With wages stagnating and layoffs becoming common, many people are exploring starting their own solo businesses. A solopreneur business, often digital, allows you to work independently without a team. My journey towards financial independence began when I left my regular job in September 2022 to start my own solopreneur venture, aiming to make $150,000 a year.
1. Building Your Initial Audience
The biggest challenge in starting a solopreneur business is finding your first audience. Reaching 10,000 followers is a crucial step. Instead of looking for a universal method, be creative and focus on unique strategies to gain your first followers. I started by using my role at a newsletter publication to add a promotional link in my by-line, which helped me gain 10,000 followers over two years.Other Creative Methods:
- Viral Videos: Create engaging and shareable content that can go viral and attract a large audience.
- Product Creation: Develop a unique product that meets a specific need or solves a problem, attracting interest and followers.
- Viral Tweets: Use Twitter to share insightful, funny, or thought-provoking content that can quickly gain traction.
- Cold Messaging and Emails: Reach out directly to potential followers or customers with personalized messages.
- Paid Advertisements: Invest in targeted ads to reach a broader audience quickly.
This stage requires creativity and effort since a large following is essential for consistent income.
2. Focus on One Platform for Solopreneur business
Once you have 10,000 followers, focus on one platform. For me, email was the best choice for creating content. Many solopreneurs make the mistake of spreading themselves too thin across multiple platforms too soon. It's important to master one platform before branching out, using your established influence to expand later.Why Focus Matters: It's important to master one platform before branching out, using your established influence to expand later. Focusing on a single platform allows you to:
- Develop a deep understanding of your audience's preferences.
- Create consistent and high-quality content.
- Build a strong brand presence.
By concentrating your efforts, you can maximize your impact and grow your following more effectively.
3. Diversify Income Sources
While focusing on one platform for growth, it's important to have multiple income sources. For example, I targeted startup founders and earned from advertisers, offering fundraising guidance, and making referrals to investors. Starting with diverse income streams, even if they're small, helps ensure long-term growth.4. Offer Various Price Points
To make money from your audience, you need to offer products at different price points. Many solopreneurs only offer expensive services, which can exclude potential customers. By providing lower-priced options, you can attract more people, build trust, and eventually sell higher-priced products.5. Engage with Your Followers
Instead of just commenting on top creators' posts, I found it more valuable to engage directly with my audience. Personal interactions build a strong relationship with your followers.My Approach:
- Respond to Comments and Messages: Take the time to reply to your followers' comments and messages.
- Host Q&A Sessions: Engage your audience through live Q&A sessions, webinars, or AMAs (Ask Me Anything) on platforms like Reddit or Instagram.
- Personalized Content: Create content that directly addresses your audience's questions, concerns, and interests.
Benefits of Engagement: This connection leads to ongoing support, followership, and product purchases, creating a loyal community around your brand. Engaging with your followers helps you:
- Build trust and credibility.
- Foster a sense of community.
- Gather valuable feedback to improve your offerings.
Starting a solopreneur business requires planning, creative audience-building, and genuine interactions. By following these steps, I achieved a $150,000 income in a year, proving that financial success as a solopreneur is possible.