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*Formerly known as Solopreneur: The One-Person Business Podcast*
Welcome to The Aspiring Solopreneur, the weekly podcast that dives deep into the world of solopreneurship. Join us as we bring you insightful interviews with industry experts and successful solopreneurs who have mastered the art of running their own businesses.
Are you a solopreneur looking for guidance on how to attract clients? Or maybe you're searching for ways to stay motivated and overcome the challenges of working alone. Perhaps you're even struggling with the intricacies of taxes and financial management. No matter what obstacles you face, The Aspiring Solopreneur Podcast is here to provide you with the knowledge, inspiration, and practical advice you need.
In each episode, our hosts, Joe Rando and Carly Ries, sit down with a diverse range of guests, including seasoned solopreneurs, marketing gurus, financial experts, and productivity specialists. Together, they unpack the secrets to solo success, sharing their personal stories, strategies, and actionable tips.
Learn from those who have paved the way before you, as they reveal their tried-and-true methods for growing their company of one.
Being a solopreneur is awesome but it’s not easy. It's hard to get noticed. Most business advice is for bigger companies, and you're all alone...until now. LifeStarr's Intro gives you free education, community, and tools to build a thriving one-person business. So, if you are lacking direction, having a hard time generating leads, or are having trouble keeping up with everything you have to do, or even just lonely running a company of one, be sure to check out LifeStarr Intro!
Access LifeStarr Intro: https://www.lifestarr.com/lifestarr-intro-for-solopreneurs
Think you can just wing it without knowing your competition or clearly defining your customer? That's a fast track to frustration. in this episode of the Solopreneur Success Cycle series, we break down why understanding your competitors, direct, indirect, and even budgetary, can spark better ideas and help you find your niche. Then we dive into creating customer personas and even negative personas so your marketing hits the bull's eye every time. Whether you're just starting out or refining your strategy, these insights will save you from spinning your wheels and will help you focus on the clients who matter most.
Carly Ries:You're listening to The Aspiring Solopreneur, the podcast for anyone on the solo business journey, whether you're just toying with the idea, taking your first bold step, or have been running your own show for years and want to keep growing, refining, and thriving. I'm Carly Ries, and along with my cohost, Joe Rando, we're your guides through the crazy but awesome world of being company of one. As part of LifeStarr, a digital hub dedicated to all things solopreneurship, we help people design businesses that align with their life's ambitions so they can work to live, not live to work. If you're looking for a get rich quick scheme, this is not the place for you. But if you want real world insights from industry experts, lessons from the successes and stumbles of fellow solopreneurs, and practical strategies for building and sustaining a business you love, you're in the right spot.
Carly Ries:Because flying solo in business doesn't mean you're alone. No matter where you are in your journey, we've got your back. Hey solopreneurs, feeling like the boss, the employee and the IT department all before lunch? Well, it's time to get some backup. Check out LifeStarr Intro.
Carly Ries:It's a free hub built just for one person business owners like you. You'll get access to a community of fellow solopreneurs. You get access to virtual brainstorming and educational sessions to spark new ideas every month, and you'll get access to a weekly newsletter and blog packed with tips that actually move the needle. Oh, and a heads up, there's a new app coming soon to help you stay productive and organized because let's be honest, sticky notes aren't a business system, and that will also be included in LifeStarr Intro. So join free today at lifestarr.com/intro. we hope to see you there. Okay. So, Joe, we are back with another episode of our Solopreneur Success Cycle series that we are tying into the launch and release of our book, Solopreneur Business for Dummies, that is coming out early October twenty twenty five. And the last episode, we kicked off the the planning phase of the Solopreneur Success Cycle. But that is the biggest phase of the Solopreneur Success Cycle by far.
Carly Ries:So keeping these sound bites episode short, the ones that just Joe and I do.
Joe Rando:And just a quick correction. Sorry. It's the step. Because we have phases and we have steps. So just don't want anybody confused.
Carly Ries:Thank you
Joe Rando:But it is the biggest step.
Carly Ries:The biggest step in the phase of the solopreneur success cycle. Are you guys still with us? So in the last episode we talked about business models, we talked about what to call yourself, we kinda gave an overview of planning in general. And for this episode we are going to specifically talk about your competition and defining your customer. Because planning those things out before you actually start the race, I guess I'll say, are key.
Carly Ries:Because if you don't know your competition and you don't know your customers, you are going to be spinning your wheels and you're gonna be, as Joe mentioned in a past episode, just going through trial and error unnecessarily. And that can really really affect your mental state and the progress of your business or even the launch of your business if you keep just going in circles. So Joe, let's start with competition, defining your competition. Why is this even so important? Can't even can't people just work in a silo and hope their business does okay on their own?
Joe Rando:Yeah. You can. It just I think you're missing an opportunity if you do that. I mean, as a solopreneur, we talked about in the previous episodes, you don't need, to get the lion's share of any given market.
Joe Rando:You just need a little tiny piece. So competition isn't always as huge a deal because, you might have, you know, five other solopreneurs that you're competing with and a couple of big companies, and you get a tiny percentage of the market, and you're perfectly happy. so competition isn't the enemy like it is with bigger companies. Right? Where if you're not growing, you're dying, so you're usually trying to take business away from your competitors.
Joe Rando:But it can provide a lot of insight. So it can do things like, number one, help you maybe niche down a little more, find an underserved market. It can help you spark new ideas or or ideas that other people have that you didn't think of. You know, just a quick example of competition. one of the things that's happened to me a couple of times in my life is I wanted to buy something, and I went out and looked at all the products and didn't like any of them and built one. And the first time I did it, I built a tool for figuring out where to put retail that ended up becoming Trade Area Systems. And, it really worked out nicely in the long run. We sold it in 2020. And the second time was I wanted to buy a task management app.
Joe Rando:And I tried a bunch of them, and I didn't like any of them because they didn't do what I wanted them to do. So I started building one. That is the soon to come out finally, LifeStarr app, which I won't go into details, but so the competition really inspired these products. Because if I hadn't looked at competition, I wouldn't realize what I wanted that was missing. So by looking at competition, you can get real insights into maybe things that you could do that you hadn't thought of.
Joe Rando:So that's number one. Number two is understanding that there are different kinds of competition. The direct competition is the obvious one. Right?
Joe Rando:I'm a life coach for men 60, and Bob is a life coach for men 60, so we're competitors. That's great. But there are other kinds of, competition, like indirect competitors. So for example, I help people, I'm a life coach that helps people that feel that their energy is low and they want more energy. And I could be competing with a personal trainer who brands themselves around, getting people into shape so that they have more energy.
Carly Ries:Or even coffee brands.
Joe Rando:Yeah. That's pretty indirect. Yeah. What's that coffee called? Death Wish or something, with the really high caffeine? I mean, there's just, a lot of ways to solve the problem. And then there's the really extreme ones, the budgetary competitors. So you've got something where I think the example I liked was the idea of, say, I make custom jewelry.
Joe Rando:And so some guy comes to me, and he's looking at getting a ring for his tenth wedding anniversary for his wife, so a custom made ring about to celebrate their tenth wedding anniversary for his wife. But he's also talking to a travel agent about taking a cruise for their tenth wedding anniversary. Right? So I'm competing on budget.
Joe Rando:There's a certain amount of money. He's either gonna spend on a ring. He's gonna spend it on a cruise. But for solopreneurs, I think that's a little beyond the pale most of the time. I mean, maybe not for you particularly, somebody, but for most people, I don't think they have to go that far.
Joe Rando:But the direct and indirect, I think, are important to think about. Just because, number one, not so much you go, oh my god. Somebody else is doing what I'm doing. But that is not the end of the world. Even if it's a big company, if big companies ruled the world, there wouldn't be startups.
Joe Rando:So don't let that scare you, but do learn from it. What are they doing that you might do differently? You know, how could you maybe take, one tenth of 1% of their business because you do something a little different, a little better, a little more focused on some aspect or pain point. So that's the thing with competition. It can really inspire you. And just go back to this idea that Jay Acunzo espouses, which is don't be the best. Be their favorite. So you're gonna talk about defining customers. You know, the people you define, try to be their favorite, and let the competition go after everybody else.
Carly Ries:Well, so speaking of customers, Joe, the worst thing that I can hear as a solo or as somebody that helps solopreneurs is when we say, well, who benefits from your service? And somebody responds with, everybody. Mhmm. And it's like, no.
Joe Rando:I can help the whole world.
Carly Ries:No. No. No. So your business, you may have a partner or service that benefits people. Let's say you're a coach.
Carly Ries:And if you're a life coach, you could theoretically help a bunch of different people depending on what angle you take. But you may wanna get more specific than that. So let's say you're like, I'm gonna target people that are middle aged. I'm gonna target people in their forties and fifties that may be wanting to revamp things of their life. Great.
Carly Ries:So you have an idea of who this customer type is. Like I'm going for middle aged people that are trying to trying to change things up a bit or or their previous career, previous whatever is getting stale. So you have this idea of who these people are. But in order to speak to them and really connect with people and really resonate with them, because when it comes to targeting customers, you need to connect with them emotionally. You need to make them feel that they are the only person that you're talking to, and really connect on an emotional level.
Carly Ries:And to do that, you need to have a very clear picture in your head of who these middle aged people are. And so that's where the idea of a persona comes in. And that's when you take the customer type, like these middle aged people, and you give them a name. You create a story around them. You say, instead of saying, oh, I target a 45 year old male who's looking for a career change, you say, I'm targeting Charles.
Carly Ries:Charles is a 45 year old male who has three kids, a wife and a dog, lives in suburbia. He's had a really hard time in his previous career because of x y z, and actually define those. He's looking for something that's more fulfilling in his life. He's looking for more time in his day to spend with his kids because they're growing up so fast and he wants to be able to make it to their soccer games. Even though it already feels like they're already flying out of the house.
Carly Ries:And with his new job, he wants to do x y z. In his free time, he loves skiing. He loves going hiking. He loves walking the dog and barbecuing in the summer. That is so much more specific than talking about targeting 45 year old Charles.
Carly Ries:And that persona can help target your messaging because you know so much about these people. And don't just randomly give them the story. The story should be made off of research, off of punches, off of talking to your customer types to create these personas. You need to get a ton of information to create these people. You can't just wing it and hope that that persona I probably should've started with that.
Carly Ries:But this isn't a made up story. This is based off of sound research experience in talking to these people. So that you know, like, oh, well, Charles likes barbecuing. So if I'm talking about coaching, I'll say in my messaging, free up more time for those summer barbecues. Like, let's figure out what's going on and talk to those pain points.
Carly Ries:Talk to those interests and talk to them. So developing personas is extremely important in your messaging, in your operations, because it can define where your product goes to. It's just, such an essential step in the planning process. But you also have negative personas.
Joe Rando:Yeah. Well, I just had one thing I wanted to say because people listen to this and they go, that sounds kinda goofy. I mean, it just sounds weird. But here's an example that I was at Inbound last year, the HubSpot conference, and the guys from the Morning Brew were talking. I don't know if you know the Morning Brew, but it's a huge newsletter that goes out every day, I believe. And they're talking. They have this person. They didn't say his name, but they have his LinkedIn profile up on their their screen, and they write the Morning Brew for this guy. A real person. they're looking at him. They're saying, what does he wanna know? And that's how they write the Morning Brew. I mean, literally, their persona is a real human. So this is not as crazy as it sounds.
Joe Rando:And I just wanna point out one other thing before we go into negative personas, and that is, especially for solopreneurs, it doesn't hurt if you have some cred around the persona. I think that's a plus. It doesn't have to be. But, I always use the example. I like I've talked about this a few times of, somebody making golf clubs. And they're making golf clubs, and they decide to target, left handed women under five feet tall. It's a great niche. There are probably plenty of left handed women under five feet tall that play golf that a solopreneur could make golf clubs till they die.
Joe Rando:But if you're not a left handed woman under five feet tall or have a lot of kind of testimonials, you know, social proof from women, left handed women that are five feet tall that your golf clubs are awesome, it might be tough it might be tougher to sell that. So I just wanna throw that out there.
Carly Ries:Yeah. And really quick before we go on to negative personas, like you said, only aim for like two to three real personas. because you think you can target everybody out there, don't create a persona for everybody out there.
Joe Rando:And one is okay.
Carly Ries:One is also okay.
Joe Rando:Yeah. Might be better for solos. Yeah.
Carly Ries:As specific as you can get, the better. And for negative personas, these are the people that you don't wanna talk to. And you need to get a clear idea of who those people are as well. Just full transparency for Joe and I and the LifeStarr team, we have a persona that we call Get Rich Gary. And this is , he could still be a solopreneur, but this is somebody that just wants to get rich quickly.
Carly Ries:He wants to wake up in his pajamas, make a million dollars, maybe an exaggeration but maybe not, by 5PM without putting in any effort, and is only there for the big bucks and and nothing else. That's not who we target. We like talking to people that like to focus on lifestyle and create businesses that support their life goals, not somebody that just wants to get rich quick. And so in all of our forms, we have people kinda fill out like, where do you fall in this process? I'm a solopreneur that wants to learn.
Carly Ries:I'm just starting my business. And then Get Rich Gary is also in there like, I wanna make a lot of money. I can't remember the exact phrase right now. But that's a negative persona, and then we suess them from our conversations because that is not somebody and we let them know that.
Joe Rando:We send them a nice email. I Mean, we just explained there are other people that they probably would have more fun with.
Carly Ries:And that doesn't make them bad people. Negative personas does not mean they're bad people. It just means they're not aligned with your company focus and who you're trying to target.
Joe Rando:Not gonna help them. Right? We're not gonna help them. They're gonna come in here and go, where's my plan?
Carly Ries:Yeah. We're not a good fit. We'll be honest with that. And again, if you can say no to these people, it frees up the opportunity to say yes to the people that are much better aligned, which are your regular personas. Anyway, I feel like I could go on and on.
Carly Ries:I'm so passionate about this topic. So we'll end it right here for today. We still have more on the planning step of the solopreneur success cycle. So tune in for those. But listeners, thank you so much for tuning in.
Carly Ries:Before next time, please subscribe to this podcast on your favorite platform. Leave that five star review. Share this episode with a friend that you think can really benefit from all of this, and we will see you next time on The Aspiring Solopreneur. You may be going solo in business, but that doesn't mean you're alone. In fact, millions of people are in your shoes, running a one person business and figuring it out as they go.
Carly Ries:So why not connect with them and learn from each other's successes and failures? At LifeStarr, we're creating a one person business community where you can go to meet and get advice from other solopreneurs. Be sure to join in on the conversations at community.lifestarr.com.