3 Mistakes To Avoid in Your Business as a Solopreneur

 1- Creative Entrepreneurs and Solopreneurs are notorious for not charging enough.  Can you raise your prices?  YES! 

 I have become known lovingly to my clients as Jackie “Raise Your Prices” Peterson.  I find that often my clients are charging far less than what they should be for their products and services.  By developing a deeper niche and focus with them, we have successfully been able to raise their prices.  The more of a specialist you are, the more you can charge.  This is another time when a community of innovative thinkers can help brainstorm your expertise.

 2- Both the Creative and the Solopreneur often give up or treat their business like a hobby.  Do you have a business plan in place?  Do you have a cashflow plan?  You need one! 

 Creative entrepreneurs are famous for treating their business as a hobby.  They think because they don’t have a corporate sign that their business doesn’t need to be ran like a serious business.  They dabble in several different ventures.  They never put the time and effort or money for that matter into the training, planning and focus required to build and maintain a successful business.  These creative’s are also known for giving up before they really get going.  When this happens the world misses out on something amazing.  Usually they give up because they don’t know the essential business principles for a solopreneur and they lack the confidence to take the risk.  Accountability for these principles is key to making money as a creative entrepreneur.  The first step is to know these principles the next is to implement them and the most critical is be accountable to your dream.

 3-Often solopreneurs don’t understand their target market.  Do you know who your best client is?  Do you know what you provide that your target market will pay more for?  The most important thing to financially succeed as a solopreneur is to know who your clients are and how to market to them. 

Your talent for your business is imperative but knowing how to sell to your target market is also a vital talent that must be developed.  It is key to communicate with those customers in a way that makes them want to buy from you instead of selling to them.  Solopreneurs also struggle with not listening to what their customers want.   They tend to get stuck in their own ego and have the Field of Dreams mentality that if you build it they will come.  In reality you need to get into the mind of your customer and really understand them so that you can understand why they will buy from you.  Another downfall in marketing is the consistency.  You have to remind your customers constantly that you are the solution to their problem.

Paying close attention to these 3 things can turn your hobby into a successful business.  The best way to make these changes is to work with a business advisor and an even better idea is to create your own community of solopreneurs that focus on becoming better, smarter and richer.  Having a group that believes in making money doing what they love can inspire new ideas on where to take your business, they can hold you accountable for actions you need to take and they may see holes in your business plan that you haven’t seen. 

I have been successfully leading Better, Smarter, Richer Study Groups at PCC for the last year and I am ready to take these groups to the next level.  If you are serious in taking your business to financial success and want to do that in the next 6 months sign up now for a Mastermind Group that will take your business to the next level: professionally, financially and globally.  Space is limited and is only for those really dedicated to making money doing what they are passionate about.  I know that you really can make a living doing what you love and together we can all be Better, Smarter, Richer.

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