5 Biggest Challenges of Being a Solopreneur and How to Overcome Them
Half the battle with starting your own small business is getting the gumption to take that first big step to decide you want to be a business owner. The other half, of course, is making sure you're taking all the right steps that will lead you to a successful and thriving enterprise. But like anything else in life, it's inevitable you're going to come across a stumbling block or two. For solopreneurs, meeting these challenges head-on and overcoming them is part of your success story. Let us assure you, you got this.
Overcoming the 5 Biggest Challenges of Being a Solopreneur
Take a moment to think about your small business. If the first thing that pops in your head is how it's a source of frustration rather than a source of joy, you might be encountering something that's actually a common challenge.
The good news is these problems are in no way detrimental to the success of your business. If you can identify and overcome these challenges now, you'll be able to reap the benefits later. Let's unpack the top 5 biggest challenges of being a solopreneur and explore solutions to overcome these challenges.
1. The Problem: Thinking You're a One-Man Show
By virtue of being an entrepreneur, you are going out on your own. But having your own business doesn't mean you have to become one of those one-man - or woman - shows.
Is This Your Problem?
How do you know if you're taking on too much? Your first sign will likely be a sense of being overwhelmed by even the simplest tasks, quickly followed by a loss of quality in the tasks you do complete. Spreading yourself too thin leaves you tired and unproductive.
The Solution
Take a look at the most famous entrepreneurs in the world: even Steve Jobs had Tim Cook! The solution to this problem is to make peace with the idea that you don't have to do anything alone. There are several resources that can help you, such as low-cost software applications and peer support entrepreneur groups.
2. The Problem: Impatience With Slow Growth
It's understandable that you want your business to be an instant success, but the fact is that most small businesses don't boom overnight. Slow growth in sales is very common and frankly a good thing with new small businesses.
Is This Your Problem?
There is a difference between slow growth and no growth of all. If you are consistently in the red and cannibalizing your own resources, then it's probable you have a growth problem. And to be perfectly clear, having no growth is just as bad as growing too quickly because of impatience and over-extending your business.
The Solution
Remember the parable with the rabbit and the turtle? It's the same thing here: slow and steady wins the race. Businesses that grow too fast too quickly are more susceptible to burn-out, bankruptcy, and other long-term missteps that equal the end of the business.
The solution to this problem is to remain steadfast in the growth of your business and not take on more than you can actually handle.
3. The Problem: Poor Time Management
Running your own business is going to take time. For many entrepreneurs, especially those who make the mistake of doing everything themselves, a small business can eat up all the hours in your day. You might think it's okay because you love your business, but this is a challenge that might just eat up you down the road.
Is This Your Problem?
You can tell if you have a time management problem if you struggle to meet deadlines, make late payments often even though you have the cash, or find your "business hours" seeping into the rest of your day because you're having to work overtime to keep up with demand.
The Solution
The easiest solution for poor time management is to recognize your limits and seek help where you can. Of course, there are plenty of other strategies for time management, such as creating a prioritized list of tasks and completing the simplest tasks first.
4. The Problem: Anxiety About Unstable Pay
One of the hardest realities to face about entrepreneurship is the sacrifice you're making with the stability of your income. Unless you're starting your small business on the side while you keep your day job, you're more than likely going to have months where you aren't making as much as you had planned.
Is This Your Problem?
Unstable pay is something that can quickly become a problem, especially when your business is your sole source of income. You're struggling with unstable pay if you're regularly dipping into your savings account, over-using credit cards, and can't pay your bills on time every month.
The Solution
Unstable pay can be anxiety-inducing, but there are a few strategies that can help you manage your daily expenses. For one, you'll want to take a look at your monthly expenditures - both personally and for the business - and make sure you aren't overspending and are getting rid of services you really don't need.
Then, you'll want to be firm about how much of your profits you're saving. You might also look into taking an entrepreneur's salary.
5. The Problem: A Fear of Inadequacy
Fear of inadequacy is common for first-time business owners. Many entrepreneurs are struck by self-doubt, feeling like they aren't cut out for owning a business or undercutting their own success by comparing themselves to other entrepreneurs.
Is This Your Problem?
This challenge may be a problem for you if aren't confident in your success or you are continually second-guessing your own business instincts.
The Solution
The solution to this challenge is about self-reflection. If you're struggling with imposter-syndrome, then it's time to take a reality check and try to identify what makes you feel inadequate as a business owner. Most fears of inadequacy are irrational, and you, like many other entrepreneurs, are almost surely doing better than you think.
Identifying and overcoming your challenges will lead you to success. Whether you're suffering from poor time management, stretching yourself too thin with a one-person show, or struggling with feelings of inadequacy, there are solutions to all of your solopreneurship problems. Get in touch with Spot On Creative Solutions to get a fresh perspective and the support you need to succeed.