Going it alone as a Solopreneur can be equal parts basking in the validation of your expertise and frustration that stems from facing business obstacles. To counteract anticipated negatives that could undermine your position, you'll be wise to include in your business strategy elements of risk management tactics, to help you overcome obstacles that would stand between you and a thriving client list. Let's spotlight three common obstacles that can potentially trip up those who lead a consulting services practice.
Obstacle #1: You don't own a business, you own your job
Eight out of ten consulting practices never expand beyond services that are personally provided by the founding principal. There may be administrative support staff present (often part-time), there will be occasional project-specific sub-contractors hired, but the vast majority of consultancies are limited to, and by, the production capacity of the founding principal.
As a result, if the founder isn't working, then no billable hours, that is, revenue, can be generated. Extended vacations are difficult to take, because they entail a double cost---once for the vacation itself and a second time resulting from lost revenue. Retirement brings no ROI for the decades of work done to build and sustain the brand and the business.
Typically, the founder is convinced that s/he cannot bring in additional talent because the services offered are considered to be an intimate self-reflection, hand-crafted boutique services built around the personal brand. It's a trust issue.
Nevertheless, most likely the best solution is to identify and groom a partner who has complementary skills that will expand the consultancy's services, grow the client list and increase revenues and profits. That is how a Solopreneur founding principal advances from owning a job to managing a (profitable) business.
Obstacle #2: Managing cash-flow
Precious few Solopreneur consultancies are able to bank on even one cash-cow revenue generator, whether that resource is a prestige client or a popular service. We'll have a mix of big clients and small. Some of us will gain access to a brand-enhancing revenue stream, such as adjunct teaching. But there are only so many hours in a day and Solopreneurs are limited by being the only revenue generator in the operation and that limits the ability to accept certain opportunities that would increase billable hours.
An in-reach solution to this obstacle could be to work hard and smart to generate revenues that will let you afford to invest in the business and create some operational efficiencies. Hiring a bookkeeper for a few hours a month, for example, will allow you to hand off creating the monthly financial statements, quarterly tax filings and sending out client invoices. Not only that, your bookkeeper can give you some useful advice on how to further improve the financial management of your enterprise.
Hiring the right part-time help will give you the gift of time, that can be devoted to activities that only you can do, such as delivering the client work and focusing on business strategy and the overall management of the venture.
Obstacle #3: Finding and retaining clients
Many Solopreneur consultants dislike marketing and are intimidated by selling. Others are too overwhelmed by their numerous business responsibilities to either network and meet potential clients or implement the marketing plans they've designed.
Finding new clients, nurturing client and other business relationships and working to retain clients are what sustains a consulting venture and those responsibilities fall solely on the founder. Figuring out how to keep that process in motion as you simultaneously manage other vital aspects of the business--- financial, operations and client work---is an obstacle that can keep any Solopreneur awake at night.
What's the solution here? See the proposed solutions to Obstacles 1 and 2. Every business must generate adequate revenues and profits and that takes place only when billable hours are generated. Smart marketing campaigns and strong selling skills support the growth of a client list that delivers the projects that provide the billable hours that supply the cash-flow.
The Solopreneur consultancy is at a disadvantage because time limits the number of billable hours that can be accepted. Limitations imposed by inadequate time is the root of the obstacles that must eventually be resolved. Understanding which among your countless tasks might be successfully delegated is one of the most important business decisions that you will make. That decision will give you additional time and help you to apply your discipline and resourcefulness to breaking down obstacles and doing what must be done to achieve your dream.
Thanks for reading,
Kim
Kim L. Clark is an external consultant who brings agile talent to the for-profit and not-for-profit organization leaders with whom she works. Please visit http://polishedprofessionalsboston.com to learn how organization can benefit when you work with Kim.
By Kim L. Clark
Article Source: 3 Business Obstacles That A Solopreneur Can Overcome
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