These seven characteristics are critical to your solopreneur success: 

1. Responsibility
   There are many benefits to owning and operating your own business, and freedom is certainly one of those perks.  With freedom comes responsibility.  There is no one telling you that you must work between from 8 to 5, but you are responsible for meeting obligations made to your clients.  However you choose to do that is fine, but you must have the drive and determination to get it done without anyone standing over you. 
2. Expertise
   It should go without saying, but I’ll say it anyway – you should have the skills needed in the business you are pursuing.  Many of the solo business owners I work with do not have a degree in their area of expertise, but they used their educational background and past work experience to carve out a niche for themselves.  You do not have to be an award winning journalist in order to operate a writing business.  However, you should have writing skills and the ability to learn various styles. 
3. Communication skills
   You must be clearly articulate verbally and in writing.  This is especially important because a great deal of your communication may be via the internet.  Without the benefit of face to face contact, you will have to be able to maximize each communication and build rapport with your client through an electronic medium.  Are you able to write brief email communications that clearly delineate key points?  Is your communication free of local jargon that might be lost on someone from another country or even another industry?  You do not want to make a client angry or worse lose an opportunity because of a miscommunication.  You also have to be comfortable with the process of communication.  You will need to clearly spell out the scope of work to ensure that you and your client are on the same page.  If a problem arises in the middle of the project, you will need the ability to be direct and honest with your client in order to resolve the issue. 
4. Self-motivation
   When you work for someone else, motivation comes in many forms: a steady paycheck, bonuses, performance reviews, or verbal praise. When you are the boss and you work alone there is no outside stimulus to get you going (other than caffeine).  There will be assignments that are less than exciting, and clients who are less than pleasant.  Great feedback is wonderful but there are times you may get none.   Without regular feedback, without the water cooler pep talk, can you get excited enough to get it done all by yourself?
5. Adaptability and flexibility
   You will be working with a variety of personality types, cultures and business styles, and you must be able to adapt quickly.  You will not always have the luxury of doing things your way but will have to adapt to the client’s preferences.  You will also have to adapt to market trends and changes.  What is hot today may not be hot tomorrow.  Also, you will need to be the ultimate in flexible or you will lose not only your mind but your clients!  Being flexible does not mean comprising on your integrity or your values, but it does mean being willing to accommodate within reason.
6. Ability to handle rejection
   The one thing that is guaranteed is that you will not win all your proposals, and you will not win rave reviews for all that you do.  You must be tough enough to withstand the losses.  A prospect’s rejection of you does not mean that you will never work again, it is not even a statement on your ability.  It simply means that someone else was a better fit for their particular needs.  You may also face rejection when you deliver a job and the client is not satisfied.  Bad reviews are a fact of life, and you must be able to take them and move on.  Do what you can to give the client what they want, offer to make things right to their specifications, but don’t argue or try to convince them that you are deserving of a better review. 
7. Project management skills
   You alone are responsible for completing every project.  Keep in mind that no matter what you do and how simple it may seem, each new assignment is a project that will have various components that must be managed.  If project management has not been your greatest strength, you will need to learn it!  You can get project management tips from the internet, library or even by taking a class at a community college.  You can use organizational aids ranging from project management software to simple project management notebooks.  Some people have found that a simple whiteboard or wall calendar helps them stay on track. You may have to try out a few things before you find the system that works best for you. 

There is more. In work as well as in life, you should have a healthy dose of optimism and patience.  Your business will have its ups and downs, and your attitude will determine how you handle those natural swings.  If you are optimistic you will take the negatives and use them to grow and learn. 

And you will need patience;  there is a reason for the term “building a business.”  It takes time. You lay your foundation and you build upon it.  You will also have to be patient with yourself.  You may not be as fast as you want or as smart as you want in the beginning.  Give yourself room to grow.  Don’t beat yourself up when you make mistakes – you will make them, learn and move on. 

Finally, learn to laugh at yourself (if you don’t already know how), because there will be plenty of opportunities to do so!

At points like these, it can be almost irresistibly tempting to ease up: Lower prices, agree to different terms, take on clients that would make it past your normal filtering mechanisms. The overriding mantra in the brain is something like, “Do whatever it takes…do whatever it takes…”

This is not surprising. It is a natural reaction to an undesirable change (in this case, a change in revenue flow). You have a mindset for success, which means that you will take action to solve problems and break through barriers.

But this situation can lead to additional challenges. If you ease up on your standard operating procedures or on your “client filter,” there is a risk that you will end up in situations where client expectations are quite different from what you have agreed to. Once into a project, it can be very difficult to resolve this kind of mismatch; it can boil down to a “they said, you said” kind of debate, where each side stands firm by a recollection of the agreement that was made. Also, if you ease up on your usual payment terms, you may end up not getting made for all or part of your work. The client can come up with reasons not to pay you, and you may not have any reasonable recourse.

There is a relatively easy way to prevent these and other challenges that arise from changes you’ve made to your business process in order to get revenues in the door.  Set client expectations before the engagement officially starts by providing an engagement memo.

This memo is more than a verbal agreement and less than a contract full of legalese. It sets the arrangements out in writing, so that your client can review everything ahead of time. The key elements of   the memo are:

• Scope of work. Write out the details of the job you are taking on. Be as specific as possible; the more the better.
• Price. This is the price for the work you have just scoped out.
• Terms. Your payment terms. (Note: ALWAYS get some percentage up front, no matter what. This is one policy that should never be eased up on.)
• Policies. List the critical policies that must be followed in order to fulfill the scope of work for the price you have quoted. This may include how you will communicate with the client, what the client’s responsibilities are and what will take place if they do not follow through on these, and how changes in scope will be handled.
• Signature. Have the client sign the memo and send the signed copy back to you. Though this is not technically a legal document, a signature means that the memo has been read and the client agrees with its contents.

Actually, an engagement memo should be part of the way you do business at any time. In addition to setting out the elements of project in black and white (which avoids differing recollections later on down the line), the memo can be an “early warning signal.” If a client argues with the scope, the terms, or your policies, pay attention. Depending on the situation, this may not be someone you want to go further with. I have terminated a number of engagements at this stage because of an argumentative client, and have never regretted it.

It may be scary, but it’s also liberating – your future is now entirely in your hands, and you will reap the full benefit of your successes. If your business does well, you’ll do well. If it doesn’t, you’ll need to identify what you’re doing wrong and make the necessary adjustments.

The question isn’t whether you will have a regular income, but how much your income will be – and how you will generate it.

When you start your solo business, most of your time will be spent looking for clients. You’ll be coming up with offers, figuring out your pricing structure, and constantly looking for leads. There will certainly be times when you wonder if it’s all going to work, and whether it wouldn’t have been better to take that salaried sales position after all. You’ll keep wondering about that salaried job until you land your first client.

Then you’ll land a second client, and a third, and a fourth and then like me, you will have added over 500 clients to your satisfied client roster.

From there it just gets better. You find that satisfied clients come back with more work for you. They pass your name on to friends, family members, colleagues and even acquaintances who will, in turn,  spread the word further. As you get busier and busier, you learn to work faster and smarter so that you can create more income in the day and free up your weekends and evenings.

Then, just as you’re beginning to relax and enjoy yourself, you run into a client who makes endless demands, or who refuses to pay, or who keeps changing the scope of the project – and you begin to wonder once again if it’s all worth it.

But those doubts don’t last. You realize that every client is different, that you can’t please them all, but that the vast majority are honest, trustworthy and do like the work that they’re paying you to do. Now, rather than fret about clients or get discouraged when a dud client comes along, you turn your attention to improving your business, your marketing, your offers.

And years from now, looking back on the beginning of the solo stage of your professional life, you will barely remember the fear, uncertainty, and doubt. What will stay in your mind is how great it felt to be on your own, making your own decisions, and solving your own problems.  And that salaried job? You won’t have thought about that for ages!

There is one big difference: You now have the ability to resolve the dilemma in your way.  As an employee you did not have the freedom to restructure your hours or your duties, but now that you’re the boss you can create a tailor-made solution! 

To be completely frank, it does take time to learn how to balance life when you have your own business. It is also a challenge that you will inevitably address more than once.  It is all too easy to become absorbed in a project or take on more than you can finish, and before you realize it, you have worked three weekends in a row, you’ve missed six social events with your family, and the dogs are so hungry they growl at you when you finally stumble out of your office.

Running a solo home business successfully requires creating a structure with clear boundaries. Determine how many hours a day you are able to dedicate to your business, when those hours will occur, and what you will accomplish during that timeframe. If you’re like me, your actual task schedule will vary from day to day so your best bet will be to sit down every night (or every morning) and write out a detailed schedule of what you plan to accomplish in your work time frame and how much of that time frame you will spend on each project. If you are the only adult at home during the day and have small children, for example, you might choose to complete your projects during naptime or in the evening hours when your spouse can take care of the kids. Or, if you have the house to yourself during the day, you can utilize this time to your advantage.

Creating a structure for your business time will make a big difference and help you create that work-life balance you seek. Yes, there will be times that you need to be flexible—a client may need your assistance urgently at times outside your set hours—but you won’t slip in to a 24/7 work mindset.

Bottom line: Always remember, of course, that although you have made commitments to your business and clients that your life also has to be a priority.   Determine your priorities and responsibilities so you have a well laid out plan and your days and weeks are organized.

Back in your salaried employee days, when your boss popped his head in the door at 6.50 p.m. and “asked” if you could work late, your career success required swallowing hard and agreeing. Now you’re the boss and  when a client asks you to work late, you can decline. Isn’t that great? Well, yes…but saying “No” is not easy to do, especially when it’s your business.  Your schedule may be full today, but you know all too well that in two weeks your schedule could be empty. 

When you’re completely booked – and this will happen – be honest with the client. Tell her that you’d love to take the work but you can’t fit the project in to your schedule for at least two days, or however long it will take to clear your backlog. If the client needs it faster, they’ll  need to go elsewhere, of course. Most clients, though, will find it impressive that you’re so busy and those who value your services will accommodate you.  Often, the project isn’t such a rush job after all, and the client does have some flexibility.

As a longer term solution, one way to deal with overload from client requests is to put your business policies down on paper (or on screen) and make sure clients know what they are. Setting client expectations up front is very helpful, and having “neutral” business policies will minimize your emotional reaction when you are asked to provide services outside your usual routine.

Items to address in your business policies include:

• Office hours: the time window(s) that you are on the job and when the client can reasonably expect to reach you.
• Communication policy: What kind of response time clients can expect from you on email and phone messages, both during and outside office hours. For example, you may respond within two hours during office hours, and the next business day outside them.
• Turnaround time: The standard timeframe for your projects, including how long before start and minimum turnaround time (3 days, a week, etc.). This policy may simply state that you will provide timeline and milestones to the client prior to project start.
• Rush projects: If you elect to accept rush projects, it is a good idea to have a policy that remunerates you for taking the time to accommodate the client. Add a “rush fee” to these project; for example, rush projects incur a minimum 50% fee over and above the project fee.

There are other items to include in your business policies (e.g., payment terms, how you will handle scope changes), but this list is a good start, especially with regard to dealing with your time and service to clients.

Whether you have written business policies or not, you must learn to say “no” and accept the fact that you won’t complete everything that crosses your desk every single day. Otherwise, you will be shackled to your business, in danger of forgetting why you started your own business in the first place!

I must admit that all too often I have allowed life to slip and business took over.  I’ve been fortunate during those times, to have people around who gently remind me that taking a break is good for me and good for business.  How effective can you truly be if you’re tired, stressed and your family is not speaking to you? 

When you were in the traditional work force, chances are you took time for lunch, and you actually left the office every day!  You may have worked late some evenings, and perhaps put in a few weekends, but there was definitely time spent away from work.  You may even have verged on workaholism, but still managed time off. It is hard to break old patterns and there is no doubt that the stakes are higher when it’s your business, so it can be very easy to allow work to fill all of your days.  But don’t let this go on. Success does require hard work, but any successful business person will tell you how important it is to have a healthy mind, body and attitude.  It is impossible to achieve any of that if you are working non-stop. 

If you are having a hard time breaking the work cycle you will need to schedule in some down time to reprogram your thinking.  Be warned, it may take practice, but you can do it! Here are a few simple suggestions to get you reconnected to life:

• Have lunch with one of your friends, family members, or old colleagues at the local café and, instead of discussing work, simply reconnect with them and enjoy yourself.  Heck go alone and have a leisurely lunch and people watch.
• Take a brisk walk (or run) around the block so that you can clear your head or engage in a physical activity that totally takes your mind off of work.
• Listen to a relaxation tape or get a massage and let your mind drift with non-work related thoughts. 
• Unplug your phone, drink some relaxing herbal tea and pop in your favorite movie or read your favorite book.
• Commit to spending quality time away from work. If you have to, play hooky from work. Simply take a mini vacation. Don’t log onto the computer. Don’t search for projects. Simply refuse to do anything work-related and enjoy yourself.
• Limit your workday. Don’t let the 24-hour work schedule dictate your life. Clock out at 5 p.m., and leave your evenings free. Refuse to work weekends and if you find yourself even thinking about work, plan an evening out with family and friends.

It may take an effort, but your success really does depend on your ability to take time off from your work on a regular basis. If you need a little extra help, consider this in the context of a business requirement handed down by the boss!

Now what?

One of the biggest omissions (perhaps THE biggest) that I see over and over again in the solopreneurial world is the lack of a solid foundation for a business.  All marketing, sales, offerings, communications—everything—come from this solid foundation. Without it, activities are random (chosen according to the latest tweet or recommendation by a friend), communications are vague and unfocused (“If I stay general, then I’ll be able to sell to more people, right?”), and offerings are not created with a clear target in mind (rather, they follow a “build it and they will come” model). The result is sluggish sales, financial struggles, and frustration.

Do not pass GO without knowing the answers to the 4 W’s and the H:

• WHO do I serve? Describe your target market in very specific terms. It is not enough to say you serve professional service providers. It isn’t even enough to say you serve lawyers. When you start out, you need to focus in very tightly. Bankruptcy lawyers, divorce lawyers. Lawyers who serve a very focused market themselves. Get detailed, get specific, get clear.
• WHAT do you offer? This question has two answers. Starting with your detailed “who,” research your target market and gain an understanding of their needs and objectives. Then figure out:  1)  what challenges do you help clients with and what benefits do you provide? and 2) what products and services do you offer?
• WHERE do you find your marketing and make your offers? Where do your prospects gather? Are you marketing locally, regionally, nationally, internationally? Offline or online?
• WHY do you do what you do? The answer to this question is what will keep you going when the going gets rough. Understanding your drive to be in this particular business and serving that particular market will keep you grounded, motivated, and moving forward.
• HOW do you market your business? What are your primary marketing channels? What tactics and tools will you implement to attract the right prospects and acquire the right clients?

This is not necessarily a slam dunk kind of exercise. I think that’s why so many solo business owners don’t go through it. Driving for detail about your target market, for example, can bring up all kinds of worries and doubts. What if I pick the wrong target? What if I am too narrow? There might not be enough prospects, I might not be able to find them, etc. etc. The agida that these questions can bring up is enough to stop looking for answers.

The same is true of the other questions. I see it again and again with my own clients (by the way, MY target market is solo business owners who want to stay solo and get successful…in their sweatpants!); in that first all important module of my solo business coaching program, I see a high percentage of undone homework (this has been a killer week!) and a lot of wavering (I’m not sure about this…). Whatever the reasons or excuses, it really boils down to one thing: resistance. Illogical, unintentional, frustrating resistance.  Very common, and very bad for business!

If you knuckle down to answer the questions above and get uncomfortable or distracted, don’t worry. If you are resisting it, you don’t need to understand the reason why. You just need to stick with it, keep engaging, keep answering. And I promise you this: When you finish answering, you will have that all-important foundation and a much clearer way forward for your business!

Question: Why did you start your own solo home business?

I struck out on my own for two reasons: freedom and wealth. For me, and for many solo business owners, freedom means the ability to steer my own professional course, make my own rules. No performance reviews, no office politics—just the ability to make my own business decisions and reap the results they produce.

Freedom is also “time freedom” for many of us. No longer hemmed in by a traditional work day, we can make time for friends, family, and others important to us when it works best. No more missing soccer games or recitals, no need to squeeze social time into evenings and weekends, no continuing to put off new hobbies or interests.

Wealth for a lot of solo business owners is not simply the traditional “money wealth” that many people pursue. It is also about wealth of experiences, wealth of activities…wealth of life in total. We want the professional side of life to seamlessly blend with the personal side rather splitting into separate pieces.

Another question: Are you living that seamless life with your solo home business?

It took me a while to get there. When I started my solo business, I came from the structured environment of Corporationville. For the better part of the first year my daily schedule was still modeled from years of commuting to and from various offices. I wouldn’t let myself take personal time on a weekday; if I did for some reason, I felt guilty, like I was playing hooky and someone would catch me. I structured my project activities in the same 8-to-5 timeframe that I had lived with for so many years. I kept personal and professional communication separate, with a home phone and a work phone and separate email addresses.

It eventually dawned on me that I could loosen up. I realized that my clients don’t care about where or when I work, and they know that mine is a home business so there’s no need to separate phone lines and email addresses. Clients like for me to be responsive to them, but they don’t expect me to answer the phone every time they call or to be available at the drop of a hat. I can run errands, take a nap, or go to movie in the middle of the workday if I want to, as long as I’m keeping my word.

And that’s what matters in the end: keeping my word to my clients. If I deliver high quality results when I said I would for the price I quoted at the start of the engagement, I can include aspects of my whole life in my days, seven days a week.

That’s what a 360-degree life is about: No clearly marked lined between personal and professional things, the ability to pursue activities when they work for us and the people in our lives, all the while maintaining quality in our businesses and excellent service to our customers.

And achieving 360 degrees in our days is what freedom and wealth is all about!