Solopreneur Business Life Cycle
Traditional business curriculum teaches on how corporations start and develop through the business life cycle, but these days there are more solopreneurs than ever before.
Trying to run a business using the old model is difficult because the rules are slightly different; you don't have tons of employees, you don't work with a board of advisors, and investors are typically project specific.
It's important to know where you are to gain insight into what you should focus on to move your business forward!
Here is a broad look at the journey of solopreneurship (and yes, that's a word I just made up, lol.)
You're toying with the idea of starting a business. You've been motivated by a lack of passion in your life, desire more control over your time, want to be "rich", or are ready to step into a whole new league of leadership.
Now if you could just figure out what kind of business to start...
With a central business idea in mind, you actively make moves to give your business life. You're consuming information constantly, branding is a major focus, and are learning most things through trial and error. You make a bit of money from time to time, but it's random and unpredictable.
This is a phase I also like to call "the struggle" and yes, the struggle is real...
You're finally organized! Money is consistent month to month, your professional network is growing and you're learning how to conduct business in a way that produce great results.
You're making plans to quit your job soon...
You can now live solely off the income from your business. Your brand is growing popular at a consistent rate and you have dedicated systems and processes in place that make doing business easier.
The question is, where do you go from here...
Not only do you have an inventory of dynamic solutions for your clients, but now other people want in! You've hired a small team to help run the business and keep you on track. You collaborate with other brands and benefit from affiliate marketing.
You often think, "but what can I shut the game down with?"
You're at the top of your game and have achieved multiple streams of passive income. You are a PR mogul and have ventured into projects you that were once just dreams on your vision board. Your calendar is full and sponsors send you proposals to benefit from associating with you.
This is the "Mama we made it" phase...
EXIT OR NAH
You can keep working or you can retire. This is the phase where most solopreneur based companies expire because it is YOU who draws your market to the business. You can prevent your business from ending by introducing other influencers on payroll who will carry on your brand signatures during expansion or peak season.
What stage of business are you in? Want help moving on the the next level? Let me know in the comment section below!