Want to work for yourself? Solo entrepreneurship is a fantastic way to use your skills and passions. But the bottom line is that a lot of us relegate that work to the side while still continuing to work for companies. Whether you’re waiting tables by day and painting by night, or trying to squeeze in teaching fitness classes around your nine-to-five, it’s like leading a double life.
Plus, you end up exhausted and stretched thin! The work you’re actually passionate about suffers.
So, how do you make being a solo-preneur sustainable? First, figure out how much you need to make.
Whether you’re a spreadsheet person or want to scrawl a list and calculate on your phone, take a few minutes and figure out how much you need to survive for a month.
Be sure to include rent, mortgage, utilities, groceries, cell phone, internet, childcare, student loans, insurance, and car payments/transportation. Now add some luxury money. Be a little generous with yourself. Dining out, nights on the town with friends, traveling, film screenings, shopping-include the things that inspire you and that make you extra happy!
Now, based on what products and services you currently have on offer, figure out how many of your typical product you’d have to sell to survive the month. Is it a lot (say, more than 15?)? Then rethink your strategy.
Spend time creating higher end, higher value products. Value yourself and your time. Look at expanding your relationship based services-workshops, coaching, etc. Offer an art class, one-on-one workshops, custom designs, and offer them at a price that not only honors your efforts but will let you stop leading that double life.
Just take that first step. Take the time to do the math, and get yourself on the path to escaping the nine to five!
