🌻5 Truths About Money I Learnt in One Year of Solopreneurship(AMAZING WISDOM)

Defying the old rules…
My mindset in my corporate job, as compared to being a solopreneur, is drastically different.

In one place, I thought wealth means running after appraisals, promotions, and the paycheck defined me.

And here, I realised that true wealth has little to do with money and more to do with how you live.

For me, I define wealth by owning my time and choosing how I want to spend it and what work I want to do.

Here are five truths solopreneurship has taught me since 2022 was my first year of being a full-time solopreneur.

Read also: 3 daily productivity habits to instantly double your output ( must read)

Truth #1: Being Limitless

When I was at my corporate job, earning $1300 before I turn 30 was a dream. It looked like such a far-fetched number to attain that it would’ve taken me two job switches and good appraisals to get there.

Right now, if I earn that much even in half the month working 2–4 hours a day, it means that business is bad.

The limit we set on how much we should earn are by us.

The corporate world makes it look normal to chase tiny highs. It doesn’t have to be.

You get to define what you get and that’s the beauty of it. It makes you unleash your creativity and work hard.

Be careful though, wanting too much in too little time is a recipe for disappointment.

Truth #2: You Get Paid for What You Solve

So many creators create courses and digital products because they think it’s valuable. Few of them analyse if they’re even solving a problem.

A product isn’t valuable because you think it is. People don’t put their money on you because you think it’s good. It has to solve a problem, and it has to solve it damn well.

Even as a freelancer, I realised that the ticket to high-paying gigs is all about how can you solve the problem better than others. Be so good that your clients don’t want to let you go.

Solopreneurship has made me more solution-oriented and helped me look at money as a consequence, not a result.

Truth #3: Diversification Is a Saviour

I have diversified my income into:

writing on this platform
my cohort-based course
3 digital products
course alumni paid community
freelance (rare)
affiliates
collaborations
As an employee, I just wanted a raise. Who cares if it was tiny and only once in a year, it was my goal.

Now, I want to play with multiple sources because I know one would save me when others go down.

Truth #4: Black Friday > Frequent Sales

As a consumer, I can already predict what goes on sale when and when should I buy it — mainly from major brands. Even from creators, I know when they’ll put up a sale.

It becomes so predictable.

As a creator, I don’t do sales even though some people put one in nearly every quarter.

The funniest is giving $100 off and then ‘extending the deadline to give an opportunity to more people’. Um, I know you’re just trying to get more and more people by throwing a $100 bait. Nobody is stupid here.

I conducted two sales this year:

26% off on my 26th birthday in June
40% off on Black Friday
The traction during both was amazing because there is a market that is price sensitive and sales help you tap into them.

Moral: sales are good, frequent sales and over-smart statements are not.

Truth #5: Put Out a Lot of Free Stuff

Here’s what I do for free:

15 articles a month on this platform
two weekly newsletters (personal + side hustle related)
a free ebook about side hustles and making money online
one free side hustle checklist
tweet 2x/day
post on LinkedIn 3–4x a week
bi-weekly YouTube videos
99% of my effort is for creating content that is free, giving value for hardly any cost. The only cost here is reading on Medium which is $5 a month.

After giving everything for free, I charge for the 1%.

When you put out a lot of free stuff and people gain value from that, they’ll be willing to pay for your offering.

But the attitude of being too precious to give anything for free is an unhealthy egoistic orgasm.

Read also: 5 key factors that lead to a successful life (must read)

Summary

Solopreneurship has been a different ball game because you’re the master of your fate here.

You’re given the remote control to your life here.

No boss, meetings, and KRA’s to define your success. You set your own success metrics here.

Here are the five truths it has taught me about money:

Being limitless
You get paid for what you solve
Diversification is a saviour
Black Friday sale > frequent sales
Put out a lot of free stuff
I hope this can help you shape your perspective about money instead of following the mindset that is centuries old.

Since times have changed, so shall we.

Contributed by Niharikaa Kaur Sodhi

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