Solopreneurship- defined as an individual who starts and runs their business independently, without the support of a co-founder or paid employees- has become the hottest gig. The pandemic accelerated its growth.
Two main things have caused this explosive growth:
Freelancing our skills — also known as the expert economy — from photography to yoga training, website design, personal training, to becoming a kickass writer — is the fastest-growing business within the online space.
All you need is a phone. With it, you can go live on Facebook, record podcasts and YouTube videos, and share your insights in any niche of your choice.
Outsourcing- the process of hiring third parties to perform duties within a business that typically would be completed by an employee in the company — has added fuel to the explosive growth of the gig economy.
You can either offer your expertise to businesses or outsource aspects of your business to individuals who can perform the tasks you may not want to do.
5 Tips To Scale Your Expertise
Taking your economic future into your own hands is highly alluring. But making a living out of it requires a well-thought-out strategy.
If you’re interested in making a consistent income by sharing your expertise, consider these tips:
1. Create a strategy
Creating a strategy is the first step toward successfully monetizing your knowledge online. It should be a detailed roadmap of how you’re going to market your expertise and how you’re going to make consistent revenue to support your lifestyle.
Focus on how you can help your target audience or target businesses solve their persistent problems.
2. Be Consistent With Your Messaging
There are thousands of people offering similar skills with a similar promise. How do you stand out? That’s where your brand comes in. It comprises your message and your unique voice conveying that message.
Cultivate a brand that helps you stand and aligns with the values you represent. Your message is your brand. Be consistent with your messaging.
Be confident. You must get comfortable with promoting your skills if you’re selling them. But also, be ready to deliver. If you don’t tell people what makes your skills worth purchasing, who will?
Collaborating with someone who has a complementary skill set is another way to leverage your business. If you’re a money coach, work with an accountant who can handle your clients’ taxes. Your accountant can refer her clients to you who need help with financial planning.
4. Keep Your Ideas Fresh
Invest in your learning and expand your knowledge. Update your digital products. Read books on your field. Learn from the pros who have scaled similar businesses to yours. Look for mentors. Join clubs. Keep learning because there are always better ways to do what you do.
5. Go Evergreen
As a solopreneur, you don’t make money if you’re not selling. You want to create a business that can sell your expertise even when not creating or working. Create a gig that works automatically to bring in revenue. You want to ensure you receive passive income even while you’re sleeping.
Making It Work
As a solopreneur, your knowledge and skills are your greatest asset. Start a plan to monetize it. You’re sharing your wisdom and creating a meaningful living and lasting legacy.