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- Why Solopreneurs Stay Poor
956 Words | 3 Min 58 Sec Read
Today we’ll be discussing why identifying and operating as a "solopreneur" isn't the flex some people think it is.
We'll also discuss why working long hours for month and years on end is not something most solopreneur types should be proud of, but instead a sign there's something wrong with your business.
Let’s dive in.
Learn about a platform focused on payment processing, financing clients, deal closing, financial management, and affiliate management that enables coaches and digital entrepreneurs who sell courses and services online, to scale their business.
They work with major brands, including Tai Lopez, Alex Hormozi, and Ryan Pineda, that have scaled their businesses to millions a month in revenue.
I, the founder of Passionate Income, filmed a video sharing my experience…
Watch it here.
When I first got started in business in 2013 I did literally everything myself.
From designing logos to adjusting the HTML on my WordPress websites, unless it required advanced coding, I taught myself.
At the time, I thought I was being smart by saving money.
But it was only a couple years later when I realized just how much time I lost learning skills that were way outside my wheelhouse.
Sure, I saved $20 not buying a more professional logo off Fiverr.
But my logos looked like shit and destroyed my brand's credibility. Not to mention the 5+ hours I'd have to spend on them.
Which if you convert relative to the $20 I saved, means every hour I spent working on my logos resulted in me being paid just $4 per hour.
Same for learning WordPress, manually spinning SEO articles, etc.
Sure, I saved capital by doing these things myself. But at what cost?
How many hours of peak productivity did I lose?
How much more revenue could I have generated if I'd spent that time on content marketing, cold outreach or learning media buying?
And given I had tens of thousands of dollars in savings, why the F was I so worried about investing $10, $25 or $100 into my business?
See, when your goal is to build a Freedom Business, the idea of being a solopreneur sounds great.
Mainly because the underlying premise is that you can enjoy the benefits of being an online entrepreneur (time freedom, mobility, uncapped income potential) without what is arguably the hardest part of being an entrepreneur:
Delegating and outsourcing.
In reality, however, most people who go down the solopreneur path end up working even longer hours than they did at their 9-5 job. Why?
Because they're terrified to invest capital into their business (despite blowing thousands on electronics and world travel).*
*And no, I'm not judging given I used to be this person :)
There are three reasons for this.
First, they don't see a the direct connection between outsourcing (which frees up their time to focus on revenue generating activities). Which is a downstream problem of them not valuing their time in the first place.
Second, because they come from a 9-5 culture and are used to putting in 8-10 hour days, they think it's normal (or even mandatory) for them to continue working 8-10 hour days in their business.
Third, many of them consume content from hustle types like David Goggins, Andy Frisella and Gary Vee. And while I love all three of these guys, they rank among the top 0.01% of performers.
The problem?
Most of you reading this - and most people working online - just want to make $10,000 per month without having to work insane hours.
Meaning, the workaholic advice they get from hustle hard types is not remotely relevant to their situation (and is likely making things worse).
So what's the solution?
First, understand what kind of business you're trying to build.
As someone who's worked 1-1 with entrepreneurs who've had 9-figure exits, I can tell you right now those guys definitely work hard (and work long hours).
But if all you want is a freedom business, 3-4 hours of focused work per day is most likely enough.*
*Keyword: Focused.
Second, understand what your profit margins will go down as you start to outsource and delegate. This is both normal and healthy.
While it will take some getting used to, spending $500 or $1,000 per month on staff is perfectly fine if that investment frees up 10-20 hours of your time.
Especially if you turn around and use the 10-20 hours you gain to work on higher level, revenue generating activities that help you earn another $2,500, $5,000 or $10,000.
And if you decide not to work extra hours, and simply enjoy that time as you see fit, that's also a worthwhile investment.
In conclusion, there's nothing impressive or sexy about being a solopreneur.
While the premise is tempting, working long hours by yourself shows you either don't value your time, or that your business isn't generating enough profit for you to be able to hire outside help.
Either way, you're more likely to hit both your financial goals and personal lifestyle goals by investing into freelancers, agencies and even part-time staff that help you free up your time.
💡Takeaway:Most solopreneurs refuse to hire help because they see it as an expense and mistakenly believe they're saving money by doing everything themselves. In reality, being smart about outsourcing is one of the fastest ways to both earn more and live a more fulfilling lifestyle as an online entrepreneur.
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