Being a solopreneur can be an exciting pursuit. But, diving into business as a solo entrepreneur can be challenging. Knowing some of the reasons why solo entrepreneurs fail can help you fast-track to success.

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As a solopreneur myself, I have first-hand experience failing at business. I overlooked many of the important aspects I will share in this post. I have also seen many other solopreneurs repeat the same mistakes I did.

To help you avoid these pitfalls below are 7 reasons why solopreneurs fail in business.

No Written Plan

It can be so easy to believe you have a plan when you really don’t. A plan that only exists in your head will not suffice as a proper business plan. Many solo entrepreneurs have great ideas but don’t have a clear roadmap for how to execute them.

I have been guilty of this myself. I’d get so excited about an idea. I’d jump right in thinking I would figure it out along the way. But most times it didn’t quite work out like the vision in my head.

There are so many components to the business that need to be figured out ahead of time. Some are more critical than others, such as operations, marketing, and financial matters.

Also, If you plan to fund the business yourself, you don’t need a 10+ page business plan, as if you were getting a bank loan. You just need to think through the critical areas, do some research, and write up a concise 1–3 page document.

Know that this is a working document. Its contents are subject to change based on the market conditions that arise as you grow. It is your daily compass to guide you on your journey and help you find your way when you get lost.

There are many one-page business plans available online. Most of them outline all the essentials you will need to include.

Creating a business plan is critical to having a fighting chance at lasting in business.

As the saying goes: “he who fails to plan, plans to fail.”

Poor Time Management Skills

As the name implies, being a solo entrepreneur means you mostly work solo. You are solely responsible for managing all aspects of the business. That is, unless you employ some people or technology to assist you.

Solo entrepreneurs must learn to manage their time more effectively. Many solopreneurs I know spend most of their time engaged in the doing of the work. Michael Gerber in his book The E-Myth calls this working “in the business,” instead of “on the business.”

In other words, they spend too much time making their products or providing the service. And not enough time marketing the business or perfecting their business systems.

To fix this issue, solopreneurs should consider this when scheduling their time. Ensuring that they don’t spend it all making products or servicing customers. But also schedule time for marketing, finance, and other administrative tasks.

They must also avoid the temptation to slack off and take shortcuts. As a solopreneur, one could think they are their own boss and be less productive than they could be. It is also easy to get distracted by tasks that are not business-related. Especially during business hours.

This is especially critical for entrepreneurs who work from home. It is important to distinguish between work time and home time. A proper work-life balance is essential for solopreneurs. Time-blocking can be very helpful in this case.

Lack Of Willingness to Learn and Adapt

I recently had a conversation with a woman who said she was closing her shop. She felt like she was failing and wasn’t getting enough customers to cover rent or pay herself. The first thing I asked her was, did she finish creating her Google listing that we started on? She said no, and she didn’t want to think about it because it seemed too complicated.

The problem is she lacked the willingness to learn. She refused to spend time learning things that seemed difficult. Even when those things would help her business grow. She only wanted to stick to her primary skillset, do what she felt was fun, and ignore the rest. Ultimately, she constantly complained about how she needed help with the marketing stuff. But she didn’t have the money to pay anyone to help. Her complaining continued until she finally decided to close her doors. Vowing to never pursue entrepreneurship again.

As a solopreneur, you have to be willing to learn new things and adapt to new situations that arise. Being in business is like being a student all over again. In this fast-paced world technology is rapidly shifting the way things are done. To succeed you have to embrace the spirit of an avid learner and be open to change.

The solution: allocate time in your day for learning. It doesn’t have to be a formal thing where you set aside a specific time of day, although it can be. You can also do it while you are on the go.

Here are some possible times to allocate for a brief learning session. After dinner, before bed, while waiting for an appointment, or in the car. If you are the one driving in the car, it’s best to listen to audio-only for safety purposes.

Taking 10–30mins out of your day to learn can expand your skills. Many sites offer bite-size content to immerse yourself in. Sites like Medium, YouTube, and Skillshare are just a few to consider. They can help you develop new ideas, and new skills, or learn tools.

I also recommend you use the playlist features on these sites to save some content for later. So when you have more time but may not have the mind to figure out what to look at, you’ll already have content set aside.

Limited Networking Skills

Networking is an important skill to have in business. But, it can be challenging for some introverted solopreneurs. Especially, those who are in business for themselves to avoid working with others. What they don’t realize is that it’s unavoidable. At one point I fell into this category. As an introvert, I prefer working alone, however, I now know how essential networking is.

Some solopreneurs are extroverts. They choose to pursue solo business for other reasons. The experience of connecting with other people is enjoyable and energizing for them.

You don’t have to be an extrovert to be a great networker. Introverts can make excellent networkers as well. I know a few. I’ve come across both types of solopreneurs who have failed. They all could have been more successful if they upgraded their networking skills.

In my experience, introverts can sometimes be too apprehensive to start conversations. While extroverts can sometimes be too aggressive and drive people away.

Some solopreneurs think networking is about going out and handing out business cards. Others think it’s all about pitching their services to everyone they meet. But that’s not the whole truth.

It’s more about genuinely connecting with like-minded individuals and creating alliances with them. It’s about finding ways in which you can create win-win deals for you and that other person to help you both benefit. Networking is about finding ways to be helpful to others and solve problems.

Here are a few solutions. Read up on networking, and jot done 3–5 tips to try. Then schedule time every week or month to connect with people either in person or online. When appropriate try out those tips.

The more you practice networking, the better you will get. If you have a fear of talking with people or lack confidence in making conversation, then get help. Talk it over with a family member, trusted friend, or counselor.

Fear of Selling

Selling can be a big fear for some solopreneurs. They may have the image in their minds of a pushy salesperson and don’t want to come across that way.

As a result, they may give away so many freebies and never mention what they offer for sale. Some solo entrepreneurs even find it painful to ask for money.

Some also lack confidence in themselves and their product or service. They may feel that they are not as good as their competitors.

In other cases, they fear missing out on getting potential customers. So they underprice their work. They hope by undervaluing their work, sales will automatically happen. In most cases, it doesn’t.

Selling is an art form that can be learned. And no, you don’t have to be a pushy salesperson to get people to buy from you. You have to educate people on the value that your product or service provides. And help them envision how they can use it to achieve their desired outcome. Those are the basics. On top of that are other physiological tricks of the trade that you can learn, to inspire people to buy now, etc.

Selling is not hard. It shouldn’t be a word that triggers negative emotions in you when you hear it. The solution I propose is to grab a good book on sale that resonates with you and get to reading. Take note of the principles you learn and apply as many of them as you can, immediately.

Poor Money Management

Money is the life and blood of any business. I had to learn this lesson the hard way. You need money to start a business, grow it, and keep it going, among other things. Money matters can not be neglected if you want to have a successful business.

Solo entrepreneurs often underestimate costs. They overestimate the amount of money they can make, aka revenues. And many times fail to keep accurate financial records. All these things can quickly lead to financial troubles.

Good money management is crucial for solo entrepreneurs to sustain and grow their businesses.

Here are some solutions. Seek professional financial advice by hiring an accountant, or financial advisor. Optionally, you can attend some webinars given by an expert on the subject. These professionals can provide valuable insights and guidance on managing your finances.

Additionally, you can keep a close eye on your cash flow. Set aside a portion of your income as a cash reserve to cover unexpected expenses or periods of low revenue. Create a budget to get a clear picture of where your money is going. And when possible, use software like QuickBooks to make tracking this stuff easier.

As a disclaimer, this information is for educational purposes only. It is not intended to be legal or financial advice. Consult with a professional before implementing any of the suggestions mentioned.

No Stress Management Skills

It can be fairly easy to become overwhelm when you are managing many things. Optimism can fade pretty quickly when things break down on you all at once. Burnout is a major problem for many entrepreneurs. However, if solo business owners are not careful, they can reach this point much more quickly. This is due to the workload on their plate.

We only have so much energy to invest in our business before we run out of fuel. Stress in business is a common occurrence that one must learn how to manage to survive.

It’s important to take time away from work for relaxation. It’s also essential to learn various techniques to handle emotions. Especially when dealing with stressful situations.

Too much stress can lead to health problems. If you, as a solo entrepreneur, are your only employee, getting sick is terrible for business.

Solution: learn some relaxation techniques to help you manage stress. Pre-plan how you will handle certain situations that may arise. Create a stress management guide that you pull out when you are feeling burned out or overworked.

It is said that most people make poor decisions when they are stressed. So your stress management manual will be very helpful in getting through a rough moment.

Another suggestion would be to find some friends who are also in business who you can talk with from time to time. Knowing that you are not alone on this journey can be healing in my experience.

Conclusion

In summary, being a solo entrepreneur comes with many challenges to navigate. Many fail quickly because they jump into business without a well-thought-out plan. They have poor time management skills and are not willing to learn and adapt. Additionally, they have limited networking skills, fear selling, and manage their finances poorly. Lastly, they haven’t learned how to manage stress. Self-improvement is a continuous task as a solopreneur. Improving in these areas will give you a greater chance of lasting success.

Wishing you all the best!

Elishema

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