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How to Reach Financial Success as a Solopreneur

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Looking for practical ways to reach financial success when pursuing a non-conventional career path as a solopreneur?


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Being a successful solopreneur isn’t simply about having a marketable business idea that can withstand competitors. It is about having a thorough plan and processes in place to see financial growth and stability in the initial year and beyond.

It is possible for non-conventional career seekers to reach their business goals and financial success in the modern age. However, it takes a significant amount of discipline, dedication, patience, organization, and due diligence.

To begin your successful financial journey as a solopreneur, check out these ten practical ways to effectively approach and manage your business.

1. Brainstorm your SMART goals and objectives.

To be a successful entrepreneur, you need to have strong business, marketing, and financial plans. These must include your mission, SMART goals, and key business objectives that will guide your work.

You should segment your strategy for success into four quarterly goals. These goals must be specific, measurable, attainable, relevant, and time-bound. At the end of every quarter, you want to review the previous three months to decide if you should make changes to your annual plan and objectives.

Taking these initial steps will ensure you are clear about what you want to accomplish as an individual entrepreneur as you begin your business journey and every step along the way. As a result, you will gradually see improved business processes, customer satisfaction, and steady revenue growth.

2. Have an organizational system in place.

The last thing you want is for your business to grind to a halt because you weren’t well-organized. Having an organizational strategy for your small business in place will ensure that your busy work days go smoothly. No information is lost or forgotten, so your customers remain satisfied.

According to Neil Patel, you want to focus on a few critical organizational strategies to see tremendous success. These strategies include keeping your work environment and storage areas clean and organized, having the right tools in place to track customer communications and business expenses, creating annual social media marketing plans, managing your passwords, and keeping digital records, resources, and notes.

3. Find community business connections.

Creating your professional brand to market yourself and networking with like-minded business leaders is essential to business success.

Networking allows you to connect with other entrepreneurs, freelancers, and contractors in your local community. As a result, this leads to more robust business connections and word-of-mouth marketing with prospective customers, even without a large marketing budget.

To start investing some time and effort into meeting with other local business leaders, consider joining local business networking groups and attending local events, such as Chamber of Commerce meetings.

Also, don’t forget the importance of setting up a business page on a professional networking platform. Along with the ever-popular LinkedIn, you can generate business opportunities and build your network with platforms like Hivebrite, Meetup, Opportunity, Run the World, and Slack.

4. Consider co-working spaces.

Remote and at-home work has become increasingly popular since the pandemic. However, only some feel motivated to work at their home office daily. Likewise, most solopreneurs simply can not afford the overhead expenses of leasing office space to maintain a professional appearance.

A great alternative to investing in a long-term office lease is to find an area for co-working or shared office space. Coworker is an excellent website for searching, finding, and reserving coworking desks, private offices, meeting rooms, virtual offices, and other shared workspaces in your location—anywhere around the world.

If a shared workspace still does not fit your budget or business goals, you can also work outside of your home at a local library or coffee shop to change your scenery and stay motivated. If you are concerned about where to meet clients, consider meeting them for lunch or coffee. Use relaxing public spaces to discuss a project or introduce them to your services.

5. Invest in automated software and tools.

As a solopreneur, you wear many hats in the business world. You need to be able to keep track of client information, projects, product or service sales, financial records, and everything in between. To reduce the stress associated with keeping track of everything, investing in the right tools and software is essential to streamline your processes.

Take Harlow, for example. The company’s all-in-one freelance platform helps small business owners get and stay organized, save time, and look professional with automated invoicing, proposal templates, client and task management, and more. Their flexible invoicing feature helps freelancers manage their finances so they can send, track and collect payments on time.

Beyond financial and operational management, every solopreneur can benefit in their daily work with tools focused on communications, business accounting, customer relationship management, and beyond.

If you run a business that reimburses your employees for vehicle business mileage or simply need to track your vehicle use for business use when it comes to annual taxes, MileIQ is an excellent option. Users can integrate it with QuickBooks, Concur, FreshBooks, and other expense-tracking programs.

Meanwhile, every business leader can use Grammarly to improve professional writing and communication skills or educational tools like LinkedIn Learning or Class Central.

6. Use a business credit card.

One of the best ways to see exponential business growth is having the ability to invest in your business. Along with using a bank account that is separate from your personal finances, consider applying for a business credit card.

Using a business credit card will allow you to keep a single record of your expenditures. This saves you from using all your investment funds at once. When you can repay expenses throughout the year—rather than directly out of your pocket—do so. That way, you can reduce cash outflow, improve record-keeping and continue to grow your credit.

The type of business credit card you can receive varies among market lenders, so be sure to research a credit lender that supports your small business needs.

7. Plan for your retirement.

While your focus may be on your career path and goals most days, you don’t want to overlook the need to plan for your retirement. Retirement is an often set aside objective for solopreneurs. However, you should consider the same initial steps toward opening a 401(K) or another retirement account as you would in a traditional job setting.

Before deciding what type of retirement account to open, you will want to consider your long-term goals. Whether at the beginning or middle of your solopreneur career, thinking about the end result is crucial in developing a detailed plan for your career path and ultimate retirement.

Think about how much you want to save by the time you retire. Do you plan to move to a dream location? Do you want to travel occasionally — or frequently travel — during your retirement years? How much will you need to budget for each expected year of retirement?

From there, you can look at retirement account options that fit your ultimate financial goals and will help you reduce your taxable income as you contribute throughout the year. Solopreneurs should also build a successful retirement savings plan. For example, consider a self-employed 401(K), a traditional ROTH, or a straightforward IRA plan.

8. Remember, money isn’t everything.

While it is important to remember your worth and have your product or service prices demonstrate such, you want to also keep your fundamental values and mission at the forefront of your mind on your business journey. A successful business isn’t simply about financial success. According to the founders of GoDaddy and JetBlue Airways, it is about perseverance and providing every customer with exceptional experiences.

There may be times when you come across a potential client who requires your services but can’t afford your regular prices. As your own boss, you have the power to consider how you can help. Can you provide a discount on your product or services? Do you have a referral program where you can offer a free service if they refer additional customers? Can you advise them on how to achieve what they need? Do you have a blog or other digital content that may be useful to them?

It may seem that you are losing out on potential revenue. However, considering your customers’ needs alongside your core business values and company mission can make a significant difference too. Understanding their needs can help you find alternative ways to be an asset to them and deliver customer leads through word-of-mouth marketing and customer reviews.

9. Don’t forget to reward yourself.

It doesn’t matter whether you run a small or large business. As an entrepreneur, you work hard to keep your company afloat and your customers happy. It can be all too easy to get lost in meetings, projects, marketing, business networking, and every other responsibility—regularly leading to burnout or simply poor motivation for many leaders.

Remember to reward yourself in small ways throughout the workday to ensure this doesn’t happen to you. Using Pomodoro, you can give yourself small rewards after 25 minutes or an hour of work, such as walking the dog or having a midday cup of coffee.

But don’t just think about day-to-day rewards; remember to give yourself adequate vacation time throughout the year. As a self-sufficient business leader, you can provide yourself with benefits and opportunities that not every company offers. Taking care of yourself might include taking a week’s vacation mid-summer. Use that time to clear your mind or at least give yourself mental health days to reset and recharge.

10. Open a savings account for tax season.

One of the biggest mistakes that new business leaders and freelancers make is not planning for the upcoming tax season. Your planning should include staying well-organized by keeping print and digital receipts, invoices, utility bills, and other necessary financial documentation.

You also want to keep a business account. Use it to save money for the upcoming tax year and unexpected expenses. And don’t forget to use TurboTax and other relevant tax tools to help manage expenses throughout the year.

The post How to Reach Financial Success as a Solopreneur appeared first on Due.

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10 Things Every Working Woman Should Do This Year

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Opinions expressed by Entrepreneur contributors are their own.

Self-care has become an all-encompassing term that has strayed from the importance of everyday commodities that keep us in good health and spirits. Though pampering and “treat yourself” moments still have value, here are ten ways to invest in yourself to produce long-lasting, positive results.

Related: 8 Self-Care Tips From Wildly Successful Entrepreneurs

1. Put money into a 401(k)

It’s never too early (or too late!) to start saving for the future. Depending on your employment status, there are different retirement savings accounts. 401(k)s are the most common since these are employer-sponsored and often come with an employer match. However, freelancers also have options, such as a SEP-IRA or a high-yield savings account, to put away extra, tax-free dollars for retirement.

2. Schedule a health checkup

Self-care first includes taking care of your physical health. It’s easy to discredit regular checkups when you’re feeling healthy, but make this the year to get your blood work done. It creates a baseline for your health to identify areas needing improvement or extra attention.

Also, choose areas in your life where you can make small changes. Improving your health doesn’t always mean a drastic overhaul; it may be as simple as drinking more water or adding an extra 30 minutes of exercise to your day.

Related: 3 Key Tips for Optimizing Your Physical Health as an Entrepreneur

3. Review health insurance benefits

Many people with health insurance aren’t sure exactly what it does and doesn’t cover. If you’re unsure, talk with your HR representative or your health insurance provider to get an overview of deductibles, co-payments and other supplemental benefits you may not be aware of. Then, decide if the health care plan makes sense for your current lifestyle.

Are you paying for benefits you don’t use, or do you need additional benefits that aren’t covered? Selecting the right plan will help ensure you have what you need without paying the extra expense for anything you don’t.

4. Ignite your curiosity

Maintaining healthy cognitive functions through new pursuits gives a boost to the brain. Get curious and find what speaks to you. This can be anything from exploring local museums, embarking on different hiking trails, learning a new language or reading more books.

There’s no limit to what you can do, and these activities can ignite more creativity and motivation in your work. While it may be helpful to look to others for inspiration, make them enjoyable so you’ll want to make them a regular occurrence.

5. Prioritize mental health

Mental health has been at the forefront of people’s lives over the past few years, as many have experienced burnout. We often equate productivity with a value that drives us to go beyond our means and leads to anxiety, stress and depression. Take note of your everyday stressors and see how to reduce or eliminate them. Then, replace them with relaxing outlets that allow you to recharge.

There are various ways to prioritize mental health, from practicing positive self-talk to meditation to scheduling an electronics-free day. You may have to try different solutions before you find one that fits.

Related: 5 Ways to Protect Your Mental Health as an Entrepreneur

6. Implement good sleep habits

Consistent sleep is one of the essential factors of good health but one that is often overlooked. For many, it can be challenging to wind down from the workday. Therefore, you must “train” your body to prepare for sleep by getting into a nighttime routine.

Create a sanctuary for yourself to improve your sleep habits. Enjoy a soothing cup of herbal tea, perform a skincare routine, and snuggle in with a good book rather than scrolling through your phone. Additionally, ensure your bedroom is dark and cool for ideal sleep comfort and turn on soothing sounds if it helps lull you to sleep.

7. Try something new

What have you wanted to try but have always held back? Maybe it’s public speaking or contributing to a blog. Whatever “new” has been on your to-do, make a plan, schedule it on your calendar and go for it. It’s common to hold back from these activities due to fear of the unknown or failure, but trying new things helps create confidence and can be the catalyst you need to push you to the next level.

8. Learn to set boundaries

Boundary setting is crucial to relationships yet can be difficult to master. It doesn’t always involve simply saying no to people’s requests. Instead, it requires protecting your own values when people violate them. Setting boundaries may mean spending less time with certain people, removing yourself from toxic situations, or declining invites to events that don’t improve your life. Explore areas where boundaries will help you grow, and keep in mind growth itself is a work in progress.

Related: How to Set Boundaries to Build Thriving Relationships

9. Spend quality time alone

Learning how to enjoy time spent alone is a valuable gift. We are inundated by a false sense of connection through the internet, which often makes us feel lonelier than ever. Then, we overschedule our calendars to make up for human connections, only to feel drained afterward. Slow it down and plan a few solo dates a month to see how it feels to be truly present with yourself.

For those who aren’t used to spending quality time alone, it can feel awkward and uncomfortable initially, but these stem from your own perceptions. Take in a matinee, sit in a coffee shop and read, or enjoy a concert or event you’ve wanted to attend. Alone time has been linked to improved stress management and greater life satisfaction, so it’s worth trying to give yourself more time.

Related: Turns Out, Those Who Like Being Alone Can Be More Creative

10. Get active

Getting active can take on several directions. It can be physical, emotional or spiritual. The point is to engage with people and pursuits that feed your soul. Whether volunteering within your community, setting yourself an exercise goal, or learning more about personal development, there are endless ways to get active and invest in yourself this year.

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Are You a Winner? How to Truly Define Winning in Your Business

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Businesses gauge their performance typically with dozens of goals and metrics. But you can’t do everything at once. The challenge is to get people focused on the one thing that’s most important right now. If it moved in the right direction, it would eliminate a weakness (or capitalize on an opportunity) and improve financial outcomes. You improve that, and you win.

However, not every company clearly defines winning. A catalog of goals can pull the organization in multiple directions and stretch finite resources. Numerous goals can inherently be at odds, working against each other and for conflicting purposes. For example, a cost reduction goal might undermine an innovation goal requiring a significant investment.

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Gen Z Is Making Ugg Boots Fashionable Again: Report

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Ugg boots, the furry, sheepskin boots that defined the 2000s are back, apparently, with spiking interest and Gen Z cachet, according to data from shopping website, Lyst.

The site’s annual quarterly report that highlights the “hottest” 20 fashion brands was released on Thursday, and, as Insider noted, Ugg is on it for the first time since the index began in 2017.

“Gen Z shoppers are breathing new life into once dormant brands … with over 1.2 billion mentions on TikTok — Ugg’s influence is undeniable,” the report notes.

The boots were also sold out of stores during the holidays, it added.

Generation Z, or people born between 1997 and 2012, has demonstrated a penchant for bringing back old technology and trends, from flip phones to “vintage” headphones with cords.

But Ugg boots go back much further — the word “ugg” is actually a general term in Australia that means boots made from sheepskin and fleece, according to the BBC.

The company that created the “UGG” boot, Deckers Outdoor Corporation, is based in the U.S. and has tried and failed to trademark the word in Australia (where a court decided it was a generic word and thus could not be trademarked), the outlet added.

The company says the boots began to gain popularity in California in the 1980s. They were first featured on Oprah’s Favorite Things in 2000 (a huge brand-maker back then) and became “cherished commodities” early in the decade, according to Vogue.

The boots later gained prominence again with a fashion movement that prioritized “ugly” clothes, and have since become an unironic Gen Z favorite, per Insider. Kylie Jenner was also spotted wearing them in November.

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