Earlier this week, I shared to the Solo Build It! Blog a massive resource for online business owners – specifically solopreneurs – offering best practices for achieving success online. Packed with incredible tips and ideas, it was put together by polling over 90 successful entrepreneurs and marketers from around the world.
Each expert was asked the following question:
What are the three most important best practices that
a solopreneur must do well in order to succeed online?
And the responses were amazing.
Today, I’m going to share my response with you, and give you an opportunity to tell me what you think and share your three best practices. And then I’m going to encourage you to read the full article yourself.
My Top Three Best Practices for Successful Solopreneurs
The devil is in the details, so they say, and that’s undoubtedly true when it comes to the success or failure of a business. Particularly that of a solopreneur.
Long established businesses that have vibrant cash flows can more easily weather the ebb and flow of normal business fluctuations. But smaller businesses will find those times to be more of a struggle (or boon).
Take for instance the story of two people driving down the highway. One, a successful businesswoman who is the Chief Finance Officer for a high-tech firm, and the other, a man working two part-time jobs to try to keep up with his bills.
Ahead of the drivers, a dump truck’s gate breaks and drops debris all over the highway, causing both drivers to slam on their brakes. As their cars drive over the debris, they both suffer flat tires.
Of the two drivers, who do you think will find it easier to pay for the repair?
While one might think the lesson here is to be wildly successful at business, that’s actually not the case. Instead, my point is that any solopreneur can be as successful and prepared as he or she needs to be with proper planning.
Either driver could have saved up and set aside $1000 in a bank account just for such an emergency. Then, instead of worrying about what might happen if they have a minor accident, they could focus their time and energy on things that really matter.
Similarly, solopreneurs must take the time to understand and leverage their strengths, and invest in their business accordingly.
These are the three areas on which you need to focus:
Time is inarguably your greatest resource. Optimize it and use it to your fullest advantage.
That could include:
- Eliminating time-suck activities that do nothing to further your business goals.
- Outsourcing or delegating repetitive or administrative tasks.
- Automating marketing tasks like email campaigns or social media activity.
After your time, your greatest resource is the assets that you build up for your business.
- Cash flow
- Email subscribers
Generally, your time will be best spent working to improve, enhance and increase those assets.
Where we would be without friends, right? But while having personal relationships that enrich our lives and provide entertainment is important, that’s not what I’m referring to.
Instead, I’m talking about professional friendships. In other words, networking. But more than networking. Networking implies business relationships with peers and colleagues, along with vendors, etc. Friendship, on the other hand, means that there’s a real relationship that has been formed.
Those are the kinds of relationships that Jeff Sieh refers to when he talks of mastermind groups, and that Mia Voss says is your “A-Team.” (A concept we refer to as your “Personal Network” in the Solo Build It! Action Guide.)
Having great friendships with professionals in your space will provide you with opportunities like partnerships, collaboration, peer-review and mentoring. And while you cannot force such relationships to happen, what you can do is be open to them and nurture them when you are so blessed.
When you focus on and make improvements to these areas, you’ll strengthen your business and put yourself in a position to succeed, regardless of what gets dropped in front of you.
Over To You
So those were my ideas. I’m eager to hear yours! We all have our own thoughts and experiences, and we can all learn from each other. So please, leave a comment below and let me know what you think the three most important best practices are that a solopreneur must do to be successful online.
Then, when you’re ready (and have a fresh cup of coffee), head over to the full article, “95 Experts Reveal Their 3 “Must-Do’s” for Solopreneur Success” and learn from some of the best and brightest minds.