Episode 175
Thriving Solo: The Essential Playbook for Smart, Sustainable Growth
In Episode 175 of The Business Development Podcast, Kelly Kennedy dives into the essentials of solopreneurship, offering a comprehensive guide for those building businesses single-handedly. From mastering time management to developing a resilient brand and understanding the importance of risk protection, Kelly shares actionable insights to help solopreneurs not only survive but thrive. He covers the critical need for professional liability insurance, the benefits of a personal rainy-day fund, and why setting aside one day each week for business development can make a world of difference in client acquisition and revenue stability.
Kelly also addresses the unique challenges solopreneurs face, including managing client relationships, staying efficient with time, and balancing personal well-being. Listeners will learn about the power of fractional support services, effective delegation, and leveraging AI tools to streamline their processes. Whether you're just starting out or looking to elevate your solo business, this episode is packed with essential strategies to drive sustainable growth and create a more balanced, profitable journey in solopreneurship.
Key Takeaways:
1. Protect Yourself and Your Business: Carry professional liability insurance to guard against potential risks and unexpected lawsuits.
2. Build a Rainy-Day Fund: Establish at least three months of savings for both personal and business expenses to safeguard against financial uncertainties.
3. Value Time as a Solopreneur: Implement efficient time management strategies, like blocking off specific hours for tasks and committing to your schedule.
4. Dedicate Time to Business Development: Set aside one full day each week to focus solely on business growth activities, such as client outreach and LinkedIn networking.
5. Maximize Efficiency: Focus on the 2-3 tasks that contribute the most revenue and delegate or outsource other activities whenever possible.
6. Utilize Fractional Support: Consider hiring fractional professionals for specialized tasks (e.g., HR, bookkeeping) to reduce workload without a full-time commitment.
7. Use AI and Technology Wisely: Leverage AI tools to streamline processes and increase productivity, keeping an eye out for new advancements.
8. Price Based on Value, Not Hours: Avoid hourly pricing and instead charge based on the results or impact you deliver to maximize income potential.
9. Build a Strong Personal Brand: In solopreneurship, your personal brand can be as impactful as your business brand, so invest in building it authentically.
10. Avoid Burnout by Setting Boundaries: Prioritize mental well-being, recognize the signs of burnout, and schedule regular breaks to maintain long-term productivity.
Links referenced in this episode:
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Transcript
Welcome to Milestone, episode 175 of the Business Development podcast.
Kelly Kennedy:And today's episode is dedicated to my solopreneurs.
Kelly Kennedy:Whether you're a new entrepreneur or you've been in it for a while, today's episode is for you.
Kelly Kennedy:Stick with us, you're not gonna wanna miss it.
Host:The great Mark Cuban once said, business happens over years and years.
Host:Value is measured in the total upside of a business relationship, not by how much you squeezed out in any one deal.
Host:And we couldn't agree more.
Host:This is the business development podcast, based in Edmonton, Alberta, Canada and broadcasting to the world.
Host:You'll get expert business development advice, tips and experiences, and you'll hear interviews with business owners, CEO's and business development reps.
Host:You'll get actionable advice on how to grow business brought to you by capital business development.
Host:Let's do it.
Host:Welcome to the Business Development podcast.
Host:And now your expert host, Kelly Kennedy.
Kelly Kennedy:Hello.
Kelly Kennedy:Welcome to Milestone, episode 175 of the Business Development podcast.
Kelly Kennedy:I am Kelly Kennedy and it is an absolute honor to be on with you guys today.
Kelly Kennedy:Today's show is for my solopreneurs, my sole proprietors, my consultants out there killing it day after day, week over week, month over month, and year over year.
Kelly Kennedy:Just you versus the world.
Kelly Kennedy:Today's show is for my amazing, amazing solopreneurs out there.
Kelly Kennedy:I know how challenging it can be to run your business, operate your business, and try to grow your business at the same time.
Kelly Kennedy:And so today, I can't wait to do this show for you guys.
Kelly Kennedy:But before we do, it is an absolutely extraordinary day.
Kelly Kennedy:And I literally mean extraordinary.
Kelly Kennedy:And I have some show updates for you.
Kelly Kennedy: We are sitting at: Kelly Kennedy:My gosh, you guys cannot appreciate you more.
Kelly Kennedy:Thank you for listening to this show.
Kelly Kennedy:Thank you for following us on Apple Podcasts and Spotify.
Kelly Kennedy:And if you have not yet done so and you want a free and easy way to support this show, please give us a follow, give us a like, give us a rating on your platform of choice.
Kelly Kennedy:It helps us to reach new audiences and it is spectacular, guys, we appreciate it immensely.
Kelly Kennedy:We have been a top 100 show now in 33 countries around the world, which is absolutely mind blowing.
Kelly Kennedy:We're actually listening to in 145 countries worldwide, which is super, super, super cool.
Kelly Kennedy:It absolutely blows my mind when we get messages from around the world, especially being a show based in North America and Canada specifically.
Kelly Kennedy:It is always cool to know that we have a worldwide impact.
Kelly Kennedy:We are sitting at 217,500 total downloads, guys.
Kelly Kennedy:And it was our 20 month anniversary of the show just two days ago, 20 months of the business development podcast, 175 episodes.
Kelly Kennedy: won best business podcast in: Kelly Kennedy: der from the peak in sales in: Kelly Kennedy:And my gosh, guys, just today, just today, we won the w three award in two categories.
Kelly Kennedy:We won silver in business consulting category and another award in the best branded podcast category.
Kelly Kennedy:Guys, incredible.
Kelly Kennedy:Incredible.
Kelly Kennedy:It's so cool.
Kelly Kennedy:We are literally a multi award winning show now, and it is absolutely incredible.
Kelly Kennedy:And I wanted to thank each and every one of my listeners.
Kelly Kennedy:You're amazing.
Kelly Kennedy:You are rock stars.
Kelly Kennedy:And we could not have gotten this far without you.
Kelly Kennedy:To our amazing, amazing listeners, to our amazing rockstar experts, thank you from the bottom of my heart.
Kelly Kennedy:Thank you for supporting the show.
Kelly Kennedy:Thank you for listening.
Kelly Kennedy:Thank you for telling your friends, your family, your coworkers, we could not grow this show without you.
Kelly Kennedy:This show would be nothing without you.
Kelly Kennedy:And I just wanted to say thank you so much from the bottom of my heart.
Kelly Kennedy:Thank you for supporting this journey.
Kelly Kennedy:Thank you for helping me educate and inspire the next generation of leaders.
Kelly Kennedy:Could not, could not.
Kelly Kennedy:Could not do this without you.
Kelly Kennedy:We are looking for community questions for October.
Kelly Kennedy:So if you have a business question, an entrepreneurship question, a business development question, or a podcasting question, please do.
Kelly Kennedy:Shoot me a message on LinkedIn or send an email to podcastapitalbd.
Kelly Kennedy:Ca subject line community questions, and we will work to get that answered for you on an upcoming community questions episode.
Kelly Kennedy:Um, guys, I love community questions.
Kelly Kennedy:It's one of my favorite segments, but we can't do it without the questions.
Kelly Kennedy:So if you have any questions at all regarding the show, regarding business development, entrepreneurship, or podcasting, I want to hear from you.
Kelly Kennedy:Shoot me a message on LinkedIn.
Kelly Kennedy:Shoot me an email and we will make sure that we get those answered for you on an upcoming show.
Kelly Kennedy:All right.
Kelly Kennedy:My gosh, let's just get into it.
Kelly Kennedy:It's been a day, guys.
Kelly Kennedy:It's been an incredible day.
Kelly Kennedy:I've been, uh, I was on the edge of my seat most of the day.
Kelly Kennedy:It was pretty thrilling to win those w three awards.
Kelly Kennedy:Today's episode comes highly, highly demanded.
Kelly Kennedy:Um, I've had lots and lots and lots of people who are starting their entrepreneurship journeys.
Kelly Kennedy:Heck, maybe they even heard an episode and decided to go out on their own and then realized, holy cow, there's quite a bit to this.
Kelly Kennedy:And if we don't play our cards right, this can go south really quick.
Kelly Kennedy:I'm hopefully today going to impart some lessons on you guys that were hard learned.
Kelly Kennedy:For me, that's just life.
Kelly Kennedy:But sometimes an episode like this just comes along and it just feels right.
Kelly Kennedy:And today just really feels right.
Kelly Kennedy:To speak to my solopreneurs, my amazing rock stars out there who are maybe just getting into business, or they've been in business a long time, but they're stuck in a roadblock.
Kelly Kennedy:They find themselves stuck in a little bit of a rut, or they're getting a little stale and they're struggling to grow.
Kelly Kennedy:I think today's tips will really, really help you to get out of that place and into something a little more from a place of power and a place of strength.
Kelly Kennedy:So really hoping that today's episode impacts you.
Kelly Kennedy:Being a solopreneur, a consultant or a sole proprietor can be a highly rewarding venture for experts that are looking to get out on their own and start the entrepreneurial journey.
Kelly Kennedy:However, it forces you to learn skills and self discipline very, very quickly to achieve success.
Kelly Kennedy:Small mistakes can have massive consequences.
Kelly Kennedy:So today, let's discuss how we can achieve more with our most finite and valuable resource, our time.
Kelly Kennedy:There's going to be a consistent theme today, guys, and the theme is really going to revolve around efficient use of time.
Kelly Kennedy:As a solopreneur, as a consultant, as a sole proprietor, we have the least amount of time than we may ever have in our entire lives because one, we have to market, we have to actually execute the work, we have to invoice and, you know, a multitude of other things in order to keep our business moving smoothly forward.
Kelly Kennedy:And obviously, that is going to take massive, massive time management skills.
Kelly Kennedy:And so time is going to be definitely a theme of today's show is going to be something that I have had to cultivate inside, that I struggled with at first, and I think everybody struggles with.
Kelly Kennedy:But over time, we're going to find better ways to use our time.
Kelly Kennedy:We're going to find the most efficient ways to use our time.
Kelly Kennedy:And most of all, we're going to learn to delegate the things that we don't have to do to put more time back in our pockets.
Kelly Kennedy:So time is definitely one of the prime themes of today's show.
Kelly Kennedy:Lesson one in any entrepreneurship is to protect yourself.
Kelly Kennedy:Okay?
Kelly Kennedy:We have to protect ourselves.
Kelly Kennedy:Our families are relying on us.
Kelly Kennedy:We are relying on us.
Kelly Kennedy:Our clients are relying on us.
Kelly Kennedy:We have to look after ourselves.
Kelly Kennedy:And, guys, I'm not really going to get into the mental health aspects of this.
Kelly Kennedy:There's a whole other side that I could have got onto.
Kelly Kennedy:What I'm really talking about today is risks to the business, risks to our health, physical health, right.
Kelly Kennedy:Our ability to actually do the work.
Kelly Kennedy:There's a whole other aspect of protecting yourself, which absolutely includes dealing with your mental health and looking after yourself and not pushing yourself to burnout.
Kelly Kennedy:That's not exactly what I'm going to address today, but it is something you need to be concerned with.
Kelly Kennedy:All consultants should at the very least carry professional liability insurance.
Kelly Kennedy:Okay, guys, at the very least, if you are doing consulting solopreneur, where you're giving advice, where you're providing professional support of any kind, we need professional liability insurance.
Kelly Kennedy:Any of the advice that you could be giving could have a negative effect for the client.
Kelly Kennedy:Who knows, right?
Kelly Kennedy:Who knows how they're going to use the advice you give them, especially if you give them written reports or anything along those lines.
Kelly Kennedy:It makes sense to protect your butt by having professional liability insurance.
Kelly Kennedy:I know there's some of you out there who might be worried about the additional cost.
Kelly Kennedy:The roughly thousand dollars a year that you pay for professional liability insurance is definitely, definitely, definitely worth the peace of mind that it will provide to you.
Kelly Kennedy:So if you're providing any type of professional service, any type of advice, any type of consulting, any type of reporting, anything at all, for the most part, you should be carrying professional liability insurance.
Kelly Kennedy:It will save your butt.
Kelly Kennedy:Guys, if you get sued, make sure that we have this at the bare minimum.
Kelly Kennedy:Remember, lawsuits happen and getting dragged in is easier than you think.
Kelly Kennedy:I remember sitting down with a past employer of mine when we were talking about professional liability insurance.
Kelly Kennedy:And what the insurance provider at the time was saying was that at this point, if your client gets sued, you will very likely get dragged into any lawsuit that happens to your clients.
Kelly Kennedy:Guys, it doesn't even have to be your negligent work.
Kelly Kennedy:It can be your client getting sued.
Kelly Kennedy:And because you were a contractor on that project and provided some level of advice or support, you too can be dragged in.
Kelly Kennedy:And if you don't have professional liability insurance, you also don't have time to lose if you get dragged into court.
Kelly Kennedy:And now you can't work and now you can't work for other clients and now your other projects are behind schedule or not going to happen or not going to be completed at all.
Kelly Kennedy:It is a whirlwind, a tsunami of problems if you do not cover your butts with insurance.
Kelly Kennedy:Guys, if you have not yet gotten professional liability insurance or talked to an insurance expert about what coverages you may need, please make that call tomorrow.
Kelly Kennedy:I know none of us like to pay insurance, but trust me, in business, it's critical, and it is important make sure that you get it.
Kelly Kennedy:I would also like you guys to consider disability insurance.
Kelly Kennedy:Okay?
Kelly Kennedy:As solopreneurs, we're out there kicking butt and taking names, right?
Kelly Kennedy:But.
Kelly Kennedy:But what happens if we get into a massive car accident and now we can't work for the next six months, and our families are relying on us to pay those bills, and we can't pay those bills because now we can't work.
Kelly Kennedy:You know, if we don't have that backup support or anyone to help us or fill in those positions, we should absolutely have disability insurance.
Kelly Kennedy:And guys, like, let's get real.
Kelly Kennedy:We should have disability insurance anyway, even if we are employees.
Kelly Kennedy:These are things we absolutely need to have.
Kelly Kennedy:But as solopreneurs, it is absolutely critical that our families are looked after, that our bills are looked after, that we're not going to lose our homes, lose our businesses in the event of an injury.
Kelly Kennedy:Okay?
Kelly Kennedy:Let's make sure that we have our butts covered, and let's get ourselves some disability insurance as well.
Kelly Kennedy:And the last one, guys, is just a recommendation from me.
Kelly Kennedy:And it's a recommendation from me because I like peace of mind.
Kelly Kennedy:I like financial peace of mind.
Kelly Kennedy:I like having a rainy day fund, and not just a rainy day fund for me, Kelly Kennedy, but a rainy day fund for my business.
Kelly Kennedy:Remember, as a business owner, you are actually two people.
Kelly Kennedy:You are you and you also are the business.
Kelly Kennedy:Both of them operate independently.
Kelly Kennedy:And so you can't just have a rainy day fund for you and not think about a rainy day fund for your business.
Kelly Kennedy:I want you guys to try to have at least three months of funds in your business account to be able to handle any type of challenges that come up and in your personal account over time, work yourself up to have about six months of a surplus, to be able to pay any bills or anything like that that could come up.
Kelly Kennedy:If you guys can get to a point where you have, let's say, six months of bills covered in both the business and personally in your rainy day funds, plus, you're making whatever you're making, it is going to put you in a position to be able to make choices that are super, super beneficial and frankly, better choices in general.
Kelly Kennedy:Guys, if we are struggling to make money, it puts us in a really tough spot to make good choices.
Kelly Kennedy:We're going to take projects that aren't right for us.
Kelly Kennedy:We're going to take projects that don't pay well.
Kelly Kennedy:We're going to put ourselves in positions where we have to say yes, to things we don't want to say yes to.
Kelly Kennedy:Guys, if you can get into a position where you only say yes to things you want to say yes to, it is going to be the best place for you and your businesses moving forward.
Kelly Kennedy:If we can come to every decision from a place of rationality, from a place of peace, it allows us to make the best possible choices.
Kelly Kennedy:And I know this might be a little bit hard to understand if you've never been in a position where you had to take a project you didn't want to take, or if you had to take on a client you really, really didn't feel comfortable with, or you had to take a scope that really takes too much of your time.
Kelly Kennedy:Right.
Kelly Kennedy:Um, we don't want to be put into these positions.
Kelly Kennedy:And so the secret to not being put into these positions is to being very, very smart with our money, only paying ourselves a reasonable salary, however we want to lay it out.
Kelly Kennedy:But a reasonable salary that allows us to build a surplus of money in our corporate accounts and eventually a surplus of money in our personal accounts.
Kelly Kennedy:What you do with this money for your investments, guys, is completely up to you.
Kelly Kennedy:I do not give investment advice.
Kelly Kennedy:What I'm giving you is peace of mind advice.
Kelly Kennedy:Okay?
Kelly Kennedy:It's hard to have peace of mind when you are broke.
Kelly Kennedy:As a solopreneur, as a sole proprietor, as a consultant, we have to make sure that we have enough money in our accounts to buy us peace of mind.
Kelly Kennedy:And peace of mind will buy us the best possible opportunities.
Kelly Kennedy:You cannot take on the best possible opportunities if you do not have peace of mind.
Kelly Kennedy:Trust me on this.
Kelly Kennedy:We have to have peace of mind first.
Kelly Kennedy:You do this by building surpluses of reserve cash, both personally and in the business.
Kelly Kennedy:And no, not one over the other, both at the same time.
Kelly Kennedy:That will allow you to make the best possible decisions as you move forward.
Kelly Kennedy:Lesson two, understand your challenge.
Kelly Kennedy:Okay.
Kelly Kennedy:You are unknown.
Kelly Kennedy:This is a problem that every single business has.
Kelly Kennedy:But you as a solopreneur, you have this problem and it is up to you to rectify it.
Kelly Kennedy:Okay, first off, you are unknown to you need to go out and find clients.
Kelly Kennedy:The clients are not just going to come in the moment you like.
Kelly Kennedy:Incorporate your business.
Kelly Kennedy:You don't just turn on a sign and clients come to you.
Kelly Kennedy:No, you have to go out there and you actually have to find your clients.
Kelly Kennedy:Three, you need to meet with people.
Kelly Kennedy:People are only going to buy from you.
Kelly Kennedy:As a consultant, if you are able to build trust, build a rapport, build value in yourself and the services that you can provide to them.
Kelly Kennedy:This is going to be near impossible if you don't meet with people.
Kelly Kennedy:And so getting meetings, like in any business, has to be the priority.
Kelly Kennedy:And really, as a, as a consultant, a sole proprietor, someone like that, you probably have to build a more personal relationship with people, which means you may have to do a whole bunch of lunches.
Kelly Kennedy:You may have to kind of go out of your way to build trust, build rapport and get that business.
Kelly Kennedy:Okay?
Kelly Kennedy:You need to execute your work.
Kelly Kennedy:So think about this.
Kelly Kennedy:We're asking you as a sole proprietor, to not only start your business, operate your business, go find clients, go have meetings, but heck, if you actually win this work now, you also have to execute and deliver high quality work.
Kelly Kennedy:Yep, it's starting to sound a little bit challenging, isn't it?
Kelly Kennedy:You need to invoice.
Kelly Kennedy:Well, yeah, absolutely.
Kelly Kennedy:Unless you have like an accountant or someone who can help you on the side, you are likely going to be doing your invoicing, which means probably after hours, sometime during the week or in the weekend, you are likely going to be hopping on Quickbooks or whatever program you use to do your invoicing.
Kelly Kennedy:And you're going to need to learn how to invoice and invoice your clients each month.
Kelly Kennedy:You need to then collect payment.
Kelly Kennedy:Um, and, yeah, so let's assume that your clients are not easy going.
Kelly Kennedy:They're not going to just pay you now.
Kelly Kennedy:You're going to have to make those phone calls in order to put the pressure on them to get paid.
Kelly Kennedy:Okay.
Kelly Kennedy:This is just like business development.
Kelly Kennedy:At the end of the day, you're gonna have to make call after call after call, figure out where that money's coming from, because you have to keep your cash flow happening.
Kelly Kennedy:You need to build a brand.
Kelly Kennedy: And guys, in: Kelly Kennedy:You have to build a business brand and your personal brand at the same time.
Kelly Kennedy:And as a solopreneur, a consultant, your personal brand may likely be more important even than building the business brand itself.
Kelly Kennedy:You are the business.
Kelly Kennedy:You, mister and misses Solopreneur are the brand, not the company name you have behind it.
Kelly Kennedy:You're going to have to build that personal brand as you go along.
Kelly Kennedy:At the same time, you need to build brand awareness for the business.
Kelly Kennedy:And yes, this is going to potentially be advertising.
Kelly Kennedy:This is going to potentially be a social media strategy.
Kelly Kennedy:This is going to be, you know, a whole bunch of things that you may have to do over and above building your personal brand, because you have to build both at the same time.
Kelly Kennedy:And obviously the biggest challenge of all, you are one person.
Kelly Kennedy:I know I just listed a handful of the things.
Kelly Kennedy:Like, the reality is I just listed a whole bunch of things.
Kelly Kennedy:Eight things, guys.
Kelly Kennedy:And you are still just one person.
Kelly Kennedy:Um, yeah.
Kelly Kennedy:If you guys are not getting that.
Kelly Kennedy:Solopreneurship is a bit of a challenge.
Kelly Kennedy:Absolutely it is.
Kelly Kennedy:This is why a lot of people start their own business and end up having to work harder than they ever had to work as an employee.
Kelly Kennedy:And yes, it will not be like this forever.
Kelly Kennedy:But let me tell you right now, once all of these things are set up and you get into a groove and you know what you're doing and you're able to outsource some of this work, it does get easier.
Kelly Kennedy:But in the beginning, guys, it is not going to be easy.
Kelly Kennedy:It is going to take blood, sweat and tears.
Kelly Kennedy:And so before you start any of your own businesses, before you become a solopreneur, be willing to pay the price.
Kelly Kennedy:Be willing to work a little harder and a little later than everybody else in the beginning, because it does take time.
Kelly Kennedy:The work life balance thing, it's not real.
Kelly Kennedy:You're going to have to probably put extra time in the beginning as you're getting going.
Kelly Kennedy:And over time, you might be able to steal some of that time back, but in the beginning, it is going to be challenging.
Kelly Kennedy:It will also be one of the most rewarding endeavors you ever take on.
Kelly Kennedy:It is incredible.
Kelly Kennedy:Entrepreneurship is incredible, but it does have a cost.
Kelly Kennedy:All right, lesson three, lesson three, guys might be the most important part of this.
Kelly Kennedy:You must maximize your time.
Kelly Kennedy:You are one person, and yes, you have to make time for all of the other things that I just said you're going to run into.
Kelly Kennedy:You have to make time to do your marketing.
Kelly Kennedy:You have to make time for the meetings.
Kelly Kennedy:You obviously have to make time to execute the work you win.
Kelly Kennedy:So you're going to have to get very, very good with time management.
Kelly Kennedy:Guys, before I became an entrepreneur, I was not a great time manager.
Kelly Kennedy:This is something that I remember being told I needed to get good at before I was an entrepreneur.
Kelly Kennedy:And I was like, whatever.
Kelly Kennedy:But guys, as an entrepreneur, it is not whatever.
Kelly Kennedy:You absolutely have to get incredible at time management.
Kelly Kennedy:And I am still learning.
Kelly Kennedy:I am still not the best I will ever be with my time management, but I'm a whole lot better than I was before.
Kelly Kennedy:And one of the great tips that I can give you with regards to time management is this block off time, specific hours of the day to do specific tasks and repeat it regularly.
Kelly Kennedy:So if on Tuesday morning you make your 20 cold calls for the day, always block off Tuesday morning to make your 20 cold calls for the day and try to block off your time.
Kelly Kennedy:And obviously you'll be able to move things around as meetings come up and things get kind of messed up.
Kelly Kennedy:But ultimately, hold yourself accountable to the time blocks you do.
Kelly Kennedy:And like, like I said, have time blocks for executing the work that you need to do on behalf of clients.
Kelly Kennedy:Have time blocks to do your business development.
Kelly Kennedy:Have time blocks for lunches.
Kelly Kennedy:Have time blocks for any meetings you're going to have.
Kelly Kennedy:Have time blocks for accounting.
Kelly Kennedy:Have time blocks for everything, guys.
Kelly Kennedy:And if you have to and you are struggling to make time with your family, make time blocks for your personal time too.
Kelly Kennedy:Guys.
Kelly Kennedy:It is absolutely critical that we learn to live and execute our time as best as possible.
Kelly Kennedy:The most valuable thing you have is your time.
Kelly Kennedy:Especially as a solopreneur.
Kelly Kennedy:We have to get great at living by a calendar.
Kelly Kennedy:Okay?
Kelly Kennedy:We have to also hold ourselves accountable.
Kelly Kennedy:It's not, it's not enough just to block the time, right?
Kelly Kennedy:We have to hold ourselves accountable to the time blocks we create.
Kelly Kennedy:We have to hold ourselves accountable to being as efficient as we can in those moments.
Kelly Kennedy:The reality is you can block off time and, you know, I don't know, doom scroll like, you could, you could block off time to do your marketing and doom scroll the entire time.
Kelly Kennedy:It's not enough to block the time.
Kelly Kennedy:We have to hold ourselves accountable to our process week over week, month over month, year over year.
Kelly Kennedy:It's holding ourselves accountable to the process we create and making sure that we are making the most efficient use of the hours of the day that we have that will make you successful over time.
Kelly Kennedy:As an entrepreneur.
Kelly Kennedy:Honestly, every like hour that you can steal back probably puts an extra thousand bucks a month into your pocket over time, if not more.
Kelly Kennedy:We have to get really, really great at using our time as efficiently as possible.
Kelly Kennedy:Mornings.
Kelly Kennedy:Um, I was not always a morning person.
Kelly Kennedy:And I will even say to this day, I'm probably still not a morning person.
Kelly Kennedy:But, but I am not beyond getting up at five in the morning and heading to work to get things done that I need to do that day because they need to get done.
Kelly Kennedy:This definitely happens to me at the end of the month.
Kelly Kennedy:The end of the month for me is a bit of a time crunch.
Kelly Kennedy:There's a lot to do and so I tend to steal some time in the mornings to get these things done.
Kelly Kennedy:Don't be afraid to become a morning person.
Kelly Kennedy:To give yourself an extra two to 3 hours a day.
Kelly Kennedy:It really will become easier over time.
Kelly Kennedy:And you will actually learn to love those mornings.
Kelly Kennedy: There's something about the: Kelly Kennedy:It's so quiet.
Kelly Kennedy:And it doesn't matter whether you're a five or six person family, or two person family, or just by yourself.
Kelly Kennedy: something magical about that: Kelly Kennedy:time.
Kelly Kennedy:It's a quiet, unlike you will get any other time of the day.
Kelly Kennedy:And some of the best work that I get done, I sometimes get done at five in the morning.
Kelly Kennedy:So if you are not currently a morning person, that is okay.
Kelly Kennedy:You may want to try it for a little while.
Kelly Kennedy:And it does get easier over time.
Kelly Kennedy:And guys, don't be afraid to get fractional help if you need it.
Kelly Kennedy:There's this magical thing that happened after Covid, and it's that a whole bunch of fractional positions opened.
Kelly Kennedy:There are fractional hrs that can help you write all the documents you need.
Kelly Kennedy:Fractional safety companies that can help you create a safety program.
Kelly Kennedy:Fractional ctos, fractional CFO's, fractional, you name it.
Kelly Kennedy:You do not have to pay for full time support anymore in almost any position you need for your company.
Kelly Kennedy:And that doesn't matter whether you need documents, whether you need support, whether you need someone to come and investigate something, whatever it is, there is somebody out there who is willing to do it fractionally at a fraction of the cost.
Kelly Kennedy:Guys.
Kelly Kennedy:So don't be afraid if there's things that maybe aren't part of your day to day and now they pop up and you need some extra help.
Kelly Kennedy:Don't be afraid to find that fractional support to take it off your plate.
Kelly Kennedy:You're one person.
Kelly Kennedy:I know, I know.
Kelly Kennedy:You're a superhero, but you're one person.
Kelly Kennedy:We have to get help when we need it.
Kelly Kennedy:Fractional help is available for almost anything that you need, from bookkeeping, to safety, to HR services, you name it.
Kelly Kennedy:Get fractional support.
Kelly Kennedy:There's somebody out there who can help you.
Kelly Kennedy:Lesson four, efficiency is key.
Kelly Kennedy:It's absolutely key.
Kelly Kennedy:Guys always look for a better way to complete a task.
Kelly Kennedy:We live in a time where AI support is out there, where there's computer programs, where there's all sorts of stuff that can make our lives easier.
Kelly Kennedy:Every minute you waste doing a task that isn't critical, that you don't need to do in a slow and unefficient way, is literally robbing from you.
Kelly Kennedy:I want you to remember that your time is that valuable?
Kelly Kennedy:That every single thing you do that is wasting time, that is taking too long is actually robbing you?
Kelly Kennedy:Because there's probably only a handful of things that you do that make the most amount of money, that make 80% of your income.
Kelly Kennedy:It probably comes down to about three or four tasks.
Kelly Kennedy:Anything over and above those three and four tasks are make work projects.
Kelly Kennedy:There's stuff that, yeah, you may have to do, but they don't contribute to the bottom line.
Kelly Kennedy:If you want to make the most amount of money possible as a solopreneur, we have to focus 100% of our time on the three or four actions that make us the most money.
Kelly Kennedy:These are going to be things like your face to face meetings.
Kelly Kennedy:These are going to be things like executing the work that you want.
Kelly Kennedy:These are going to be things like marketing and building your personal brand for the future.
Kelly Kennedy:These things will contribute to dollars and cents returns for you in the future.
Kelly Kennedy:Meaningless meetings trying to find the latest and greatest softwares to help you.
Kelly Kennedy:Things like this, they're great.
Kelly Kennedy:And while they can seem like they may make you money in the future, they are likely not the things that are going to make you the money today.
Kelly Kennedy:And so we have to make sure that with a limited resource of time, with a finite resource, that is our time, that we are making the most of it.
Kelly Kennedy:And we are making sure that we are doing the two or three or four actions that are going to be the biggest revenue generators for us as much as humanly possible.
Kelly Kennedy:And delegating or outsourcing some of these other things that are just time wasters for us, that are just things that do not move the needle.
Kelly Kennedy:Okay?
Kelly Kennedy:And onto that.
Kelly Kennedy:Guys, use AI wherever possible, right?
Kelly Kennedy:AI programs are coming out left and right.
Kelly Kennedy:This is something that even at the start of the show, did really exist.
Kelly Kennedy:It existed, I guess, but not in the way that we have like chat, GPT, and other programs we have now.
Kelly Kennedy:There are so many things right now to save us time.
Kelly Kennedy:And AI is advancing so quickly, so rapidly, that even if there isn't an AI program to support the task you're trying to replace, there's a high chance, and in the next six months, a year, there will be one.
Kelly Kennedy:Keep your ear to the ground and always look for ways that you can use AI to become a force multiplier.
Kelly Kennedy:Companies that learn to use AI effectively now will become leading companies in the future.
Kelly Kennedy:They will outpace the companies that are not willing to take that step today.
Kelly Kennedy:So if you want your company to grow to be a force, to be reckoned with.
Kelly Kennedy:You have to be thinking, how can I use AI to automate these processes?
Kelly Kennedy:How can I use AI to provide a better product and service for my customers?
Kelly Kennedy:The more that we can implement technology to become more efficient, to become more streamlined, to create a better, more effective product, the more successful we will be.
Kelly Kennedy:Long term.
Kelly Kennedy:Use AI where possible, to become a force multiplier.
Kelly Kennedy:Price yourself for results, guys, and not your time.
Kelly Kennedy:This is a problem that almost all consultants, solopreneurs end up in, in the very beginning.
Kelly Kennedy:And what they try to do is they price everything by the hour, guys.
Kelly Kennedy:You are not paid by the hour.
Kelly Kennedy:You are paid for performance, you are paid for a result.
Kelly Kennedy:You have to take yourself and your hourly charges out of the equation.
Kelly Kennedy:Because one, you're an expert in your field.
Kelly Kennedy:What is that worth?
Kelly Kennedy:It is definitely not worth an hourly rate.
Kelly Kennedy:Two, your customers want a result.
Kelly Kennedy:They want an end product.
Kelly Kennedy:They don't want your hours.
Kelly Kennedy:They want a result of some type.
Kelly Kennedy:Price yourself for the result and take the time out of it.
Kelly Kennedy:Why?
Kelly Kennedy:Because one day you might be able to get that result in a fraction of the time and you should be paid respectively for that.
Kelly Kennedy:You should be able to grow your income based on your results, not on the hours in the day.
Kelly Kennedy:Find a way to price your products and services based on the value and the end product for your customer.
Kelly Kennedy:And take yourself off the time hamster wheel.
Kelly Kennedy:The time hamster wheel will limit you long term.
Kelly Kennedy:Learn, learn, and learn some more.
Kelly Kennedy:Okay.
Kelly Kennedy:You were only an expert until yesterday.
Kelly Kennedy:I am only an expert until yesterday.
Kelly Kennedy:Tomorrow's a brand new day.
Kelly Kennedy:There could be a new program that comes out tomorrow that just wipes me off the face of the planet.
Kelly Kennedy:I don't know.
Kelly Kennedy:I have to always be looking for how do I keep myself high value?
Kelly Kennedy:How do I keep my company high value?
Kelly Kennedy:You keep yourself and your company high value by staying current, by learning, by finding techniques to become better.
Kelly Kennedy:This can be checking up on the latest technology.
Kelly Kennedy:This can be reading self help books.
Kelly Kennedy:This can be reading business books.
Kelly Kennedy:This can be just working to get 1% better every day.
Kelly Kennedy:1% better.
Kelly Kennedy:Every day is over 300% better over the course of a year.
Kelly Kennedy:Think about that.
Kelly Kennedy:It's huge.
Kelly Kennedy:And guys, one of the best pieces of advice that I can give you today is in regards to your meetings.
Kelly Kennedy:We have been accustomed to 1 hour meetings, okay?
Kelly Kennedy:1 hour meetings are a gigantic waste of time.
Kelly Kennedy:The next time you are sitting in a 1 hour meeting, I want you to pay attention to how much is actually said in that meeting.
Kelly Kennedy:How much progress is actually made.
Kelly Kennedy:And then ask yourself, could this meeting have been done in 30 minutes?
Kelly Kennedy:The answer 99.999% of the time, the meeting could have been done better in 30 minutes, more effectively in 30 minutes and made more progress.
Kelly Kennedy:And what happens if you have consistently 30 minutes meetings instead of 1 hour meetings?
Kelly Kennedy:You can book twice as many meetings and be twice as effective.
Kelly Kennedy:Book twice as many meetings.
Kelly Kennedy:Book twice as many clients.
Kelly Kennedy:Guys, start booking 30 minutes meetings.
Kelly Kennedy:I want you to just erase 1 hour meetings if you have to at the end of the 30 minutes meeting and you're like, I didn't get to the end of this.
Kelly Kennedy:Book another 30 minutes meeting.
Kelly Kennedy:But guys, 99% of the time, you're going to be able to have an extremely effective meeting in 30 minutes and respecting your time, put more money back in your pocket.
Kelly Kennedy:And guys, that one piece of advice could make you a million dollars one day.
Kelly Kennedy:I kid you not.
Kelly Kennedy:It's, uh, it's ridiculous.
Kelly Kennedy:We do nothing, need 1 hour meetings unless it is absolutely critical.
Kelly Kennedy:30 minutes, especially for introduction meetings will be enough.
Kelly Kennedy:Lesson five, dedicate one day a week to your business development.
Kelly Kennedy:Guys, if we are solopreneurs, sole proprietors, consultants, we have to still do business development.
Kelly Kennedy:And if we try to just squeeze it in where it fits, guys, it's never going to be done effectively.
Kelly Kennedy:We have to dedicate one day a week to business development.
Kelly Kennedy:So today, if you do not do this, I want you to pick a day a week.
Kelly Kennedy:I don't care what day a week it is.
Kelly Kennedy:Monday, Tuesday, Wednesday, Thursday, Friday, I don't care, whatever.
Kelly Kennedy:But it's got to be a weekday.
Kelly Kennedy:And dedicate one day a week to your business development efforts.
Kelly Kennedy:And what do you do?
Kelly Kennedy:You follow the active marketing process.
Kelly Kennedy:Guys, you can go back.
Kelly Kennedy:I have so many episodes on active marketing and the active marketing process.
Kelly Kennedy:We have to make sure that we are sending our 100 LinkedIn invites a week to potential clients, to positions in companies we want to work at, that we know buy our product and service.
Kelly Kennedy:We need to be sending 100 invites every single week and growing our social contact list.
Kelly Kennedy:Okay?
Kelly Kennedy:It is absolutely critical that we are keeping our digital introduction funnels full and we are sending 100 invites and then sending, obviously after that, digital introductions to each one of the invites who accept the connection.
Kelly Kennedy:And over time, we're building a massive funnel of people who not only see our content on LinkedIn, but people who can also buy our products and services over time.
Kelly Kennedy:We have to make sure that we are making at least 20 calls per week to potential clients and working to book meetings we have to dedicate that time.
Kelly Kennedy:Guys.
Kelly Kennedy:We can't just give up and say the clients we have are good enough.
Kelly Kennedy:Why?
Kelly Kennedy:Because your clients can leave at any time for any reason, and you can't afford to not have clients.
Kelly Kennedy:As a solopreneur, you have to always have consistent income coming in.
Kelly Kennedy:Why?
Kelly Kennedy:Because that money is paying for your bills, your company, your truck, your family, your house.
Kelly Kennedy:You cannot let this slip.
Kelly Kennedy:You have to always have opportunities waiting for you, not you waiting for opportunities.
Kelly Kennedy:We do this by never stopping the business development process and dedicating one full day a week to it.
Kelly Kennedy:Okay?
Kelly Kennedy:And I want you guys to make at least 20 calls on that one day every single week as a solopreneur to make sure that we are booking meetings that can lead to opportunities over time.
Kelly Kennedy:I want you guys also to check out the proposal playbook series that I created.
Kelly Kennedy:Guys, it's a four part series, and it talks about creating effective proposals.
Kelly Kennedy:Remember, if we are booking meetings, if we're talking to clients and we have a product and service we're selling, eventually they're going to say, send us a proposal, and making sure that we do these proposals effectively, that we are showing them how we are either going to save them money or make them money from our product and service.
Kelly Kennedy:It's absolutely critical to getting what we want in our proposals.
Kelly Kennedy:Guys, check out the proposal playbook, four part series, back in the catalog.
Kelly Kennedy:Work to build your personal brand and become a thought leader.
Kelly Kennedy:As a solopreneur, that's what you are.
Kelly Kennedy:You are a personal brand.
Kelly Kennedy: our heads around that, but in: Kelly Kennedy:We have to become thought leaders in our fields.
Kelly Kennedy:We have to become valued experts in our fields.
Kelly Kennedy:And yes, that value also comes from people getting to know us as people, building trust with us as people, relating to other people, showing them that you're human, too, and you run into challenges and struggles just like everyone else.
Kelly Kennedy: uilding our personal brand in: Kelly Kennedy:It's mandatory.
Kelly Kennedy:And a lot of companies just think that that's all they have to build is their corporate brand.
Kelly Kennedy:But no, people want to know not only the companies, but the people who stand behind them, the people who lead them.
Kelly Kennedy:We have to become thought leaders and experts in what we do.
Kelly Kennedy:Heck, why even become a solopreneur if you don't want to become the best person you can be?
Kelly Kennedy:If you don't want to become a leader in that field of business.
Kelly Kennedy:Guys, there's no point if you were going to be an entrepreneur, work to become the leader in your field, work to become a thought leader, work to build your personal brand.
Kelly Kennedy:It is worth it.
Kelly Kennedy:And guys, just one last tip.
Kelly Kennedy:And this is for a digital world.
Kelly Kennedy:In a digital world, we all think, well, we have all of our notes and everything on our computers.
Kelly Kennedy:We're using our CRMs and whatever else.
Kelly Kennedy:I highly, highly, highly encourage you guys to also use a notebook and physically take notes when you're in meetings.
Kelly Kennedy:When you're writing your things to do today, when you're writing the clients, you want to contact the meetings themselves.
Kelly Kennedy:Take notes during the meetings.
Kelly Kennedy:There's something really, really powerful about taking physical written notes.
Kelly Kennedy:And even though I've had access to computers for the better part of my entire career, to be able to do it to this day, I still take notes.
Kelly Kennedy:I still write a things to do today list, and I write the top five things I want to do today.
Kelly Kennedy:I write my digital introductions down.
Kelly Kennedy:I write each call down as I go down, and yeah, I enter them into the computer later, sure.
Kelly Kennedy:But I still have physical notebooks.
Kelly Kennedy:And guys, they are powerful.
Kelly Kennedy:Being able to write the top things to do today.
Kelly Kennedy:There's something about writing them that just makes them happen.
Kelly Kennedy:And as solopreneurs, we need to make shit happen.
Kelly Kennedy:We have to make things happen.
Kelly Kennedy:Start taking real notes, write a top things to do today and watch your world change.
Kelly Kennedy:You will become better for it.
Kelly Kennedy:Guys, there's some pitfalls that we really have to avoid as solopreneurs, okay?
Kelly Kennedy:We've never lived in a time when it's easier just to put it all down and walk away and watch tv or doom scroll on Facebook, LinkedIn, Instagram, whatever it is.
Kelly Kennedy:We have to, have to, have to have self control in these areas.
Kelly Kennedy:We have to get better with it.
Kelly Kennedy:And I know you know what I mean, I'm not perfect.
Kelly Kennedy:I still do scroll sometimes.
Kelly Kennedy:Like we're all in that mess, we're all playing it.
Kelly Kennedy:But every time we do that, we're taking time from the things that actually move the needle for us.
Kelly Kennedy:We have to have to make sure that we are taking control of our actions.
Kelly Kennedy:If you want to set some time aside during the day to check your LinkedIn and do the doom scrolling, absolutely, absolutely do it.
Kelly Kennedy:But try to commit to the other tasks you've blocked time off for and get to the other things later.
Kelly Kennedy:If we can just focus in on one task for an hour, you will be surprised at how much you get done.
Kelly Kennedy:It's focus.
Kelly Kennedy:We have to focus.
Kelly Kennedy:If we can focus on what we need to do by doing the time blocking and then by actually committing to getting it done, you are going to become infinitely more productive.
Kelly Kennedy:We have to watch out for meaningless meetings.
Kelly Kennedy:Meaningless meetings are like the bane of existence for solopreneurs.
Kelly Kennedy:Guys, every meeting has to matter.
Kelly Kennedy:I want you to think about this before you just book an introduction with somebody.
Kelly Kennedy:Make sure that if you were going to take a half hour of your time to meet with someone, that it is going to be productive.
Kelly Kennedy:Otherwise, schedule it off.
Kelly Kennedy:Business time.
Kelly Kennedy:Schedule it at a time.
Kelly Kennedy:That's your free time, whatever.
Kelly Kennedy:If you just want to meet with somebody to meet them, if it is not going to be productive to your business, to your day to day, to the things that are going to move the needle for you today, do not book that meeting during effective work time.
Kelly Kennedy:Okay?
Kelly Kennedy:You absolutely have to avoid meaningless meetings.
Kelly Kennedy:Burnout.
Kelly Kennedy:Burnout's real.
Kelly Kennedy:We have to be very, very careful with burnout.
Kelly Kennedy:It sneaks up on us, especially as solopreneurs, especially doing way too much committing to too much, trying to get things done, hitting deadlines, whatever else, burnout is real.
Kelly Kennedy:Find ways to take a break.
Kelly Kennedy:Find ways to give back to yourself, to replenish your soul.
Kelly Kennedy:Okay?
Kelly Kennedy:These are things we have to do.
Kelly Kennedy:We have to find ways to take a breath.
Kelly Kennedy:Whether that's a walk at the end of the day with your wife or your husband, whether that's, you know, going to the park with your kids, whether that's going swimming, whether that's working out, whether that's just praying, whatever you need to do, find the thing that is going to replenish you.
Kelly Kennedy:Because if you don't, you will hit a wall.
Kelly Kennedy:And if you hit a wall, it's very, very hard to get back up on your feet.
Kelly Kennedy:Long distance travel, guys.
Kelly Kennedy:I see you guys traveling all around the country for like a single meeting and it took you three days to do it.
Kelly Kennedy:It's not worth it.
Kelly Kennedy:It's not worth it unless you know you are going to get business from it.
Kelly Kennedy:Make sure that we are not traveling needlessly.
Kelly Kennedy:Make sure that every single minute you are traveling that it is for a reason, that it is effective, that it is going to move the needle for you.
Kelly Kennedy:You don't needlessly travel, don't needlessly attend trade shows, don't needlessly attend events unless you know for a fact they are going to move the needle for you.
Kelly Kennedy:We waste so much time as entrepreneurs.
Kelly Kennedy:We think that we have to show up to every single networking event, every single conference, every single event, every single trade show, guys, half of its bullshit, half of it doesn't do anything for you whatsoever other than burn your money.
Kelly Kennedy:Okay?
Kelly Kennedy:Make sure that if we are traveling, especially anything that's going to take a day, two days, three days or more, that you are absolutely, absolutely going to get financial reward from it.
Kelly Kennedy:If you are not, I would highly, highly, highly consider turning it down.
Kelly Kennedy:Turning it down and sticking to what you know will move the needle.
Kelly Kennedy:Guys, there's a ton of events and a ton of trade shows I do not attend.
Kelly Kennedy:Why?
Kelly Kennedy:Because I know for a fact I would enjoy them.
Kelly Kennedy:But they will not move the financial needle for my business.
Kelly Kennedy:They will not move the financial needle for me and my family.
Kelly Kennedy:These are things you have to consider.
Kelly Kennedy:You have to consider what is going to be a move the needle moment and what is going to be a waste of time moment.
Kelly Kennedy:And unfortunately, guys, a lot of these events, they're not designed to move the needle.
Kelly Kennedy:They're just not.
Kelly Kennedy:They're not.
Kelly Kennedy:There's too many variables.
Kelly Kennedy:You don't know who's going to be there and now you have to walk around a room trying to meet new people.
Kelly Kennedy:This is not typically a recipe for success, right?
Kelly Kennedy:There's a much better recipe for success when you can know who at a company buys your products and services, target them directly over LinkedIn, book a real face to face meeting with them and ask them for business.
Kelly Kennedy:At least you know those people can offer you a job, can offer you a project.
Kelly Kennedy:All right?
Kelly Kennedy:Being an entrepreneur is absolutely amazing.
Kelly Kennedy:Be confident, believe in yourself, do great work, and above all else, treat your time like it is worth $1,000 an hour.
Kelly Kennedy:And one day it will be.
Kelly Kennedy:Shoutouts this week.
Kelly Kennedy:Daveed Henriquez, Colin Harms, Deanna Keen, David Whitaker, Lauren Graff Tatsiana Zamedalina, Diane Damaso, Damien Benvenist, Jamar Jones, Helen Yu Damon Pistolka, Amirabas Murakorlu, Tarek Rabani, Susan Paseka, Rodney Lover, Brian Mushemi, Ricardo Flores, Ken G.
Kelly Kennedy:Vijayan Swami Nathan, Brian Hayes, Stuart Muralski, Dawn Osland and Naaman Tosh Niwal until next time, this has been the business development podcast and we will catch you on the flip side.
Host:This has been the business development podcast with Kelly K.
Host: business development firm in: Host:His passion and his specialization is in customer relationship generation and business development.
Host:The show is brought to you by capital business development, your business development specialists.
Host:For more we invite you to the website at www.
Host:Dot Capitalbd ca.
Host:See you next time on the Business Development podcast.
