When to take the solo leap?

Should you get a ”real job” first, or leap to working solo right away? Big decisions mean big considerations. Here's a rundown.

A few weeks back, Ishan asked whether it was wise to dive into solopreneurship right away or to work for a bigger company first. 

In my experience of working with thousands of solopreneurs, there are three key elements you want to have in place for your new solo business to thrive. Some folks have them right out of school. Others can take months or years to develop.

Let’s look at each.

1. Competencies (your skill set)
   Do you have skills that customers will value (and pay for)? What experience do you have in turning your knowledge or talents into real-world solutions for customer problems? These might be anything from coaching to cooking to coding, or a thousand other abilities. What are your unique abilities?

2. Cash (your financial picture)
   Do you have four to six months of savings to use as a financial runway until your solo venture is off and running? Also, do you require equipment, supplies, or other resources to complement your skills? A financial cushion will enable you to invest in your business. More importantly, it will reduce your stress levels about generating revenue immediately. 

3. Connections (your network)

   How many folks know about you and your skills? How many solopreneur peers and colleagues can help you along the way? The size and strength of your network will impact your working solo success, especially in the early days.

There’s no single path for the perfect solo business. That’s its joy – and challenge. You can craft the business to fit your interests, talents, and goals.

Working a more traditional job can enhance your skills and connections and enable you to build a financial base. If you possess in-demand skills that generate a hefty paycheck for a year or so, that may be a good choice — especially if you aren’t yet clear on what type of business to launch.

On the other hand, if you’re eager to capitalize on a current trend or opportune environment, you may want to leap right away. Your launch will be strengthed by the 3Cs of competencies, cash, and connections, but you trust you’ll figure it out as you go along.

Two other points:

1. Solo businesses can run in tandem.
   Many solopreneurs start their companies as part-time or sideline work (aka “side hustles,” not a term of endearment to me). In earlier decades, this was known as “moonlighting,” implying the after-hours nature of the work. This approach allows you to test your ideas while still earning a paycheck. Be aware of NDAs and non-compete agreements if you launch a competitive company.

2. Solopreneurs often boomerang from solo to paycheck and back again.
   Over several decades, I’ve bounced between too-good-to-refuse W-2 employment and my own solo business. Yet, I’ve always kept a solo practice going, even when working full-time for a company. So don’t feel compelled to be a solopreneur forever onward, right from the start. Situations change, and opportunities arise. You’ll grow and change, as will your business.

Should you jump into the deep end of the solopreneurship pool? You get to choose. Now you know what to consider before you leap.

And from the millions of us swimming in these solo waters, let me shout: Come on in, the water’s fine!

---

Pssst… I’m looking for a handful of folks for a feedback team for a new project I’m developing. Think of it as an MBA for solopreneurs, delivered in 3-minute slices. Interested in helping me beta test this project? Email me and tell me, Yes, I’m interested, and I’ll add you to the list. Thanks.

---

Know someone who is thinking of making the leap to working solo? Click the blue button above to share this issue.

Have a question about solopreneurship? Send me an email and I’ll try to address it in a future issue. I read all my emails and would enjoy hearing from you.

Or, feel free to leave a question in the comments section below. Click the heart to send a like.