entrpreneur

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Why Every Solopreneur Needs a Mentor

Why Every Solopreneur Needs a MentorAs a solopreneur, you have a huge amount of control over your business. You get to make all the decisions, whether they’re creative decisions, financial decisions, or simply what kind of stamps to get at the post office. But what do you do when you need to bounce ideas off someone? Who do you turn to when you could benefit from another’s wisdom? The solopreneur’s work life can easily become isolated. That’s why it’s important to reach out to others and find a mentor! Someone who can help you solve problems, make decisions, and refine your ideas can be immensely helpful to your business, especially if that person is experienced and knowledgeable.

My Mentorship Experiences

In the early years of my career, when I was living the corporate life, it was easy to have a mentor because there were so many people around and available. My coworkers and supervisors were available for me to “talk shop” with whenever I pleased. Their influence and advice proved invaluable for me in that stage of my career.

When I started my jewelry business, I found I no longer had access to that same store of wisdom and encouragement. As a result, I often made the mistake of often trying to figure everything out on my own. Because I knew I still had a lot to learn as a business owner, I turned to online courses. I took a course from both Tara Gentile about building my own website, and  a course Megan Auman, who really helped me learn more about running my own creative business. (I would highly recommend both for solopreneurs looking for a good course!) I also participated in Etsy’s Bootcamp program. As far as I can tell, they no longer host that program for sellers, but it was a step-by-step program that connected Etsy sellers and helped them prep for the holiday season. Through this experience, I found another Etsy seller who became my accountability partner and helped me work through the trials of running my own business. 

These mentorship relationships were an integral part of both my corporate career and my solopreneur life. They provided me with fresh ideas, advice, and sometimes simply the support I needed to get things done!

What’s a Mentor For?

If I learned anything the hard way from my early days as a solopreneur, it’s this: don’t try to do everything yourself. There is so much I wish I had known (particularly financial stuff!) when I started my own business, and so many ways I could have benefited from the problem-solving power of two brains rather than one. I encourage you to reach out to potential mentors, particularly if  you have specific questions or don’t have expertise in some area.

Where Can I Get One?

Where you look for your mentor depends on what kind of help you need. If you’re looking for general industry advice and people to bounce ideas off of, you could turn to your business-savvy friends or perhaps befriend some people working in the same industry. When I owned my jewelry business, networking with other creative business owners was always helpful for me.

Why Every Solopreneur Needs a MentorIf you’re looking for expertise or need answers to big questions, taking an online course or seeking out a coach or specialist might be your best bet. I know I definitely would have benefited from speaking with a Profit First Professional when I first started out! If you’re looking for help in the financial department, you know where to find me. You can read more about my services and schedule a curiosity call if you’re interested!

Happy mentor-hunting! May you find the advice and energy you need.

Angela

Image Sources: My Life Through a Lens, Brooke Lark

Why Selling More Doesn’t Mean Making More

I assume that when you started your business, you wanted to put money in your pocket. Whether your goal for that money is to use it to fully support yourself or your family, or to fund a particular life goal, your business is meant to supply you with money.  As such, making money by selling product is often the business owner’s most common focus. Enter, the hustle timeline.

The Hustle Timeline

When we first start a business we have to get out there and hustle to sell something; to get things moving. Eventually we start rolling. But at some point we want to make more money, and we believe that growing our business is the way to make more profit.

So, we hustle some more. We do more gigs, we move more product, we sign on more clients. There is more money coming in, but there still doesn’t seem to be enough. Then we set our sights on a particular goal, the gig, the number, the client that’s big enough to put us over the edge so we can put more in our pocket. But it never really happens. Here we find ourselves trapped in the timeline; always hustling, and never quite reaching our goals.

The Answer

There are only two ways to put more money in your pocket: increase margins or decrease expenses. If we are using the same labor, materials or processes as we increase sales we are increasing our output, but not gaining anything. Perhaps we may have even added to our spending to buy that new printer or new app to handle the increase in sales volume. If we haven’t examined our spending, we aren’t gaining anything. Taking a good look at our margins and our business expenses is an important step to upping the profits of our business. 

Why Selling More Doesn't Mean Making More: At Peace With Money

To examine your expenses and profit margins, ask yourself these questions. Is your product or service priced appropriately, or are you undervaluing it? Comparing your prices industry standards can help you suss out an answer. So can calculating in materials, labor, and other costs. If you’re unsure how to price your product or service, do some research to get other opinions and methods!

Are you delivering your product or service in an efficient manner, or are there places you could cut time and expenses? Look at your processes, and be discerning. Have you reviewed your business expenses lately to see if it’s really all necessary?

Ask yourself these questions and review the inner workings of your business. This is where your profit is hiding. Let’s get it into your pocket.

Angela

Image Sources:  Roman Kraft ,  Nik MacMillan

What is a Solopreneur?

What is a Solopreneur? At Peace With Money

An increasingly popular term around the internet’s business and finance spheres, “solopreneur” is often used interchangeably with “entrepreneur.” The two are definitely not one in the same.

There are a few key differences between solo- and entrepreneurs. All lie in the mindset, business approach, and ultimate goal of the business owner. First, solopreneurs often are very content simply doing the work their business centers around. Often, they may be specialists of some kind, like freelance writers or cabinetmakers. Related to this, solopreneurs are more likely to either wear many hats and take care of the various business tasks that need to be done, or contract them out to other specialists. Rather than hiring new people and delegating or outsourcing to them, their preferred practice allows them to keep control on the central business ideas and outcomes. For example, many solopreneurs may choose to hire the help of a bookkeeper and profit strategist. They can receive assistance with their finances while still being heavily involved in all elements of their business, including the ones they love the most.

A willingness to be versatile while maintaining control over the business’s central concept means solopreneurs are also scrappy and economical. They can start businesses with very little money and don’t often look for large investments.  Similarly, solopreneurs aren’t looking for a buyout. Rather than selling off to a larger company, solopreneurs dream of sticking with their business long-term. They are passionate about their business idea and enjoy the work it requires.

What is a Solopreneur? At Peace With Money.com

This scrappiness, passion, and versatility is what I love about solopreneurs. I’m a solopreneur myself! I understand the challenge and reward of starting and sticking with a businessyou love.

I also understand the financial oversights that befall some of us. Your business isn’t making you any money? Trust me, I’ve been there. That’s why my focus is helping solopreneurs get back on their financial tracks, so you can figure out how to align your business profits with your life goals. Isn’t that what your business is really about?


Angela

 

Image Sources: 1, 2