The slow demise of the solo-preneur

Every business starts off in this stage.

The solo-prenuer opens up shop and has to wear multiple hats to get the job done. The goal is to gain customers to get enough money to have cash flow to grow the business.

Simple enough. Right?

For most this is the only option. There aren’t outside resources easily handing out sizable start up funds for today’s small business owners, especially if your business doesn’t fit the traditional model of the brick and mortar type.

After the beginning stages past and the business has built a customer base the introduction of new team members starts. This is an exciting sign of stability and growth for the organization.

But, not all businesses make it to this level.  Why does this happen and how can you avoid falling into this trap?

Stop thinking like a solo-preneur.  

There isn't a rule that stipulates that just because you're the CEO, of one, that you have to remain that way. And, you don’t have too remain that way for very long.

From day one the goal should be to expand the business as quickly as possible. Focusing on incremental growth isn’t the answer but rather shifting your mindset into taking major leaps forward.

“The growth of a business isn’t easy but doing it slow is beyond painful”

When your mindset is focused on you being the only employee you are limiting yourself in creativity, activity and profitability. There are only so many hours in a day & even with automated systems without having a team in place to support your business you’ll still end up being behind the eight ball.

So what’s the remedy? Here are a few tips to move from solo-preneur to a true CEO

First, work as if you're already behind. Yes, there is such a thing as having ease and flow in your business. But’s it’s easier to be in flow (balance, which is a myth) when you have revenue coming in the door.

In order to make this happen from the beginning the focus should be on three things:

  1. What problem can I help solve for my customers ? - Not who the ideal client is but what skills do I have that can be monetized and fit the need of my clients.
  2. How much will I charge for my product or service ?- When calculating your fee the goal should be to stay probability and not price your service in such a way that will quickly cause you to go out of business.
  3. What do I say to a prospect & how do I close the sale? - Bottom line is that this is a skill far too many business owners either don’t think they need or shy away from because of fear.

Too many entrepreneurs in the early stages are focused on activity that keeps them busy but does not generate income. Of course, there are administrative items to set up in your business (Contracts, Business Filing, Credit Card processing service, etc) these are a given. The key is to not take too much time focusing on the logistics before you get into action.

This week before you start any of the ‘non-income producing activities’ that might have become a habit, ask yourself this question. “Is what I’m doing right now getting me closer to increasing the sales in my business in order to hire the team that I need?”

Need more help in defining this for your business? Sign up today for a free Business Strategy session by visiting www.vosgroup.org/inquiryform  or email hello@vosgroup.org