The Secret to Thriving as a Happy and Wealthy Solopreneur
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Chapter 1: The Rise of the Solopreneur
In recent times, one-person businesses have become increasingly common, with major companies like Google employing more freelancers than traditional staff. Yet, the concept of solopreneurship remains relatively new, and we're still figuring out how to manage our roles as our own bosses. This journey involves establishing boundaries while delivering quality work and striving for growth in a sustainable manner.
One particular solopreneur's journey serves as an enlightening example. Have you heard of Vanessa Lau? I only discovered her a few days ago, but her story has been on my mind ever since.
Vanessa is a successful solopreneur turned business owner, boasting 275K followers on Instagram and generating multiple seven figures in revenue. However, she recently announced a significant shift in her business model.
Her heartfelt message, shared across her social media platforms, conveyed her decision to discontinue her signature coaching programs, step back from speaking engagements, reduce her team from nine to just one, and swap her luxury Porsche for a more practical vehicle. You can sense the exhaustion in her words, can't you? The struggle, yet the resilience it takes to make such tough choices.
"I stepped down from all my speaking engagements, including the ones that have been on my vision board since I began this journey," she expressed.
This brings to mind the book "Company of One," published in 2019 and translated into over 20 languages. Its author, Paul Jarvis, has been featured in major publications like Bloomberg and Forbes. His insights are invaluable, and what I'm sharing is grounded in his authority.
Jarvis succinctly states, "A company of one is simply a business that questions growth." He challenges the common belief that growth is always beneficial and necessary for success, suggesting that this obsession with expansion often leads to empty promises of happiness. For solopreneurs, the mindset should be to shape the business around their lifestyle rather than the other way around.
When I first encountered this concept, I was too ambitious to grasp its significance. Jarvis proposes that solopreneurs should cap their growth at $500K annually, citing Psychotactics, a one-person operation run by Sean D'Souza, as an example. Initially, I was taken aback. Why limit growth? Why not aim for millionaire status?
Recently, I reconsidered my previous goal of reaching $1 million in annual revenue. My first six-figure year was overwhelming, primarily due to the demands of managing copywriting clients. Juggling client work, tight deadlines, and personal responsibilities was daunting, and I realized I wasn't even making as much as I thought.
Remembering the $500K guideline, I recognized its wisdom. This year, I’m achieving the same profits while enjoying the process much more. Now it's just me, my husband, and AI managing our workflow. We've restructured our services, allowing me time to pursue creative projects alongside my client work, which I still find fulfilling.
The current landscape is incredibly favorable for writers and solopreneurs. I feel fortunate to be in this position, yet I also understand the importance of not letting the pursuit of wealth drive me to madness.
If you aspire to be a successful solopreneur, consider limiting your growth. It may seem counterintuitive, but it aligns with the reality that, even with assistance, a one-person business revolves around you. You are the brand. You are the driving force. The responsibility rests on your shoulders.
I’ve set my sights on achieving $500K annually, not as a milestone but as my ultimate goal. Thus, I devised what I call The Wince Test.
Section 1.1: The Wince Test Explained
A few weeks ago, I turned down a $50K long-term client. During our meeting, I felt a wince. Despite the potential opportunity, that wince told me it wasn’t right for me. Since then, I’ve applied this test to every new income opportunity. If it elicits a wince, I decline it. I refuse to spend my life in discomfort; I want to spend it in joy.
Maybe you don’t yet face the same challenges as Vanessa Lau or myself. But it’s crucial to cultivate the right mindset early on. Say no to projects that don’t resonate with you. Embrace opportunities that inspire you, even if self-doubt creeps in (which it shouldn’t, but that’s a discussion for another time).
If you do find yourself overwhelmed, take action before it spirals further. Don’t let stress consume you; instead, take charge of your stress.
Final Thoughts
While I cherish the idea of growing my wealth, I recognize the importance of prioritizing my health and well-being. Paul Jarvis reminds us to take care of ourselves first, allowing our ventures to flourish at their own pace.
Cultivate your dream solopreneur business, one small step at a time. For more insights, subscribe to the free, bi-weekly One-Person Business Success newsletter.
This article is intended for informational purposes only and should not be considered as financial or legal advice. Always consult a professional before making significant financial decisions.
Chapter 2: Key Lessons from Successful Solopreneurs
The first video, "10 Secrets of Solopreneurs Making MILLIONS," provides valuable insights into the mindset and strategies of successful solopreneurs.
The second video, "3 Things Every Solopreneur Needs," outlines essential tools and mindsets for thriving in the solopreneur landscape.