Solopreneurship can be very rewarding and very lucrative. Value your skills wisely and select you Gigs prudently. This 4M Performance Resource will assist you in your ‘Solo’ journey.
Solopreneurship (also referred to as the Gig economy) is thriving. If you are thinking of becoming a ‘Solo’ or already have, congrads. You are on the leading edge of 21st century employment.
Freelancers, independent consultants, gig workers, whatever name you choose 50% of ‘Solos’ say no amount of money could entice them to move to a conventional job. However, going ‘Solo’ has many challenges.
Solopreneurship is growing at a very rapid rate. Currently, according to Gallup, 36% of the U.S. workforce participates in the Gig economy. The two most important reasons people leave conventional jobs and turn ‘Solo’:
- Gain control over their careers
- Switch to an entirely new career
A Solopreneur is a business owner who works and runs their business alone.
Of people planning to go ‘Solo’, Gallup reported this:
67% Expect to make more money 59% reached that goal
58% Expect to have more career certainty 47% did so
62% Expect to have better health 55% did have better health
74% Expect to work harder 59% did work harder
43% Anticipate less stress 49% had less stress
60% Expect better work/life balance 68% achieved this goal
What Makes A Successful Solo?
- Tolerance for risk. Solos must be risk takers and have confidence in their business abilities.
- Determination and stamina. Solos must have what it takes to run a business, be laser-focused, and have the physical ability to work hard.
- Cultivate a ‘holding environment’, which includes: a place to work which is free from distractions and provides a base of operation.
- Contact with others. Solos have a tendency to isolate socially. This must be avoided. Interaction with others must be a priority.
- Think globally. Digital platforms now provide for a worldwide market but also global competition. This forces Solos to be uniquely differentiated.
- Must strive for having traditional employee perks and benefits. Solos are prone to neglect having health insurance and retirement accounts, this is a mistake.
Solos should retain traditional employment benefits such as health insurance and IRAs
Demand for highly skilled solos in knowledge-intensive industries and creative jobs is huge. Among the finding by the U.S. Department of Labor were these stats:
- 94% of business leaders plan to expand their use of skilled solos in specialized roles.
- 79% of CEO’s believe using solos provides a competitive advantage in terms of agility.
- 47% of company managers are looking for solos to fill senior executive positions.
5 Steps To Creating Your GIG!
- Specialize in a particular area or skill. Don’t be a generalist – you want to be a specialist.
- Search for anchor clients. Gigs which provide a steady flow of income. This can be on a retainer basis or a regular weekly gig.
- Develop a pricing structure. How and how much to charge is a challenge for solopreneurs. Don’t under price your value and take on low valued gigs.
- Stay relevant and educated. Plan on spending 10-20% of your time and resources on self-development and factor that into your pricing.
- Create a plan. Stick to it and revise it. The business environment is constantly changing. What are your objectives, how are you going to achieve them, what resources are needed.