July 25

Cons Of Being A Solopreneur To Keep You Broke And A Pros To Make You 10K

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I recently read in a Census Data from the Survey of Business Owners showed that 57.1% of Home-Based Businesses brought in less than $25,000 in revenue. After I read this and picked my face up off the floor, I new I had to do something about it. So I have created this Pros and Cons break down for Solopreneurs to understand how to succeed. But most of all, what are the things you should stop doing that is causing you to fail and stay broke. 

As a general rule the biggest Con that keeps Solopreneurs broke is a breakdown in Daily Productivity Procedures and the Pro that brings you to a consistent 10K a month is designing a Value Based Offer. 

There are a lot of pros to being a Solopreneur. You get to call all the shots, you're the boss, and you set your own hours. However, there are also some cons that can keep you broke and prevent you from reaching your full financial potential. In this blog post, we will discuss the pros and cons of being a Solopreneur so that you can make an informed decision about whether or not this is the right path for you. We will also provide a few key thing to make 10K per month as a Home Based Business Solopreneur! First let's start with a few simple stats and facts.


IMPORTANT STATS & FACTS

These important stats and fact are from the US Census Bureau’s Survey of Business Owners (SBO). They are designed to provide information about the structure and characteristics of businesses in the United States. The stats are all collected information from sole proprietorships home-based businesses in the United States, which is defined as a business with no paid employees that is operated from the owner’s home.


Home-Based Businesses make up 50% of US Businesses. 

44% of home-based business owners start their businesses with  $5,000 or less.

 Women are more likely to have home-based businesses than men.

After 3 years 59% of home based business are still run from their homes.

Information and construction businesses are the leading industries in the Home Based Business space. 

57.1% of Home-Based Businesses brought in less than $25,000 in revenue.

PROS & CONS OF BEING A SOLOPRENEUR


List of Pros: To Make 10K A Month

  • You call the shots so outsource time consuming workloads
  • Make as much money as you want. 10K monthly is a good starting goal 
  • You're the boss set the hours that work for the lifestyle you want to build. 
  • Join Business Mentor Program like MLSP
  • Create a Local & SEO Strategy for business visibility 24/7 365
  • Educate yourself in areas you need growth, but you can delegate as well 
  • Health benefits are a MUST
  • Join groups like Trifectas on social media  or local chamber groups 
  • Take at least 2 weeks out a year
  • Creating a Specialization Niche can help you to stand out  
  • You should create a long term and short term financial plan 

List of  Cons: To Keep Solopreneurs Broke

  • Spreading yourself to thin and are responsible for everything  
  • Not set up for consistent income that is stable. Not sure how much money is coming
  • Working to many long hours, & not as productive as you could be
  • Lack of business mentors or guidance to help you
  • Noone to take over and cover if you get ill or sick for an extending amount of time
  • Your personal weakness becomes the business liability 
  • Lack of health business or insurance to protect the business
  • Isolation and loneliness with noone to talk to throughout the day
  • Difficult to get away and take a vacation 
  • You have to work harder to stand out in the marketplace to be competitive 
  • When you are getting started you will make less money at first 


CON'S TO KEEP YOU BROKE:

The Breakdown in Daily Productivity Procedures

If you’re not productive, you’re not making money. It’s as simple as that. If you want to be a Solopreneur and make a consistent 10K per month, you need to have a Daily Productivity Routine in place. This means setting aside time to work on your business and making sure that you are using that time efficiently.

There are a few key things that you can do to make sure that you are productive each day:

  1. Set a daily schedule and stick to it. A Solopreneur time schedule can be unpredictable so creating a timed space is important. This means give your business 30 minute time slots to do your work within. Then take breaks if needed.  The goal is to do as many 30 minute time slots as you can.
  2. Get organized. This means having a place for everything and knowing where everything is. Make sure you have a designated working space that is quiet.
  3. Set priorities. This means knowing what tasks are the most important and making sure that you complete those tasks first. 70% of your Daily Activities should be focused around Out Of The Bubble Activities.
  4. Take action. This means not procrastinating and actually doing the work that needs to be done. 
  5. Keep a positive attitude. This means believing in yourself and your ability to succeed. This might not always be easy, but know you are worth it. 

If you can follow these tips, you will be well on your way to being a productive Solopreneur. Remember, if you’re not productive, you’re not making money.

PROS TO MAKE 10K:

Designing A Value Based Offer

As a Solopreneur, one of the best things that you can do is to create a Value Based Offer. This means creating an offer that provides a lot of value to your target market and that they are willing to pay for.

There are a few key things that you need to keep in mind when creating your offer:

  1. Make sure that your offer is relevant to your target market. This means that it should solve a problem that they are facing.
  2. Make sure that your offer is specific. This means that it should be targeted to one problem in your industry that you are offering to help solve.
  3. Make sure that your offer is something that people are actually willing to pay for. This means that it should be priced correctly and offer a good value for the price.
  4. Make sure it's something you can deliver immediately. The point of an Value Based Offer is to get into cash fast. This should NOT be a full online course. It should be something quick and fast. An easy exchange.

If you can create an offer that meets all of these criteria, you will be well on your way to making 10K per month as a Solopreneur. Remember, it is important to create an offer that provides a lot of value.

Key Takeaways:

Pros and Cons

-The biggest Con that keeps Solopreneurs broke is a breakdown in Daily Productivity Procedures.

-The Pro that brings you to a consistent 10K per month is a Value Based Offer.

What are some of the Pros and Cons that you have experienced as a Solopreneur? Let us know in the comments below.

If you found this article helpful, be sure to share it with your friends and followers! until next time, 10K Matters.

Pros:

- You're in control 


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