How to Transition from Solo Freelancer to Solopreneur

I’ve been a long subscriber of Fitz’ blog.  That’s how I found out that he was having a free seminar on How to Transition from Solo Freelancer to Solopreneur.  I didn’t want to miss the chance of learning something new plus it’s free!  Paypal is the main organiser of the Freelance seminars and I learned this is just one of the many seminars that Paypal is offering.

It was a good seminar!  It’s the first time that I heard Fitz speak and he was awesome!  The lessons provided weren’t new but it’s good to be reminded about them!

Here are my notes from the seminar:

What’s the difference between a solo freelancer and solopreneur?
Solo Freelancer

• Think of themselves as an online freelancer
• An individual working online to grow their income
• They are workers

Solopreneur

• Think of themselves as an online entrepreneur
• An individual working to grow their business
• They are managers

Why Be a Solopreneur?

• Helps you develop skills for entrepreneurship
• Creates residual (work once will result to continuous income) and passive income (no need to work but income comes continuously)
• Opportunity to help others make a living
• More free time for yourself and loved ones

When Should You Start?

• When you want to make more money without necessarily working more hours
• When you want to pursue other interests and ventures but can’t afford the time
• When you’re ready to take in new challenges and grow as an individual

Steps to Becoming a Solopreneur

1. Personal Finance
   1. Learn proper management on your personal finances
   2. Track and minimize your expenses, eliminate unnecessary debts, spend below your means
2. Choose your MVP
   1. What is your minimum viable product? What is your core competency? What is your bestselling service?
   2. Start small to minimize risks. Focus on what you are already good at.
3. Document your Process
   1. Write your typical project cycle
      1. Main phases
      2. List of tasks on each phase
   2. The goal is to identify areas that you can automate or outsource
   3. Create quality guidelines for your work
4. Develop a Business Plan
   1. A business plan is your blueprint for success
   2. It shows you how everything runs and can eventually run on its own
   3. Major Parts:
      1. Product/service list
      2. Marketing strategies
      3. Work process
      4. Business numbers
         1. How much will it cost to automate or outsource some of your work tasks?
         2. How will this affect your income? Is it acceptable to you?
         3. How many additional projects do you need to earn as much as before? Is it feasible?
         4. What is the potential for growth and scale? Are there other opportunities you can pursue?
5. Execute and Adjust
   1. Don’t waste all that planning.. take action
   2. It will not be easy, but the aim is progression and not perfection
   3. In due time, you will eventually become a solopreneur

SAMPLE:

Robby: a Freelance Writer
MVP: Article Writing Services
Core Competency: Technology articles
Bestselling service: gadget review articles

Robby: Project Cycle

Key Strategies

• Automate and simplify
  • Use online tools and apps
    • Paypal Merchant App – Simplify how you manage and move your money (http://bit.ly/PayPalMobileApps)
    • Buffer App – Schedule posts on social media
    • Paypal Business Account – Access to merchant tools and business forms (http://bit.ly/PayPalSellerFees)
  • Improve how you do personal tasks as well
• Delegate
  • Outsource mechanical tasks
  • Train someone to become a duplicate
• Collaborate
  • Work with other freelancers on projects
  • Develop strategic partners

Becoming an Entrepreneur

• From being a solopreneur, it’s important to eventually become an entrepreneur
• Being an entrepreneur means removing yourself from the work process
• To have the business run on its own
• So you can focus on growth and/or new ventures