Get to know the 5 most common challenges as a solopreneur you will face and how to overcome them. It will be a difficult but rewarding path!
If you’re starting to work as a solopreneur, you must know that you will face many challenges that come as a natural part of the job.
It’s going to be a difficult journey that can pay off well if you believe in yourself and all of your capacities.
The truth is that we are living a great time to be a solopreneur. The Internet has made many things much easier. However, that doesn’t mean that there aren’t obstacles every now and then.
Solopreneurship is getting more and more popular every day.
In fact, “A 2021 MBO Partners report identified 51 million people as independent workers (…) and 56 percent said they wanted to remain solopreneurs.” (Source)
Working as a solopreneur is very hard, and if you want to succeed in your business, you must be prepared for certain situations.
We have put together 5 of the most common problems solopreneurs face and some solutions to overcome them.
Contents
Fear of Failure
Having a fear of failing is common in life. Everyone has felt it at some point.
However, it is especially common among solopreneurs.
This is because all the responsibilities are in your hands and sometimes they feel like a lot.
You have invested a lot of time, effort, and money in this project, and you want it—and need it—to work out.
Besides, despite the numbers we just shared with you, solopreneurship isn’t that common yet. Many people see it as the perfect recipe for disaster.
And even if you trust yourself, there will be times in which you doubt.
Remember that you won’t be a total expert from day #1, this is a path that will also allow you to grow and learn by every day that goes by.
How to Conquer This Obstacle
While there isn’t a magical solution to the fear of failure, there are many little things you can do to feel more confident.
- Take small steps: you’re building a new business from scratch and that involves many risks. Make sure to take it slow and don’t make any risky investments at the beginning.
- Have a strong strategy: improvising is business’s #1 enemy. If you have a clear strategy, you will feel more confident and will leave less room for mistakes.
- Ask for help: even if you work solo, you can still ask for a friendly hand and find good advice to help you in crucial moments. That’s exactly what a solopreneur coach is.
- Have an emergency fund: one of the most anxiety-inducing elements of being a solopreneur is running out of money. To prevent this, you must have a financial plan but also count on an emergency fund to get you through rough paths.
Focusing on a Niche
This is a difficult stage for any kind of business.
Most times, you will feel that your product or service could be oriented to different groups of people. Most times, you will be right.
Nevertheless, choosing a niche is key to having a strong strategy and successfully reaching your target.
This is especially true when starting a new business.
If you don’t pick a niche, you will lose all kinds of resources trying to reach the wrong people.
You must always choose one group and stick to it.
How to Conquer This Obstacle
A great way to limit your audience is by focusing on a single product or service at first.
This will help you get clarity on who is the real ideal target.
You can read more on what you must know to pick the right niche in this article and find many resources in our section about how to find a niche.
You could also make some market research to have more data and make an informed decision.
Having Too Many Things to Do
As a solopreneur, you will have all business key responsibilities on your shoulders.
This means that you are fully in control, but sometimes it gets overwhelming.
Maybe time isn’t enough for all your tasks, or maybe you are leaving aside other parts of your life, such as education, self-care, and education.
While your business is extremely important, you must have a balance or you will eventually be burned out.
How to Conquer This Obstacle
There are many ways to help you get organized.
My personal favorite is online time management tools, such as Trello, Notion, and Google Calendar.
They help you visualize all your tasks and schedule time to finish everything.
There is also the Eisenhower Decision Matrix, developed by Stephen Covey, author of the famous book “7 Habits of Highly Effective People”.
This matrix allows you to categorize your assignments by order of importance and urgency. By doing so, you will easily see what requires your immediate attention.
Once you know in which order your duties are, make sure to find time to do them, while also leaving space to rest.
Outsourcing The Wrong Tasks
In the solopreneur world, outsourcing becomes very common.
It works very effectively for little tasks that require no expertise but take time to be completed.
However, some solopreneurs make the mistake of relying too much on virtual assistants to make key duties in their workflow.
As a solopreneur, you must always be in charge of leading the business. Outsourcing’s objective is to simplify some processes and save some time.
How to Conquer This Obstacle
Keep in mind that all leadership tasks should always be done by you. Leave outsourcing to things you can delegate without compromising your business’ quality.
Be wary of the activities you outsource and make sure it generates actual profit.
This could also be a great moment to contact a solopreneur coach and learn more about outsourcing and the logic behind it.
Forgetting Self-Care
One of the biggest mistakes solopreneurs make and sometimes don’t realize until it is too late is forgetting to take care of themselves as individuals and prioritize other areas that aren’t working.
Since you want to make sure to do your best and succeed, you can only focus on being productive and getting as much work done as possible.
If you’re already getting clients, maybe you are accepting more offers than you can handle, because at the end of the day “money is worth it”.
Of course, it is, but work can never be more important than your health and happiness.
How to Conquer This Obstacle
There are plenty of ways of making self-care a priority again:
- Make time for yourself: don’t be ashamed to physically schedule time for self-care in your calendar. This will make you keep it present and pressure you to do it.
- Establish boundaries: with clients, but most importantly, with yourself. Know when to stop working, and rest before you reach your limits.
- Take care of your mental health: use your free time to see loved ones, find a hobby that distracts you, and even start going to therapy to take care of your mental health.
- Don’t make certain sacrifices: solopreneurship requires some sacrifices, of course, but there should be non-negotiables. You can choose yours, but here are some examples: an 8-hour sleep, having lunch out every two weeks, eating dinner with your family every night, etc.
More Challenges as a Solopreneur You Will Encounter
You guessed it: these aren’t the only 5 obstacles you will face in your path as a solopreneur.
There are many more, such as:
- Having trouble scaling your business.
- Fighting loneliness.
- Money management.
- Keeping up with all areas of your business.
- Doubting yourself.
The key is to be mindful of your heart and mind during these times:
Your heart, because it will give you the passion and motivation to keep moving forward.
Your brain, because it will give you logical answers and ways to find solutions.
Are you a solopreneur and feel like you need some guidance?
At Latinpresarios, we aim to help you.
Get to know more about our offers , and contact us if you think we can be a great team.
