G
oing it alone as a
Solopreneur can be equal
parts basking in the valida-
tion of your expertise and frustra-
tion that stems from facing busi-
ness obstacles. To counteract
anticipated negatives that could
undermine your position, you’ll be
wise to include in your business
strategy elements of risk manage-
ment tactics, to help you overcome
obstacles that would stand
between you and a thriving client
list. Let’s spotlight three common
obstacles that can potentially trip
up those who lead a consulting
services practice.OBSTACLE#1: YOU DON’T
OWN A BUSINESS, YOU OWN
YOUR JOB.Eight out of ten consulting practices
never expand beyond services that are per-
sonally provided by the founding princi-
pal. There may be administrative support
staff present (often part-time), there will
be occasional project-specific sub-contrac-
tors hired, but the vast majority of consul-
tancies are limited to, and by, the produc-
tion capacity of the founding principal.
As a result, if the founder isn’t work-
ing, then no billable hours, that is, revenue,
can be generated. Extended vacations are
difficult to take, because they entail a dou-
ble cost - once for the vacation itself and a
second time resulting from lost revenue.
Retirement brings no ROI for the decades
of work done to build and sustain the
brand and the business.
Typically, the founder is convinced
that s/he cannot bring in additional talent
because the services offered are consid-
ered to be an intimate self-reflection,
hand-crafted boutique services built
around the personal brand. It’s a trust
issue.
Nevertheless, most likely the best solu-
tion is to identify and groom a partner whohas complementary skills that will expand
the consultancy’s services, grow the client
list and increase revenues and profits. That
is how a Solopreneur founding principal
advances from owning a job to managing a
(profitable) business.OBSTACLE#2: MANAGING
CASH-FLOW.Precious few Solopreneur consultan-
cies are able to bank on even one cash-cow
revenue genera-
tor, whether that
resource is a
prestige client
or a popular
service. We’ll
have a mix of
big clients and
small. Some of
us will gain access to a brand-enhancing
revenue stream, such as adjunct teaching.
But there are only so many hours in a day
and Solopreneurs are limited by being the
only revenue generator in the operation
and that limits the ability to accept certain
opportunities that would increase billable
hours.
An in-reach solution to this obstacle
could be to work hard and smart to gener-
ate revenues that will let you afford to
invest in the business and create some
operational efficiencies. Hiring a book-
keeper for a few hours a month, for exam-
ple, will allow you to hand off creating the
monthly financial statements, quarterly tax
filings and sending out client invoices. Not
only that, your bookkeeper can give you
some useful advice on how to further
improve the financial management of your
enterprise.
Hiring the right part-time help will
give you the gift of time, that can be devot-
ed to activities that only you can do, such
as delivering the client work and focusing
on business strategy and the overall man-
agement of the venture.OBSTACLE#3: FINDING AND
RETAINING CLIENTS.Many Solopreneur consultants dislike
marketing and are intimidated by selling.
Others are too overwhelmed by their
numerous business responsibilities to
either network and meet potential clients
or implement the marketing plans they’ve
designed.
Finding new clients, nurturing client
and other business relationships and work-
ing to retain clients are what sustains a
consulting venture and those responsibili-
ties fall solely on the founder. Figuring out
how to keep that process in motion as you
simultaneously manage other vital aspects
of the business - financial, operations and
client work - is an obstacle that can keep
any Solopreneur awake at night.
What’s the solution here? See the pro-
posed solutions to Obstacles 1 and 2.
Every business must generate adequate
revenues and profits and that takes place
only when billable hours are generated.
Smart marketing campaigns and strong
selling skills support the
growth of a client list
that delivers the projects
that provide the billable
hours that supply the
cash-flow.
The Solopreneur con-
sultancy is at a disadvan-
tage because time limits
the number of billable hours that can be
accepted. Limitations imposed by inade-
quate time is the root of the obstacles that
must eventually be resolved.
Understanding which among your count-
less tasks might be successfully delegated
is one of the most important business deci-
sions that you will make. That decision
will give you additional time and help you
to apply your discipline and resourceful-
ness to breaking down obstacles and doing
what must be done to achieve your dream.Kim L. Clark is an external consultant who
brings agile talent to the for-profit and not-
for-profit organization leaders with
whom she works. Please visit
http://polishedprofessionalsboston.com to
learn how your organization can benefit
when you work with Kim.3 Business Obstacles
That A Solopreneur
Can Overcome
by Kim L. Clark58 • Australian Opportunities Magazine • M/J/J 2017 • http://www.workfromhomemagazine.com.au“Hiringtherightpart-time
helpwillgiveyouthegift
oftime,thatcanbedevoted
toactivitiesthatonlyyou
cando...”