Tims 5 tips for solopreneurs

At Hala, we repeat things smart people have already said. Recently, we discovered Tim Stoddart. Tim helps entrepreneurs build multiple sources of income and he had some really good tips to share.

Watch the <3 minutes summary on Youtube

Here are his thoughts on growing as a solopreneur

Build on your strength

We often hear people advise us every now and then to focus build up our weaknesses. This sounds like very good advise except you are limiting yourself by not doubling down on your strength. Tim recommends you continue doing things in your area of strength while hiring people to do the things you are weak at. For him, he loves selling but hates running the day to day of the business. So he focuses on selling and allows other smart people he has hired do the day to day running of the business.

Sell things with obvious return on investment

It is way easier to sell things to people that will help them generate profit. This one is simple - people have needs and one of the major needs of people is to be able to make money. If you build a business around helping people find ways to satisfy their financial needs, you are more likely to gain clients

Set deadlines and stick to it

Being an entrepreneur often means you can’t be fired from your job. While this is a great advantage, it also brings a major risk along with it: you choose when to work and when not to, and this freedom of choice could easily lead to laziness. To overcome this possibility, set deadlines that scare you and allow your fears push you to work.

Build an elite team

Hire smart people who are competent

Never stop building - when what applause is at the highest, thats when you go back to your drawing board and start brainstorming on the next feature you’re going to push. Never settle, keep improving and setting up systems which gives you leverage.

When you are done with these basics, dedicate quality time to your family. One of the major reasons anyone wants to be successful is so they don’t have to sell their time for money - free time means you can now do more of the things you love.

So there, you have it - 5 tips from Tim Stoddart on excelling at solopreneurship.

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