3 Common Pitfalls of Solopreneurship
And How To Avoid Them
Want to know three crucial lessons I’ve learned as a Solopreneur? These may seem familiar, or they may be entirely new to you. Regardless of where you are in your journey, it’s always helpful to remember the common pitfalls that can hinder online entrepreneurs from making valuable progress in their businesses.
1: Do not undervalue your time ⏳
Ah, the classic trap of underestimating the worth of those precious minutes and hours. As solopreneurs, time is our most valuable currency. It doesn’t matter if you’re selling digital products or hourly services or, if you’re like me, short-form videos for brands. I had a quick reminder of this earlier in the week.
Storytime!: I was contacted by a brand to film a script for a perfume oil. All they stated in the brief was a raw footage request of me talking into the camera and reading the script they sent. It was about 8 lines of text, and they offered $100 and shipped the product to me. And because I have been doing this for so long, I knew I could film those clips in about 5 minutes and confidently deliver them to the brand. And that’s precisely how it went.
$100 for 5 minutes of work, not bad, eh? Until the brand responded and asked me to edit and package the videos. At this point, my time invested would be worth A LOT more than $100.
I politely referred to the initial partnership request and creative brief that asked specifically for raw footage before informing them they could hire my editing services for an additional fee. One that would include the time I’d need to film more b-roll to splice into the talking head pieces to keep it engaging, add text overlay, research the brand colors and fonts, and package it all together.
Ultimately, we settled on the initial ask and proceeded with the deal.
So, it is imperative to remind you that your time is valuable. As a solopreneur, I may have thought that $100 for 5 minutes of work was a great deal. Still, when I factor in the time and effort I spend on building and managing my own website, newsletter, and social media channels with no immediate compensation, it doesn’t sound nearly as sexy.
2: Setting Unrealistic Expectations
Dream big, they say! But dreaming too big without a solid dose of reality can lead to burnout. FAST. While optimism is a solopreneur’s best friend, balancing it with a healthy dose of pragmatism is crucial. Setting achievable milestones and goals keeps you motivated and prevents the disappointment of falling short. Remember, Rome wasn’t built in a day – it wouldn't be nearly as magical as it is today if it were. So, take your time and enjoy the process.
And I'll never miss an opportunity to share a pic from our Roman Holiday last spring!
Now, back to the business at hand!
Have you ever found yourself in a situation where you feel like you might be unable to deliver on your promise? It’s essential to be honest with yourself and assess if you’re taking on too much. Don’t be afraid to decline project requests if you know you won’t be able to meet the expectations. Brands and companies value honesty, and you can maintain a positive relationship with them by keeping the door open for future opportunities.
An actual response I’ve sent to decline a project request: “Thank you so much for reaching out; I’d love to create for (insert brand). However, my production calendar is full for the next three weeks. I’d love to revisit the opportunities you may have next month.” And the following month, I had a deal.
#3: Neglecting Business Processes
Without robust processes in place, your entrepreneurial dreams could quickly turn into a chaotic nightmare. From client onboarding to invoicing, streamlined workflows ensure you’re not juggling tasks like a drunk circus performer. Embrace the magic of automation, document your processes, and watch your business soar.
You already know I love Quickbooks Online and Relay Financial for my internal banking and invoicing needs. (Remember, I have a 30% off six months of QBO code)
I also implemented a free Notion template to keep track of all of my working projects and see a live production calendar. This helps me understand if I’m maxed out on projects or have some wiggle room to squeeze in a few more!
If you want to learn more about how I plan and schedule my projects, email me to let me know! mindy@mindythomas.com
I can download that exact process and framework in an upcoming issue!
Until next week...
Happy Creating,
Mindy
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