This is a strange time for everyone, admittedly, but let’s think about how it affects solopreneurs in particular. On one hand, lockdown procedures aren’t so bad when you’re used to working alone with only irregular support, and solopreneurs are more likely than other professionals to operate largely (or exclusively) in the online world, making remote working relatively simple.
On the other hand, it’s tough to make waves without building connections, and the old approach of getting out there and shaking hands with the right people is no longer viable. Even if that weren’t an issue, entire industries are struggling to survive, let alone grow. Most established professionals aren’t exactly chomping at the bit to invest in new businesses.
How can solopreneurs take their businesses to the next stage in these conditions, then? What does ‘the next stage’ even mean in the midst of a pandemic? In this post, we’re going to address these questions — so let’s get started:
Work on lowering operational costs
Growing a business magnifies its strengths and weaknesses accordingly, so any inefficiencies in a small operation will become hugely problematic when it gets much bigger — and it gets even more significant when you consider that the stakes get higher too.
A budding solopreneur might not risk that much in their efforts: if they fail, it’s no big issue, so they can make basic mistakes while figuring out where they want to go. That approach can’t continue when they’ve decided their path and committed to it. At that point, they need their operation to run as smoothly as efficiently as possible.
This means getting rid of unnecessary expenses: no more costly lunches, no more personal purchases made using business funds, and no more ill-conceived projects that so easily go over-budget. Everything must be properly costed and planned beforehand. Additionally, sustainability is a key investment: it’s good for the planet, obviously, but it’s also great for saving on materials, lowering resource use, and winning support from conscientious shoppers.
Develop their personal brands
Having a clear vision and well-defined personal branding will always help a solopreneur get ahead. People will almost always find it easier to support individuals instead of brands, so why hide behind a brand name outside of the context of sales? Anyone trying to push their solo business would do well to focus on becoming established as an authority in their field.
Think about appearing on podcasts, for instance. You wouldn’t feature Brand X on a podcast, but you’d feature the founder of Brand X. Apple wouldn’t have become the success it is today without the popular perception of Steve Jobs. And since most people are stuck at home at the moment, it’s as good a time as any to start making appearances on podcasts or live streams.
Solopreneurs should also work on their blogs and social media profiles as part of this process, using them to talk about what drives them and what they care about (it’s a good time to talk about matters like the aforementioned sustainability).
Partner with complementary businesses
Right now there are plenty of solopreneurs in the same position: stuck indoors trying to grow their companies using the online world alone. That means there’s surely competition out there, but it also means there are many complementary businesses around for any given solopreneur.
Imagine someone trying to grow a tech-centric ecommerce store, for instance, while someone else tries to grow a marketing business. Isn’t that a natural connection? One gets marketing, the other gets computer hardware. Each gets to showcase their strengths, secure a valuable recommendation, and grow their business much faster than they would have been able to independently — all without having to spend very heavily.
Focus on laying groundwork
I questioned what ‘the next level’ means at the moment, and that’s because the ability of any given solopreneur to grow their business now will depend on how well their industry (and any associated industry) is holding up. It might not be possible to pick up many new sales until lockdown measures have concluded, and it may be many months before that happens.
Accordingly, the best way to approach business growth is to focus on laying the groundwork for future growth. Solopreneurs who get their businesses into great shape now (while also finding time to keep their minds in the right place, of course) will be best positioned to leap ahead when things eventually start to go back to normal.
Rodney Laws is an ecommerce expert with over a decade of experience in building online businesses. Check out his reviews on EcommercePlatforms.io and you’ll find practical tips that you can use to build the best online store for your business. Connect with him on Twitter @EcomPlatformsio
