Theory is great, but as a solopreneur nothing beats converting skills to money in practice.
I often chat about how your mindset helps you become a successful solopreneur or side business owner.
And that's important stuff.
But some of you asked what this means in practice. So let's talk about shifting from a corporate exec to a proud side business owner, for real.
I'll give you three examples and show how they might look in a side business. Jump in:
#1 Solopreneur's take on Management Coaching
First up, executive coaching is a crowded field with high demand. But don't dive in unless you've got years of experience.
Why?
Because the standards are high, and expectations might be more than your side gig can handle.
While executive coaching is a popular way to go from corporate to entrepreneur, many people miss the nuances of leadership dynamics within middle management. Think senior managers or directors. You've either been in that role recently or manage those folks now.
Here's an idea: focus your coaching on leading from the middle, where you have people reporting to you but also report to others above.
- Address the challenges of keeping everyone informed and navigating the web of hierarchy.
- How do you bridge the gap between senior leaders and frontline employees when you don't have all the info at your fingertips?
- When some topics are hush-hush because of your rank?
- Talk about being promoted and anxiety people feel when yesterday’s peers become subordinates.
- Educate on what an executive-ready delivery or presentation looks like?
- How do you show up and what is expected.
- And when the company decides to shake things up with a restructure, what's gonna happen? What's your move?
- How do you keep your cool in front of your team and keep everyone pumped up?
You're probably getting a ton of ideas just from this little rant.
I know it's super important 'cause loads of folks feel like they're not cutting it as middle managers.
And you get that, right?
Because you've been there. Share that wisdom.
#2 Mastering Online Tech Education as a new solopreneur
Alright, let's talk about another angle. How do you rock the online education world with your technical skills?
It's a jungle out there, with countless courses and fierce competition. So, if you're a newcomer or just looking to learn something, it's tough to pick a course or stand out as an educator.
Let's say you're amazing at coding or designing. What to do?
Here's a thought: focus on unique teaching methods and show how to learn skills in a crowded market. Don't just create a course; make it laser-focused on one specific thing. Offer short, to-the-point explanations for those who struggle to choose.
One cool thing about small courses is that they're easier to digest and might cost less than bigger ones.
Plus, after making a few on the same subject, you can bundle them into a master course.
Thought-starters and tips:
- Talk about hands-on projects and show how it's done – like building an app in a weekend. It might cover HTML, CSS, and JavaScript basics but it's engaging because you actually build something.
- Offer personalized feedback too! Your big-shot competitors can't do that with their massive audience. But you? You can shine with that personal touch.
- Include live coding sessions
- Interactive quizzes, and
- Peer-to-peer learning forums
- Teach as a group, not just one-on-one.
Make it immersive and engaging by solving problems together, like a Q&A session.
The bonus? You'll get insight into the questions your perfect audience is asking. And that is material for the next course!
#3 Industry consulting crush it as a solopreneur
Alright, let's talk about three perspectives on making your consulting biz stand out.
First up, let’s agree on the distinctions:
- Coaching helps folks figure things out and make decisions for themselves.
- Consulting is when you dive into someone's business and do stuff for them.
The problem with many consultants is that they all target the same niche industries, making it hard to stand out and creating a price war.
Now, as a savvy pro like yourself, you can tap into your network and change the game. Advocate for a value-driven approach that goes beyond basic expertise.
Emphasize delivering tangible outcomes and maybe even explore a revenue share model. This takes some risk off your clients' shoulders and puts your "skin in the game." Just be careful with how you structure that deal, ok?
Another way to set yourself apart is by guiding clients through transformations.
You could develop your own diagnostic toolkits with industry benchmarks, analytics, and quantitative assessments. That way, clients know exactly what they're getting and feel more comfortable shelling out their hard-earned cash for your services.
Lastly, position yourself as a trusted partner by focusing on a specific solution area – like digital transformation, for example (which is just a fancy term for businesses going all tech-savvy).
By honing in on one component of “digital transformation” and tying it to the bigger whole you'll become the go-to expert in your field.
So there you have it! Three ways to step up your coaching, course or consulting game and make your mark in the industry.
To wrap up, here is your delivery model: your first project is an online course, maybe an hour or two tops. A two-hour course could be broken down into eight easy-peasy 15-minute lessons.
I'm totally confident that you've got some valuable insights to share.
So that's step one, my friend.
Take that step.
To get your personal business model set up and evaluated I have an offer: allow me 15 mins to ask you questions about your challenges and I will spend 15 mins helping you understand how you can build a fantastic side business income stream.