It’s that time of the economic cycle. After months of prediction, the slowdown is upon us, with demand weakening and layoffs beginning to build. Employees in Big Tech, entertainment, financial services, and other sectors are starting to feel the pinch. Let’s not forget the massive reduction at Twitter, although for different reasons. That platform will sort itself out over time. As the specter of retrenchment looms, we may be thinking, is what I’m doing what I really want to do? Of course, paying the bills and taking care of your family remain at the top of your mind, so make sure you’re prepared. If you’ve been among the unlucky ones who received the email, don’t worry. Opportunities abound, but it requires thinking differently. So, how do we move from layoffs to solopreneurs and focus on finding opportunities in economic uncertainty? In this blog post, we explore the challenges professionals face as layoffs loom and opportunities to consider if you’re thinking about scaling as a solopreneur. Be sure to follow us on LinkedIn. Now let’s get started.
Finding Opportunities and Planning for a New Career
Whether you’re a GenZ, a Millennial, or GenX, consider your situation a blessing in disguise. Now is the time to press pause. Give some thought to the things that might matter, such as family, flexibility, and finances. Now might be the time to try something new and find that activity you always wanted to do. As you plot your next move, being a solopreneur may be the path that works for you.
What is a Solopreneur?
So, what exactly is a solopreneur? A solopreneur is an individual building their business on their own and being responsible for its success or failure. This is according to the US Chamber of Commerce. Solopreneurs enjoy a lot of control over their businesses. However, it can be challenging to manage everything independently.” The main challenge is to manage everything independently. It can be a challenge, but there are some important benefits to choosing this path for your career, including:
- Absence of corporate politics or a toxic work workplace culture
- More time with your family and friends
- More flexibility and control over sources of income
The operative message is managing everything independently. If not planned properly, this can be a burden limiting your ability and capping income upside.
Finding Opportunities to Scale as a Solopreneur
You may have involuntarily arrived at your solopreneur decision or decided to try something new. Here are a few things to remember as you begin your journey to grow and scale as a solopreneur.
- Identify your passion: What gets you out of bed in the morning? It could be what you’re currently doing or something entirely different. There is a lot of talk about getting out of your comfort zone. There is no need to start a rock band you always wanted to start. I agree with this school of thought but believe we never fully optimize our comfort zone. You can achieve quite a bit within your comfort zone. It only requires a few simple tweaks and continuing to do what you currently do. Tweaking your comfort zone applies to almost anyone, whether you’re in tech, marketing, a banker, a lawyer, etc.
- Adjust your perspective: The transition can be difficult if you’ve come from a large corporation. You no longer have the resources, organizational umbrella, or brand to support your activities. You also spend a lot of time playing the corporate game in large organizations. You may need to do some soul-searching and adjust your approach. Check our recent post on the eight difficult types of people. Remember, you are now on your own, and your personality will become a big part of your brand. Your experience is valuable and can yield substantial benefits, but it ultimately depends on how you position and promote yourself. Family and friends can provide feedback, so reach out to them for perspective.
- Partner Up: One of the more effective strategies for scaling is partnerships. Partnering with others with skills you may need to round out your activities should be explored. For those in different sectors, such as financial services or legal professions, there are a few platforms that can assist. They reduce the burden of independently managing everything, allowing you to focus on your core activity. These platforms offer brand, CRM resources, compliance, and other capabilities you would otherwise have to address. Each platform is different and comes with a few caveats, so do your homework before you choose. While the association may be loose, politics and destructive personalities can seep in, so be cautious and choose wisely.
- Networking: A network is essential for any activity that generates an income. Your network will become extremely valuable as you embark on your new journey. A strong network provides income opportunities, partnerships, recommendations, referrals, etc. Also, consider opportunities and strategies to expand your network. Whatever size you think it is right now, it’s much bigger. Lead-generating and CRM platforms such as ContactOut or Hubspot are great examples of sources to leverage your current network or build new ones. We’ve recently published on the network effect, so have a read.
- Continue to Learn: As Benjamin Franklin once said, “An investment in knowledge always pays the best interest.” This remains a timeless nugget of wisdom. Keep a robust knowledge acquisition strategy at hand. As you compete in your chosen sector, don’t be afraid to invest to build your knowledge.
Some Final Words on Finding Opportunities
Finally, these initial rounds of cutbacks won’t be the last as we head into the trough of this economic cycle. Be prepared for an uncertain road ahead. The good news is that in today’s market, companies are more comfortable with different engagement models, particularly hybrid and remote. You can scale as a solopreneur with the right technology tools, partnerships, and ecosystem. Be confident as you plot your career moves. The employee/employer relationship continues to evolve, but one thing is clear: opportunities exist to achieve freedom, independence, and income.
