Solopreneur Blueprint: 4 Strategies for Laying the Groundwork in Year One

A solopreneur is the next evolutionary step from a professional or a freelancer to a one-person business powerhouse. Whether you're a specialist like a designer or data scientist, or a multi-talented virtual assistant and content creator, the common thread is ambition. But how do you effectively kick off a one-person business?

You are most likely here because you are thinking about becoming a solopreneur yourself. Or, maybe you’ve heard this new word and would like to understand its meaning. Either way, let's first clarify what sets a solopreneur apart from a freelancer.

Spoiler Alert:

Solopreneur vs Freelancer

While all solopreneurs are freelancers at their core, not all freelancers embrace the solopreneur spirit. The distinction lies in their approach to work, their long-term business goals, and the vision they hold for their professional future.

Solopreneur Blueprint

Launching a one-person business can be daunting, knowing you're the sole force behind every decision. However, by breaking down the process into manageable steps and crafting a strategic plan, you can navigate your first year with confidence.

1 Model Yourself After Successful Solopreneurs

To manage the uncertainty of investing in a new endeavor, look to those who’ve done it. Imagine you are employed as a graphic designer and you are considering going solo.

There are a few considerations before you choose the ‘model’. Look for those with a similar background and trajectory. For example, if you have one year of industry experience and your model worked in well-known agencies, studios, and companies for 10 years when they started their business, you might want to find a different model. You can think of it as comparing your resumes.

Once you find a comparable role model, the goal is to dissect their solo business model. How do they attract and retain clients? What social media platforms are they using? Are they on freelancing platforms? What unique products or services have they created that set them apart?

You get the idea.

Next, try to reach out to them and ask for 30 minutes of their time to pick their brain about starting as a solopreneur. Networking is key. However, if direct contact is daunting, seek out interviews or podcasts where they share their journey.

2 Collect Data on Your Business

Data isn't just for big corporations; it's a powerful tool for a solopreneur's strategic planning. Therefore, consider investing in data collection and metric definition from the start. It can feel silly since not much is happening at the beginning but this will help you understand your business in the future.

Monthly recurring revenue, client acquisition costs, and client conversion rates are just a few metrics that can provide invaluable insights.

Use the growth rate formula to measure your progress and adjust your strategies accordingly:

Note that tracking your progress during the first three months will be biased since demand for your services can fluctuate throughout the year, but you might get some insights and you will start building the practice of tracking success in metrics. Thinking about your growth early on and building those processes can help you feel more in control and increase your confidence.

3 Focus on What You Can Influence

Very early on, it is quite difficult to track your progress and manage your expectations around growth. However, you can focus on actions within your control that can attract new clients or enhance client loyalty. If cold messaging is your strategy, consider the impact of dedicating an additional 30 minutes each day to this task.

Experiment with your outreach—test different pitches or portfolio presentations to see which resonates more with potential clients. To understand the effectiveness of the variations, you can conduct a simple A/B test. This involves creating two distinct groups from your list of cold contacts. Each group receives a different version of your pitch or portfolio. After a set period (say a week), analyze the response rate from each group. How many from each group replied? How many led to paid work? By comparing these ratios, you can identify which approach was more successful.

4 Trust in Compounded Efforts

Patience is a fundamental aspect of solopreneurship. Early work on branding and establishing an online presence may feel unrewarding, yet this effort sets the stage for later success. As your client base grows, so does your market presence, making it easier to attract new business. Similarly, product sales can start slow but increase exponentially as your brand gains recognition.

Solopreneur’s Mindset Summary

By understanding the four aspects, you can set a solid foundation for your solopreneur journey. Remember, the transition to solopreneur from employment or freelancing is not just a change in title—it's a shift in mindset from simply delivering work and getting paid to truly running a business.