A Simple Guide To Breaking Seven Figures As A Solopreneur

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Solopreneur statistics reveal that an average of 1 in 5 solopreneurs earn between $100k-$300k without outsourcing. That’s not bad for a solo enterprise, but there is some stigma that solopreneurs can get stuck on these six-figure earnings and go no further. 

In reality, though, while it is undeniably difficult to earn upwards of seven figures as a solopreneur, it is doable. And we’re going to consider how.

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Find your niche and become an authority

Finding a niche as a big business can be tricky. Finding a niche as a solopreneur? Much easier. With only yourself to worry about, you can more easily squeeze into gaps in the market, ensuring your products are always relevant, and less likely to go up against big corporation contenders.

But, if finding your niche is the best way to secure six figures, becoming an authority can boost you past the seven-figure barrier. This could involve investing in your ongoing advancement via training and development courses, speaking about your niche at industry events, or simply developing content that might include thought leadership ebooks with ground-breaking industry ideas no one has put in writing before you. 

Diversify your portfolio

Diversifying your portfolio as a solopreneur isn’t without its risks. Still, it can reap major rewards by effectively pulling in as much money as you’d earn from a far larger team. Simply think of your investments as people, and make sure they have the training to pull in the big bucks. 

Investments in areas like real estate have proven especially effective for solopreneurs who want to enjoy tax advantages, wealth appreciation, and risk mitigation. The stock market can also prove invaluable, as can investing in something like a pension fund. It’s simply important to ensure that funds and investments are always overseen by professionals and asset owners who meet GIPS standards and have a tried and tested track record in your field. Take care of all of this, and your money will work even if you’re not. Then, you can enjoy a far higher level of solopreneur security, and seven-figure earnings at last. 

Scale through outsourcing or automation

You’ll notice that the six-figure solopreneurs stated in the statistics at the start of this article achieved their earnings without the help of outsourcing. So, it follows that scaling through outsourcing can also lead to an increase in earnings. Far from taking power out of your hands, outsourcing tasks like shipping and marketing when your business reaches a certain level simply makes sense. It also frees you to perform better in key areas, like service development, which could also send your earnings soaring. 

If you don’t love the idea of being a solopreneur who outsources, why not automate? There’s some great solopreneur-friendly software out there, like Zapier and IFTT, for the automation of everything from accounting to repetitive tasks such as data storage. Which, again, will free you to handle the important parts of your business. 

It isn’t easy to earn seven figures as a solopreneur, but it is possible. Simply put these tips into action to make it happen. 

Jenn Leach, MBA

Jenn Leach is a Houston-based MBA with over a decade of experience in the banking industry. She writes at Millennial Nextdoor where she writes finance, money, business, and lifestyle content to help millennials create additional income streams online. Join her on Substack at https://jennleach.substack.com.

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