In recent years, with wages stagnating and layoffs becoming an unfortunate norm, numerous professionals have turned to the prospect of starting their own solopreneur businesses. A solopreneur business, typically digital, allows individuals to operate without a team, offering a sense of independence. In this journey towards financial autonomy, my own experience has been transformative, marked by leaving a conventional job in September 2022 and embarking on a solopreneurship venture with the aim of achieving a $150k income.

1. Hacking Your Initial Audience

The foremost challenge in establishing a solopreneur business lies in building that initial audience. From personal experience, I’ve learned that going from 0 to 10,000 followers is a pivotal phase. Rather than seeking a universal formula, solopreneurs must be inventive and focus on unique strategies to reach their first 10,000 followers. My journey began two years prior, leveraging a position at a newsletter publication, allowing me to gradually amass a following of 10,000 by incorporating a subtle promotional link in my by-line.

Other inventive methods include viral videos, product creation, viral tweets, cold messaging, cold emails, paid advertisements, and more. This initial stage demands creativity and concentrated effort, as a substantial following is crucial for generating consistent revenues as a solopreneur.

2. Focus on One Channel

After attaining 10,000 followers on a chosen channel, it is imperative to concentrate efforts on that specific platform. In my case, email became the focal point for content creation. Solopreneurs often falter by attempting to expand onto multiple platforms prematurely. The key is to dominate one channel before diversifying, using the established influence as a launching pad for other platforms.

3. Diversify Income Sources

While focusing on one channel for growth, solopreneurs should diversify income sources. In my case, catering to startup founders, income streams include payments from advertisers, founders seeking fundraising guidance, and referrals to investors. Early emphasis on securing multiple income channels, even if initially modest, lays the foundation for sustainable growth.

4. Capture Every Pricepoint

Monetizing the audience requires capturing every possible price point. It’s a common pitfall for solopreneurs to offer only high-priced services, potentially alienating a significant portion of their audience. Offering lower-priced products not only widens the audience but also establishes trust and loyalty, ultimately benefiting higher-priced offerings.

5. Interact with Followers

Contrary to conventional advice, rather than solely focusing on commenting on top creators’ posts, I have found more value in engaging directly with my audience. Personal interactions, even if not garnering thousands of views, build a strong rapport with followers. This investment in relationships contributes to sustained support, followership, and product purchases, fostering a community around the solopreneur’s brand.

Embarking on the solopreneurship journey requires strategic planning, creative audience building, and a commitment to fostering genuine connections. By following these steps, I was able to realize a $150k income within a year, showcasing the potential for financial success in the solopreneur space.