How to Build a 7-figure Business as a Solopreneur
July 06, 2021 • 5 min read
Are you dreaming of owning a 7-figure business? This is a dream of millions of people, but if you keep staying in the office doing the job you hate and only dreaming of your own company, you will achieve nothing. One-person businesses are becoming more common in the United States and around the globe. The funniest thing is that when a solopreneur starts their business, they strive to at least make for a living. Whether you have an idea or just a dream, here’s your guide to building a 7-figure business as a solopreneur:
1. Build your business in a unique niche
With everyone striving to become an entrepreneur, millions of ideas, including weird and unique ones, have already been used multiple times. Borrowing someone’s business idea might not be so bad, but you can a low chance of becoming successful and earn a million. Consider building your business in a unique niche and it’ll bring you your first million. Solopreneurs who own 7-figure businesses have built their businesses in categories, such as real estate, personal services like expertise, creative businesses, professional services, informational content creation, manufacturing, and e-commerce.
You don’t necessarily have to choose one of those categories. You can come up with your own one, increasing your chances of becoming successful as a solopreneur. Customers are always on the lookout for something new and creative, so why not satisfy their needs? You can even have a poll that will help you choose the right niche.
2. Think about the community
Once you decide on the niche, think about the community and visualize how they would perceive your service or product. Ensure you’re going to put quality first. This step will help you avoid the mistakes that you might make when growing your business. Without a customer, your business will never be successful, after all. If the community is going to use your product or service with a great joy, building a 7-figure business won’t be a trouble.
3. Pay attention to customer feedback
Most successful entrepreneurs pay close attention to reviews they find online. Not only is it a great way to find a new idea for your startup, but it’s also an excellent source for business improvement. When you own a business – be it small or big – you should never stop testing and experimenting with new ideas. If you already started a business, don’t ignore any feedback.
Of course, internet trolls are always here to ruin your day, but learn how to reap only helpful information from your customers’ reviews. If you haven’t launched a business yet, pay attention to the companies that offer services or products similar to those you’re going to offer.
4. Have multiple income sources
As a solopreneur, you’ll need a lot of investments in your business. That’s why it’s critical to have at least two sources of income. The first source might be your job while the second one might be some part-time job or freelancing. The transition from the mindset of an employee to the mindset of a solopreneur should be slow. Plus, don’t forget that you still need to pay your bills and eat something.
Think about the way to create a passive income, for instance. This means, you’ll be earning money even while you’re asleep. Invest this money in your new business or an existing one.
5. Train yourself
As a solopreneur, you should never stop learning. First of all, focus on the basic technology skills that you need to learn. Learn about financing a million-dollar business by reading books or take some online courses on entrepreneurship. Moreover, educate yourself about marketing analytics, Google Adwords, and Facebook advertising through online research. You might tell that you have no time for reading, courses, and research, but you won’t be able to build a multi-million business without knowledge.
6. Don’t isolate yourself
In a one-person business, you might not notice how you become isolating yourself from others. Even introverts need some friend time, so make sure you spend at least an hour each weekend with those you love. Moreover, keep an eye on any upcoming events in your city and attend any you like. Connecting to others will promote your business growth by meeting new customers or investors. Plus, you can learn some pieces of advice from other entrepreneurs.
7. Stick to discipline
When no one but you controls you, it’s tempting to enjoy freedom, procrastinate, and develop other bad habits. Successful entrepreneurs know how to overcome temptation, laziness, and low productivity level. They also have a daily routine they stick to. You’re less likely to build a 7-figure business if you work based on your mood. Create a work schedule and stick to it. Consistency is critically important. If you let your laziness prevent you from working on your business tasks or projects, remind yourself that you’re a solopreneur who follow the certain rules.
8. Manage your cash flow
Whether your cash flow is ridiculously small or growing, it’s important to manage it weekly or monthly. You should know where to invest money, how much to spend on the bills and food, and how much to save for later. When you control your cash flow, it’s hard to steal money from you or simply run out of it.
9. Automate, delegate, and outsource
Just because you’re not going to hire employees doesn’t mean you should do everything alone. You’re not superhuman, you can’t do it all. Feel free to ask for help and outsource some of your tasks or errands to your family members, friends, or freelancers. Look for the software and apps that could automate some of your tasks, as well. You can also hire a virtual assistant to manage easy yet time-consuming tasks like schedules and calls.
Scale goes hand-in-hand with automating and delegating. If you do everything yourself, you’ll put a ceiling on what you can earn. If you outsource and automate, you can have leverage those assets to grow your earnings. Instead of you spending 10% of your time selling, you can hire someone to spend 100% of their time selling as you focus on something else. Scaling marketing efforts such as social media ads is an easy way to scale your business today. With little effort and money, you can reach millions of potential customers.
When you’re trying to build a 7-figure business as a solopreneur, you’re going to face many obstacles and problems. They shouldn’t stop you from achieving your goal, though. Take baby steps and think over each of them. Most importantly, believe in yourself and your ability to grow a million-dollar business.
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