The Solopreneur Business Model

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A person who makes a living
directly doing what she loves.
What is a Solopreneur?

!
! Rise of the creative class
! Drive for independence, freedom and control of
destiny.
! The web opens up the
world market
Why the Solopreneur?
The Creatives

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! Economic downturn
! Shrinking employment at big business
! Desire to keep working
! The longevity bonus
! Drive for independence, freedom
and control of destiny.
Why the Solopreneur?
Encore Entrepreneurs

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! Economic downturn
! Shrinking employment at
! big business
! Desire to keep working
! Drive for independence, freedom
and control of destiny.
Why the Solopreneurs?
Generalists

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Once Upon a Time
There was an entrepreneur
named Joe.
This is the story of Joe and his
widget….

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Step 1. Joe develops a Great Widget.
Step 2. Joe opens shop to sell Great Widgets.
Step 3. Joe makes Great Widgets and runs shop.
Step 4. Joe has Ah Ha moment: he can’t make
Great Widgets and run shop.
Step 5. Joe hires employees to make Great Widgets.
Step 6. Joe builds his business not Great Widgets.
Traditional Business Model

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!
Traditional Business Model
The Pyramid

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Once Upon Another Time
There was a solo named Jolene.
This is her story….

!Step 1. Jolene is consultant, professional, photographer,
artist or writer
Step 2. Jolene starts business to sell her work or services
Step 3. Jolene creates her work and runs her business.
Step 4. Ah Ha moment: she can’t create her work and run
the business.
Step 5. But Jolene can’t hire anyone to make her creations
or deliver her services
Step 6. Jolene’s business folds and she thinks of herself as
a failure.
Solo

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If you want financial success, it is better to
invent a great widget than deliver unique
services or create great art.
Is This the Moral?

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Solos cannot employ others to deliver their
services or make their art and….
" Doing the work takes up all their time.
" So, they try to do it all..make the product and do the
admin/support services of the business
" And they are overworked and abysmally underpaid.
" They have no time and no money.
Problem is Time

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" Eventually time and money are exhausted.
" Options Remaining:
! Give up.
! Get a day job.
! Make their beloved work a hobby.
! Or…..
Time|Money Squeeze

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!
 
Water Bug Business Model
YOU
bookkeeper
virtual assistant
tax adviser
web site designerphotographer
social media coach

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Follow
Business Principles for
Solopreneurs
Make it Work!

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Find Your Sweet Spot
Passion
MoneyTalent
Your sweet spot
Passion, Talent & Money

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" To make a living from your creative work or knowledge, you must focus on it.
" Most critical step to financial success.
" You cannot be: A jewelry maker and a voice over artist
" You cannot be: A writer and a house painter
" You cannot be: A massage therapist and an interior designer
Focus, Focus, Focus
Find Your Sweet Spot

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" Narrows your range of choices-keeps you on
track.
" Helps you allocate scarce assets like:
! Time.
! Attention.
! Money.
!This is not the conventional wisdom which
often say: offer something for every one then
you will never miss a sale!!
Find Your Sweetspot
Focus, Focus, Focus

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" With a narrow niche, you become the expert or
a specialist.
" Can charge more money.
" Eliminate competition.
Develop Your Niche
Become the Go-To Expert

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" Become known for one thing.
" Build a reputation.
" Connect to the right customers.
" Become able to charge more money.
Develop Your Niche
Power of a Specialized Niche

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Develop Your Niche

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Develop Your Niche
Amy McAuley
www.OculusFineCarpentry.com

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" Present exactly what you do.
" This is very hard work but necessary.
" You have only a short time to be heard.
(Attention is a scarce resource).
 
Articulate What Makes You Special 
Your Elevator Speech

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! Who are you?
! What do you do?
! What is your benefit
to a customer?
! Why should they
choose you?
Your Elevator Speech
Articulate What Makes You Special

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!Hot Tip!
Have a friend listen to
you describe what you
do and “catch” the
golden nuggets.
Photo BuySilverGold

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" Clear, concise, compelling.
" Easy to say.
" Use it everywhere, again and again.
Clear, Concise and Compelling

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www.imagine-pro.com
Know Exactly What You Do

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You have only 4.2
seconds to get
someone’s attention.
Practice until you are
articulate, clear and
confident.
!Hot Tip!
Photo by wWarby

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" Stick to your Chosen Path.
" Saying no to the wrong thing is powerful.
" The power of intentionality.
" Know how to identify distractions disguised as
opportunities.
Stay on Track
Learn to Say Yes and No

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Stay on Track
It’s So Easy to Say Yes

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Ruth Greenberg
www.RFGTile.com Stay on Track
Learn to Say No

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" Track your time.
" Charge top dollar for your work.
" Learn what your competition charges.
" Leverage your time.
" Outsource support work.
Time|Money Squeeze
Know Time|Money Relation

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" Track your time.
" Resolve: do only things that you do best.
" Focus on your work.
" Outsource support.
Time|Money Squeeze
Know How You Spend Time

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" # hours on marketing each day.
" # hours on producing work.
" # pieces to sell to generate monthly income.
" # completed projects.
" Achieve recognition.
Time|Money Squeeze
Set Measurable Goals

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! Set goals are in front of mind.
! You can figure out how to achieve them.
! Once achieved, celebrate!
Time|Money Squeeze
The Power of Goals

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" Know costs.
" Know financial needs.
" Know how you spend your time.
" Structure time to meet financial goals.
Time|Money Squeeze
Structure Time
to Meet Goals

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" Charge enough or:
! Customers will not value you.
! You will not have money to hire support.
! You will be overwhelmed with low paying work that will never lead to
larger jobs.
Time|Money Squeeze
Charge Enough

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" Identify competitors.
" Study how they market (web, FB, etc.).
" Find gaps between their services or products
and yours.
" Compare pricing to set your prices
Time|Money Squeeze
Know Your Competition

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" Do the work once and sell it again and
again.
" Develop multiple income streams.
" Determine where you should spend your
time.
Time|Money Squeeze
Leverage Your Time

!
!
YOU bookkeeper
virtual assistant
tax adviser
web site designerphotographer
social media coach
Time|Money Squeeze

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! Write down financial goals.
! Know monthly personal expenses.
! Know monthly business expenses.
! Seek out financial advice and support.
! Think like an entrepreneur – not a starving
artist.
! Say Yes to wealth.
Understand Your Business

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" Develop a budget of personal needs.
" Develop a budget of business needs.
! Include the cost of hiring help.
! Include a reasonable salary for yourself.
Develop a Business Mind Set
Know Your Financial Needs

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" Include the real costs of living:
! Health Insurance.
! Savings.
! Debt reduction.
! Retirement
" Do not create a Starving Artist Budget!
Know Your Financial Needs

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" Bookkeeper.
" CPA or Tax Adviser.
" Adviser at SBDC.
" Classes.
Find Financial Help

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" Quiet inner critic.
" Do not give in to limiting beliefs.
" Envision the benefits of being paid well.
Say Yes to Wealth

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!Hot Tip!
Practice in the mirror
saying: “I deserve to
live well.”
Practice until the
person in the mirror
doesn’t laugh back at
you.
Photo Fox3siu

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" Know exactly who is a good client.
" Don’t chase customers who do not meet your
customer profile.
Understand Your Target Clients
Market Only to Target

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" Learn and get referrals from current customers.
" Know where past customers came from.
" Create a customer profile.
" Plan how to get your message to your target.
Start with Current Customers

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Twin Pillars of Marketing
Message Target

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" Use a marketing calendar.
" Schedule marketing activity every day.
" Research, phone calls, networking, writing an article or a blog, updating your web site, coffee
with referral sources, etc.
Market Every Day
Organize Your Marketing

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" Marketing every day reduces anxiety.
" Avoids the Euphoria-Despair curve.
" Won’t get lost in the noise. Stay visible.
Market Every Day
Persistence Pays Off

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!Hot Tip!
Make a list of marketing numbers.
Start by calling a friend.
Don’t hang up until
you’ve made your first
business call.
Market Every Day

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Of Course!
She has developed a business mind set.
She understands her target market.
Jolene found her focus & developed her niche.
She avoids the time|money squeeze.
She articulated her unique value proposition.
She avoids mission creep.
She markets every day.

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" A new webinar series called Best Beginnings.
" Helps you imagine, plan and start your solo business
using the Better Smarter Richer method.
" Create the business you want – the right business for
you- one that works
!
" Go to www.bettersmarterricher.com to learn more
and register. Starts September 16, 2015
" Seven sessions. Live. Interactive
Coming Soon

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" www.BetterSmarterRicher.com
" JackieB@JackieBPeterson.com
" Sign up for my Newsletter and blog.
" Take the course on line at www.bizcenter.org/BOL
" My Book – a work book for solopreneurs to learn what
is preventing you from the success you deserve.
Questions?

Best Beginnings: Your Start-Up Done Right
Make money following your dreams
Enroll Now!
BetterSmarterRicher.com/best-beginnings/

The Solopreneur Business Model

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