NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
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17 Strategies for Solopreneur Success
1. This presentation will provide
hacks and business management
insights for sole owners of private
practices (a.k.a., solopreneurs).
Seventeen Success
Strategies for
Solopreneurs
Barbara O’Neill, Ph.D., CFP®, AFC®
Owner/CEO, Money Talk
https://www.moneytalkbmo.com/
@moneytalk1
2. * My clients are for-profit companies
and non-profits who need content
creation and delivery services- NOT
individual consumers (counseling)
* I have personally achieved FI (via
savings and a DB federal pension after
41 years at Rutgers University), so
business income is “extra” money
* I do my own business marketing,
invoicing, and accounting
* Money Talk is a 28 year (1992-2019)
“side hustle” turned into a full-time
business (2020-2021)
Full Disclosure
3. * Up to a third of the American
workforce works for themselves in
some capacity
* Solopreneurs have no employees;
perform business tasks themselves- or
outsource
* Need to purchase all business
supplies and handle health/life
insurance and income taxes
* Often receive work contracts
through personal connections,
referrals, networking, and internet
visibility vs. formal advertising
Some Facts About
Solopreneurship
4. * Listed in no particular order
* Based on personal experiences
during 29 years of solopreneurship
Seventeen Success
Strategies
5. * Present at professional conferences
* Write for professional publications
* Be a webinar guest
* Be a podcast guest
* Contribute to Twitter chats
* Respond to media interview requests
and/or HARO:
https://www.helpareporter.com/
1. Show Up
6. * Share valuable content
* Post regularly
* Schedule posts using Tweet Deck
and/or Hootsuite
* Engage with others (likes, shares,
DMs, comments)
* Create attractive graphics using
Canva, Paint, PowerPoint jpeg images
* Have a company website to drive
traffic to and from
2. Be Visible on
Social Media
7. * Break large projects down into
deliverable chunks (e.g., first draft,
revisions, final draft)
* Put these details in a MOU
* Expect reviewer delays
*Invoice at each deliverable stage so
you are not waiting to get paid
3. Invoice for Work
at Deliverable Stages
8. * The client does not always have the
final word…the client’s funder does
* Ask client to brief you on the
funder’s expectations
* Learn about the funder’s “hot
buttons” and review processes
* Expect project completion delays
* Expect payment “hold back” rules
* Budget time for expected revisions
4. Understand Your
Client’s Funder
9. * State and local governments and
public colleges and universities
* Onerous and time-consuming hiring
and payment processing systems
* Examples: state business registration
form, reference checks, I-9
immigration status checks
* The people who hire you don’t
handle the paperwork!
* May not be “worth it” for a small job
5. Beware of Public
Entities
10. * Some clients have their own forms to
complete… and some have none
* Provide clients with a one-page MOU
that includes these sections:
1. deliverables
2. deliverable milestones (e.g., first draft,
revised draft, final draft)
3. deadlines for each deliverable
4. amount charged for the project
5. signatures of the solopreneur and the
client (counter-signed MOU)
6. Get Project
Details in Writing
11. * Identify the audiences that you
serve (e.g., adult consumers, college
athletes, Latinas, teachers, older
adults, etc.)
* Identify types of work that you will
and will not perform
Example:
“I write, speak, and review content
about personal finance”
I do not teach online courses,
conduct research, or write grants
7. Define Your
Niche
12. * Stay in your “wheelhouse” (i.e., do
work that you do well and enjoy)
* Practice “graceful exit” phrases to
say “no”
* Don’t take “rainchecks” if you don’t
want to do a certain type of work
* Try to refer “non-clients” to others
who could work for them
8. Say “No” to Bad
Fit Assignments
13. * Set boundaries on work hours to avoid
burnout
* Have a designated start and quit time
with activities before and after work
(e.g., childcare, exercise)
* Get up from your computer every 30-
to 60 minutes
* Alert clients when you are taking
extended time off (e.g., vacation)
9. “Book-end” Your
Day to Establish
WFH Boundaries
14. * Helps connect with clients and
potential clients
* Useful to record on-demand virtual
conference presentations and to create
video clips for social media
* Tax-deductible business expense
10. Get a Video-
Conferencing License
15. * Builds brand visibility
* “Pays it forward” to help people
* Can lead to paid employment later
* Leverages other people’s resources
(e.g., podcast and webinar hosts)
* Produces “work samples” for brand
marketing
11. Do Some Pro
Bono Work
16. * Ideally, have one or more “anchor”
clients for ongoing work year-round
* In between ad hoc projects, keep
busy promoting your brand:
* binge-write content
* produce graphics
* watch webinars for PD
* update website
* social media engagement
12. Fill “Work Gaps”
Productively
17. * Solopreneurs have variable incomes
from multiple sources
* This makes estimating tax withholding
a challenge
* To be safe, set aside at least 25%-30%
of income for quarterly tax payments
* Resources include:
*The IRS tax withholding estimator tool
* Previous tax returns
* The IRS safe-harbor rules to avoid
under-withholding penalties
13. Monitor Income
Tax Withholding
Carefully
18. * Background research for one client
project may inform another
* Create templates for everything
(MOUs, invoices, letters, reports, etc.)
* Suggest potential projects to clients
* Back up all files
14. Create Synergies
19. * Personal finance solopreneurs
should never consider their education
finished!
* Build professional development into
your schedule:
* MFLNPF and AFCPE archived
webinars
* NGPF on-demand PD sessions
* Conferences/webinars/podcasts
* Costs are a tax-deductible business
expense on Schedule C
15. Stay Current
20. * Don’t over-price or under-price your
services; ask colleagues for advice
* Keep track of current project work
hours to develop realistic project bids
for future projects
* Ask potential clients about their
project budget to help inform bids
* Build in hours for revisions (especially
if there is an external funder)
16. Set Fair Fees
21. * Have a pension and/or FI savings
“safety net” first…or not
* Seek out solopreneur role models
* Leverage pre-solopreneurship
resources (skills, contacts, etc.)
17. Chart Your Own
Solopreneurship
Path, Just Like I Did