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Being self-employed can seem like an impossible dream, but it’s becoming easier than ever to succeed as a solopreneur. Companies are having trouble filling staff positions, leading them to outsource many of their key functions. This is creating unprecedented opportunities for small businesses to meet those needs. What’s more, the Work From Anywhere trend has normalized the idea of a “company headquarters” located in your home. Building a client base no longer means racking up a hefty travel bill to attend face-to-face pitches. And if you put in the effort to develop a well-crafted personal brand, you can make yourself known through a rich array of digital marketing tools.
Of course, many of the responsibilities you’re seemingly walking away from when you leave the traditional corporate ladder are waiting for you on the other side—with the addition of new ones. Being your own boss means you are accountable for everything, which comes with a lot of stress. But it’s important to recognize that you’re playing the long game. You’re building a career, not a passing hobby. It takes time and commitment. It might also include a few false starts.
Before you even think about hanging that shingle on your door, the work begins. Consider what you enjoy doing and whether it aligns with your business idea. You might be good at writing, for instance, but it might not provide that spark or connection to truly sustain a business for years. You have to seriously consider your personal brand. What brand assets have you nurtured? Which communities are keenly aware of the solid reputation you’ve built? What do others see as your unique value? Once you’re sure about what you want to do and who you want to serve, start building your foundation on these cornerstones for success:
1. Create a strategic business plan.
“Going into business for yourself is like training for a marathon,” explains Sara Gelsheimer, senior wealth manager at Plancorp, a full-service wealth management company serving families in 44 states. “Sure, you can run the race without a training plan, but it will be harder and you won’t see the results you want. Similarly, a strategic business plan is key if you want to succeed when growing a business. It’s easy to let the daily tasks of self-employment fill your day, so it’s critical that you set aside time for strategic planning.”
Business plans start with the basics: a description of your company, a description of your products or services, the target audience you plan to serve, and your executive summary—which is basically your “elevator pitch.” Though you probably have an idea of each, the practice of writing these elements down is important. It ensures you understand what you’re trying to build, helps characterize your business structure (i.e., sole proprietorship, partnership, etc.), and provides direction going forward.
From there, your attention should turn to an objective statement. What are the business goals for your new enterprise? You want to clearly define what you hope to accomplish in the short- and long-term. Delve deeper than self-employment, of course. Get into the details about growth targets, market reach, product lines, service offerings, and a host of other objectives. If you plan to seek funding, this will be essential.
No business plan would be complete without market research. Though this should go without saying, you need an understanding of industry trends, the competitive landscape, and market potential. This information helps you determine your brand differentiation—what sets your offerings apart from those already available. It can also help you develop financial projections (i.e., monthly sales, profit estimates, expenses, etc.).
Another element to include is a marketing and sales plan. Outline your strategy for acquiring and retaining customers. What are the best tools for reaching your target audience? What elements will you include in a marketing mix? Paid search, social media, email, and display advertising often top the list, but a publicity campaign and a full suite of thought leadership activities are essential components also.
2. Get a business mentor or coach.
Being self-employed can be a hard transition, especially if you’ve been working for someone else for most of your career. Even senior professionals can struggle with such a move, as they, too, rely on others for direction and advice. Though you will be going out on your own, you shouldn’t do it all alone. Business coaches or mentors can be vital assets in entrepreneurship.
Consider approaching someone you trust in your industry. One report found that 92% of small business owners felt that working with mentors directly impacted business growth and survival, and the reasons should be self-explanatory. For one, most mentors bring wider breadths of experience to the table, which can provide different perspectives on what you’re hoping to achieve.
They can also be helpful in challenging assumptions, brainstorming ideas, questioning business plans, and establishing goals—not to mention the personal growth opportunities that come with mentorship. When becoming your own boss, you’re basically working in an echo chamber. Every decision you make is based on your very narrow pipeline of experiences, which can make it hard for you to recognize potential pitfalls. Someone who’s already been through it can help you make the right choices and curtail any potential repercussions.
3. Embrace opportunities outside your comfort zone.
Your comfort zone is there for a reason: It’s comfortable. Though opening your own business can feel like a big step outside that zone, it’s important to take the transition to entrepreneurship a step or two further by moving into your growth zone. Take small steps at first by looking for opportunities to expand your professional skill set where few have dared to venture . . . and where few will be competing against you. More importantly, develop an action plan for perpetually staying ahead of the curve.
Join a networking group, do a little public speaking, or meet with an investor to test out your pitch. It’s all about growing your self-confidence and experience. If you fear something, that might be a good indication that it’s an area to explore. The goal is to become more comfortable with things you might not be accustomed to. Should failure happen, look at it as a learning opportunity. When you succeed, celebrate and learn from the experience. Everything can be a lesson.
Then, continue to move the boundaries of your comfort zone. Once you hit a goal, find a new challenge to push yourself. Though you might be opening your own business, there’s always room to quell those fears of the unknown and better prepare for the worst-case scenarios. You don’t know what you don’t know, after all. Experience is the key.
Becoming your own boss isn’t about finding greener pastures. It’s about building something that delivers value to others, which takes preparation and hard work. But with the right plan, the right mentor, and the right mindset, you can tap the power of your authentic personal brand to create a fulfilling career that’s exactly right for you.
William Arruda is a keynote speaker, co-founder of CareerBlast.TV and co-creator of the Personal Brand Power Audit - a complimentary quiz that helps you measure the strength of personal brand.
