit your job immediately, and don’t jump into entrepreneurship without a backup plan. Work on your passion on the side, and quit only when your backup is ready.
This way, you can make yourself resilient to failure.
2. Don’t aim for work-life balance at the start
When I embarked on my solopreneurial journey, I used to be overwhelmed with work.
Drowning in an endless sea of responsibilities, I didn’t know what to prioritize without missing multiple deadlines.
I often worked 13-hour days to keep up with the demands of my clients.
I didn’t know how to balance my workload and find some work-life harmony.
That’s when I took the bold step of hiring a writer to help me with some of my work.
At first, I was hesitant to delegate tasks. I feared losing control, and didn’t know how to trust someone else to do the job as well as I could.
But I was also desperate for some relief from the constant pressure of my workload, so I took the plunge.
Working with her turned out to be a game-changer.
She was professional, reliable, and capable and quickly became a valuable team member. As I worked with her, I realized that delegation doesn’t have to be as hard as it seems if you pick the right people to work with.
With the right team under your wing, delegation can be a powerful tool for building a successful and sustainable business.
With my newfound confidence in the delegation, I began automating many business processes. I used technology to automate repetitive or time-consuming tasks, freeing up even more time to focus on the most important aspects of my business.
Today, about 90% of my business is automated, and I spend only 2–3 hours each day working. I’ve found a healthy work-life balance, and I can finally focus on the things that truly matter to me and my business.
Key takeaways
Delegation and automation are the keys to finding work-life harmony as a solopreneur. But before you reach there, you might need to put in the extra effort to build a solid foundation for your one-person business.
3. Passive income takes a ton of active effort to build
I used to believe in the myth of passive income.
Earning money while I slept, without putting in any active effort, sounded so awesome.
I soon learned this was not the case.
To truly earn passive income, you must first build assets that continue to pay you without any active effort. This can take time and patience, as you must carefully plan and execute your strategy to create sustainable passive income streams.
At the start of my freelance writing business, I focused on building scalable income streams that required active effort.
As my business grew and I gained more experience, I gradually transitioned to building passive income streams. Today, I have digital products whose sales are automated and guest posts that earn me a pretty decent amount each month.
Key takeaways
Passive income takes time to build, but it is indeed possible. Here are some actionable tips for building passive income streams:
- Define your passive income goals and consider factors like the amount you want to generate and the level of effort you’re willing to put in.
- Research different passive income opportunities and evaluate their potential for your business.
- Create a plan for building your passive income streams, including a timeline, specific tasks, and resources you’ll need.
- Be prepared to adapt and experiment as needed.
- Stay focused and persistent through challenges.
- Leverage technology and automation to streamline your processes.
- Regularly evaluate and optimize your passive income streams to ensure they continue to grow and be sustainable.
Final thoughts
Solopreneurship can be incredibly rewarding if you’re strong enough to tackle the challenges that come with it.
When you’re running a business, you have the freedom and control to make decisions and pursue your goals. You have the opportunity to create something that is uniquely yours and to enjoy the rewards of your hard work and dedication.
If you want to enjoy the perks of this life, here are a few pitfalls you need to be wary of:
- Don’t jump into entrepreneurship without making sure you’ll be cash-positive even on your worst months.
- Be prepared to work 13-hour days until your business reaches the groove that you can automate or delegate tasks.
- Building passive income is a great strategy to upscale, but it takes a ton of active work, especially at the start of your entrepreneurial journey.
If you’re thinking about becoming a solopreneur, be prepared for the challenges and controversies that come with it. But also be prepared to reap the rewards and enjoy the journey.