If you’ve been following me long enough, then you know that when I first started my business, after I thought I was in for a huge, successful launch my first month in business, I brought in just $72 my first month in business. Years later, my monthly revenues are on average above the industry average for coaches, and I had up to 38 clients the month before I recently went on maternity leave.
I have spent a great deal of time really trying to determine what I did to get here. What had I done to become a successful entrepreneur when 90% of new businesses fail?
One thing that I’ve realized with my business coaching clients is that an individual first has to have a great product or service that people definitely want to purchase. More often than you think, the biggest challenge for clients can come when they realize that what they believe is a great product or service actually is not something that their target market would purchase. Another commonality for successful businesses is the ability to market and sell that great product or service. Sometimes an individual has a great product or service but has no idea how to get it in the hands of those people who might invest in that product or service.
In addition to having a great offering and knowing how to get it into the hands of those who desire it, so that I can always be improving how I serve, mentor, and coach my business clients, I’ve spent a lot of time exploring what other components are essential for a business to flourish. Here is what I came up with, especially when it comes to solopreneurs, who are, at least for now, the sole employees of their businesses.
In my experience, a successful solopreneur has to have:
- a clearly defined target market, urgent need, and results;the proper elements of a powerful business pitch;
- a solid grasp on how to efficiently organize time and coordinate administrative tasks;
- an understanding of business compliance;the ability to package products and services well;
- a clear, unique sales proposition–what makes you stand apart from your competition;effective marketing tools and strategy for consistent business growth;
- a firm understanding of foundational sales principles;the ability to close sales;
- a “success mindset” that allows for pushing past fear and confidently taking risks; and
- amazing customer service.
That seems like a lot, right?
But it’s all really feasible to integrate into your repertoire if you commit yourself to consistent professional development, training, reading, networking, and mentorship as you move forward in your business journey.
If you're an entrepreneur and you haven't already, do yourself and your business a huge favor, and schedule every growth opportunity that you can use to grow and enhance your business for the next 12 months. You'll be glad you did.
If you're launching a business or looking to strengthen your business foundation, be sure to email me at firstname.lastname@example.org so we can chat about how I might be able to help.
And as always, feel free to like, share, or comment!