I don't want to be solo
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There’s a growing trend in entrepreneurship that is exactly the opposite of our beliefs here at The Steel Road. You see it mainly in online businesses, but it has a direct correlation to non-tech businesses as well.
It’s called the “solopreneur.”
If you don’t know what I’m talking about here are a few examples:
While these guys are seemingly making a ton of money, there’s one problem. They’ve built their brand around their own name and image. They have built a job for themselves by building up their personal brand instead of an external brand. And as we know, you can’t sell your job.
How does this relate to non-tech businesses?
Let’s tell a story and see if it sounds familiar.
Joe is a plumber. He’s been a plumber for ten years and has seen almost every situation you could imagine. Drain snakes, clogged toilets, sewer main line repairs, kitchen sink replacements, you name it.
Joe has been working hard and been given periodic raises. He started at $15 an hour, but now he’s doubled his earnings and gets paid $30 an hour. But one day he sees that the company he works for is billing his time at $250 an hour. “Where is that extra $220 going?”
Joe decides he has the expertise to start his own business. He already owns all the tools, his personal truck just needs a locking shell and some signs and he’s ready to go. No boss, no one telling him what to do, and all the freedom in the world.
What does Joe decide to name his business? Well, Joe’s Plumbing should work, after all he’s a plumber and his name is Joe.
After a few years Joe is doing pretty well. He’s making more than he ever made in his life, but he works 60 hours a week between all his business tasks and fulfilling his duties as a plumber. He hires a new plumber to take some of the load off, but when he sends out his new plumber to one of his regular customers he gets an angry phone call.
It turns out all of Joe’s customers really like Joe, and they don’t want anyone else coming to help with their plumbing needs. They just want Joe.
Joe has painted himself into a corner.
Obviously all this doesn’t just come from the name of the company, but your company’s brand shows an important distinction in your mindset as the business owner. There is a reason this newsletter is called “The Steel Road” and not “Matt’s Newsletter”.
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Earn $123/hour while building a furniture business.
Almost every entrepreneur starts flipping things early in their career. The founder of After got his start buying pallets of TVs and selling them on Facebook. Buy low, sell high. That’s the American Dream in 4 words. Remember that project in high school where you start with a paper clip and go around trading it un…
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This is awesome. Thanks for sharing