The role of solopreneur is an unusual one. You’re responsible for every aspect of your business from brand image to inventory to sales. You may not even want to grow your business beyond a certain level as it will mean taking on employees and leaving the solopreneur world.
Figuring out your goals can ensure you don’t get too distracted with all the little details. When you’re a sole proprietor, you have to let some of the finer things go and pay attention to the big picture.
Although each business model is a bit different, there are a few goals almost all solopreneurs should strive to achieve.
What Is the Main Goal of Every Entrepreneur?
Entrepreneurs want to turn a profit or there is little point in operating a company. The Global Entrepreneurship Monitor looked at 2,000 respondents in 47 different areas. Around 50% stated it was more difficult to start a business than before the pandemic.
Even though there are massive challenges, many are starting all types of businesses right now. Knowing the right goals to set can help you overcome some of the struggles and find success.
The goals below are a great place to start. Choose the ones that make the most sense to your business model and life and ignore the ones that don’t. Only you know what works best for your solopreneur lifestyle.
Key Priorities Every Solopreneur Should Have On Their Radar
1. Get the Right Tools
You only have so much time in the day to accomplish everything that needs done. Utilizing software can help with repetitive tasks. For example, scan a receipt for supplies on the go and upload it to your accounting software.
The right tools can save you time and work almost like extended employees without the hefty paycheck. Look for smart tools, tap into the power of artificial intelligence and ask other business owners what they’ve found helpful.
The right tools can save you time and work almost like extended employees without the hefty paycheck. Click To Tweet2. Watch for Conflicts
The human brain controls all the functions of the body and our thought processes. Complex problem solving is quite interesting. Not only must you have optimal conditions, but the brain will process each goal and prioritize them according to importance.
When faced with conflicts, the brain makes choices. As you set goals, make sure you resolve any conflict in scheduling or order of importance so your brain can work on other issues as you meet different objectives.
Sometimes you have to choose between two goals, because there isn’t time to accomplish both. Try to look at the tasks with an analytical mind. What brings the most profit? If you do A, will your chances of making your business a success increase more than if you do B?
3. Make Financial Plans
Many small business owners struggle with cash flow issues. Since you’re keeping records and handling finances alongside everything else, you may need to make a business plan outlining your financial goals as well. Be specific in setting amounts and deadlines. You want to make your goals attainable but challenging.
Set aside money for emergencies, make sure you keep out enough to pay any taxes quarterly and set goals for where you’d like your revenue to be in six months, a year or five years. What happens if you grow rapidly? How will you handle the cash flow issues? What’s your backup plan?
When goal setting, be specific in setting amounts and deadlines. You want to make your goals attainable but challenging. Click To Tweet4. Delegate Tasks
Even though the definition of a solopreneur makes you think you have to do everything yourself, there are lots of tasks you can delegate to others and free up your time for more creative pursuits.
One example might be household tasks and yardwork. You can hire a contractor to help you without taking on any employees. Look for the repetitive work you can delegate to someone else without losing momentum.
For your business, you might hire a bookkeeper who works freelance or enlist the help of a graphic designer for a one-off image, such as a logo.
5. Write a Vision Statement
If you want your goals to align with your vision for your company, you need a clear view of what your end game is. One poll showed an 85% increase in profit for companies with a strong culture. A vision helps develop an attitude for your brand. As you grow, anyone you bring on board should have the same mood.
A vision statement also keeps you focused on the important things you need to accomplish to move toward what you imagine for your brand. Set aside anything that doesn’t match your statement.
6. Create Work/Life Balance
Many solopreneurs struggle with maintaining a positive work/life balance. Make a list of the family responsibilities you have. Do you need to pick the kids up from school and go with them to ballet? Figure out upcoming events you need time off for.
If you start with family time, you can then fill in your schedule with work and not get too overwhelmed. Remember to fill in some down time for relaxation, such as a bath, reading a book you’ll enjoy or watching your favorite show.
To those who have strong, go-getter personalities, taking time to watch television might seem like a waste of time, but the key is to find something that relaxes you and build at least a little time into your schedule for stress reduction.
The last thing you want is to get burned out from working 16-hour days for months on end.
Start With Two Goals
Write out two goals you want to accomplish and work on those before tackling more. It’s easy to get overwhelmed as a solopreneur. When you limit how much you must do, you create an environment where you’re hyper-focused and able to finish what you started. Goals help take you to the next level in your business owner journey.
Ciao,
Miss Kemya
