Sirwin
Sirwin

A simple way to become a solopreneur


A solopreneur is an entrepreneur, who does not have business partners and employees and who runs a micro business.

Many experts agree that to start a micro business a person needs three elements:

-products/services to sell;

-customers who buy the products/services;

-a way to collect payments from the customers.

In practice, problems start with the first element -products/services. Majority of people do not have unique products/services to differentiate themselves from competitors. Selling products/services which are similar to competitors products/services, often, is a high risk strategy with low chances to win in a competition with big businesses.

In this post, we consider a practical way for an ordinary person, with some previous experience, to start a micro business with unique products/services.

A person with some experience, in some business field, has knowledge of problems that exists in this business field and has some network of useful contacts. Therefore, if this person will find products or services, which will solve the problems, she/he will be able to start a micro business that provides the solutions. Let us consider some examples.

 

Example 1.

Ms. X had worked for a corporation, which supplied products to 500 pharmacies worldwide. She was laid off without an adequate financial compensation. Ms. X has some relationships with pharmacists of the 500 pharmacies and she wants to start a micro business, which will monetize the relationships with these pharmacists.

To find unique products/services, which may be of interest to pharmacies, Ms. X searches for products and services of micro businesses with income sharing programs, because many micro businesses with income sharing programs (ISPs) have unique products or services.

After some time spent on the search, Ms. X found “Mtest advanced” -a tool to estimate a probability of having a medical condition based on results of medical tests (see [1]). Ms. X knows that pharmacists, often, are asked by clients questions such as: “What is a probability to have a medical condition based on numbers of positive and negative medical tests?”. But pharmacists can not answer such questions and refer clients to their family doctors. People prefer to have answers on their questions instead of been redirected to someone other (who is very busy often) to get the answers. This is the problem that exists. Ms. X sees that “Mtest advanced” will solve this problem for pharmacies.

Ms. X contacts all 500 pharmacies to learn if they will be interested to have such tool (“Mtest advanced”) be available to their clients for a fixed price of $300 per year. 400 pharmacies from 500 agree to have such tool if Ms. X also provides support services to their clients (explaining how to correctly use the tool, etc.) for additional $100 per year. They believe that such tool will be useful to their clients and make them more loyal to their businesses.

The final step for Ms. X is to make an agreement with the ISP organizer for “Mtest advanced” that she will be able to participate in the ISP with 30% from each sale and pharmacies will be able to provide access to the tool to their clients. After making such agreement, Ms. X refers 400 pharmacies as customers of “Mtest advanced” to the ISP organizer, collects 30% commissions in the amount of $36,000 and also $40,000 from pharmacies for support services to their clients. In total Ms. X has income of $76,000 per year from her own micro business with the unique product (“Mtest advanced”) and service (Ms. X support of the pharmacies’ clients). In this way Ms. X started her SAAS micro business, which allowed her to monetize her experience and knowledge.

 

Example 2.

Mr. Y had worked for a publishing company. He was responsible for writing reviews of over 2,000 healthy food stores during his employment. He was laid off without an adequate financial compensation. Mr. Y has some relationships with managers of over 2,000 healthy food stores and he wants to start a micro business, which will monetize these relationships.

To find unique products/services, which may be of interest to the healthy food stores, Mr. Y searches for products and services which relate to foods, health, and medicine.

After some time spent on the search, Mr. Y found “SFL” -a tool to list healthy super foods having positive results for a given medical condition (see [2]). Mr. Y knows that some clients often ask questions about lists of healthy foods for a given medical condition, but sales people in the stores can not give answers and in the best case refer clients to books or sites on internet. This creates inconveniences for clients, who want fast answers, but do not want to spend time on searching the required information in books or on internet. This is the first problem that exists. High costs of drugs forced many people to look for foods substitutes as cures. This is the second problem that exist. Mr. Y sees that “SFL” will solve these problems for healthy food stores and their clients.

Mr. Y contacts over 2,000 healthy food stores to learn if they will be interested to have such tool (“SFL”) be available to their clients for a fixed price of $250 per year. 1,900 stores agree to have such tool. They believe that such tool will be useful to their clients and make them more loyal to their businesses.

The final step for Mr. Y is to make an agreement with the “SFL”provider that he will be able to have 30% commissions from each sale and the healthy food stores will be able to provide access to the tool to their clients. To reduce a reliance on the provider, Mr. Y wants that the healthy food stores withdraw 30% on his behalf from payments to the provider. After making such agreement, Mr. Y refers 1,900 stores, as customers of “SFL”, to the provider, and collects 30% commissions in the amount of $142,500 from the healthy food stores. Now Mr. Y has income of $142,500 per year from his own micro business with the unique product (“SFL”).In this way Mr. Y started his micro business, which allowed himto monetize his experience and knowledge.

 

Example 3.

Ms. Z had worked as a cyber security consultant for over 20 years in a big company. She was laid off

without an adequate financial compensation. Ms. Z has some relationships with owners of over 2,000 small businesses (to which she provided consulting services) and she wants to start a micro business, which will monetize these relationships and her experience and knowledge.

Ms. Z knows that many users do not trust traditional passwords managers to store their online passwords (in encrypted files) and do not find them convenient to manage and change multiple passwords for multiple accounts. Also she noticed that many users are worried about capacities of quantum computers to break encryption (on which security of traditional passwords managers is based). She searches for simple and secure solutions to manage and change multiple online passwords for multiple accounts and which will be secure in the era of quantum computers. After some time spent on the search, she found www.dynpass.online. Ms. Z believes that this tool will solve the problems that exist with traditional passwords managers. The generated on demand dynamical passwords are not stored in any place, are not dependent on encryption, therefore they will be secure in the era of quantum computers. After receiving confirmations from randomly selected business owners, that they will be interested in the solution, she develops online courses to teach users how to use the tool in simple, efficient and convenient ways.

Ms. Z contacts 2,050 small business owners to learn how many will be interested in her online courses (to their employees for $100 per year). 1000 owners agree to buy her online courses.

Now, Ms. Z has $100,000 income per year from her micro business, providing online courses and webinars to the small businesses.

 

Example 4

Ms. W had worked for a big company as a meeting organizer for business women. She was laid off during the covid-19 lock-down, without an adequate financial compensation. Ms. W has some business relationships with 2,000 business women and wants to start a micro business to monetize these relationships.

From her experience, Ms. W noted that business women often forgot or lost their portable wireless keyboards and she searches for a simple solution to this problem. After some time spent on the search, she found a simple solution (see [3]). To test the idea, she buys a women business blazer on amazon.com for $30 and a mini portable wireless keyboard for $15. She attaches the keyboard to the right sleeve of the business blazer and makes a video on how to use it. She sends the video to 10 business women to see if there will be demand for such blazer. To her surprise, all women liked the blazer and agreed to buy it for $70 and to recommend it to their friends, relatives and colleagues.

In the first year Ms. W sold 3,000 such business blazers for a profit of $60,000. To grow her micro business she makes more videos and upload them to youtube.com, where the videos go viral.

 

Example 5

Mr. Q worked as a clerk in a law firm. The company specialized in helping crypto investors to recover some loses from hacked crypto accounts. Mr. Q had developed good relationships with many clients before he was laid off.

Mr. Q decided to start his own micro business to help crypto investors prevent losses due to hacked accounts on crypto exchanges. After some time spent on searches, he found generated on demand (GOD) crypto wallets (see [5]). Mr Q. contacted the clients to ask if they will be interested to learn how to prevent losses by using generated on demand crypto wallets. After receiving many positive responses, Mr. Q developed an online course to teach crypto investors the new method. In the first year, 371 persons participated in his online courses and they generated income of $37,100. In the second year, 489 persons participated in his online courses and they generated income of $48,900. As more and more people want to learn how to prevent losses in crypto investment, Mr. Q micro business has a stable growth rate.

 

Example 6

Ms. V worked in a school as an expert to resolve conflicts among children in families with many children. After she was laid of, she decided to start a micro business to help families with many children in preventing conflicts.

After some searches on internet she found a game of friendly arbitrage (see [6]), which allows people with opposite views to bet on their positions with chances to win financial rewards. This allows to prevent conflicts among people and children with different and opposing views.

Now, Ms. V gets income higher than she had during her employment, from her consulting and educational services micro business.

 

Example 7

Mr. T was laid off from a university, where he worked as a technician. His girl friend suffered from depression during the covid-19 lock-down. This sparked an idea in Mr. T’s mind to develop a device, which prevents spreading of harmful pathogens (viruses, bacteria, etc.) in public and private places. If such devices would be installed in public places they would neutralize or destroy all harmful pathogens, therefore there would not be a need for lock-downs.

After some time spent on searches of different methods, Mr. T found an attractive solution (see [7]). Mr. T contacted several municipalities to learn if they will be interested to buy such devices. After receiving positive confirmations, Mr. T developed the devices and started to sell them to different organizations. Now, Mr. T has his own micro business which generates stable income for Mr. T and his girl friend.

 

Example 8

Ms. H was commodity trader before she was laid off. She noticed that many traders lose money because they incorrectly interpret the basic axiom of trading: “you have to be right more than you are wrong”. Majority of people interpret the axiom with incorrect meaning: “you have to be right more times than you are wrong”. The correct interpretation is: “as your wrong trades loses, on average, less than your right trades gains, over long run you will have positive return on investments”.

Ms. H searches for tools to help traders correctly determine sizes of trades with respect to risks and probabilities. She finds [9] and believes that this tool will help to solve the problem. She develops online courses to teach traders how to use the tool correctly and make optimal trading strategies.

Now, Ms H has income from her micro business twice as large as she had when she was employed.

As we can see, the key elements of this method are:

-identify a problem that exists and some people who are willing to pay for a solution to the problem;

-develop the best solution;

-negotiate and make mutually beneficial deals with all stakeholders.

In some cases there are simpler methods, for example a method where a person leverages the network of contacts. Let us consider one example.

Ms. K was a risk analyst before she was laid off. She developed good relations with traders and want to start a micro business by leveraging these relations.

After spending some time on searches of attractive methods of trading, she found triangle arbitrage (see [8]). She makes agreements with traders that they provide her with zero commissions trading channels in return for sharing some profit from the triangle arbitrage. Now Ms. K has a micro business by using triangle arbitrage to generate a stable income stream.

Unfortunately, it is not possible to use this method in all cases. The good news is that the previous method is applicable almost to all cases.

If you have no significant experience and/or a network of useful contacts then you can leverage those of your friends, relatives, social networks, etc.

Know a problem some people want to solve? Post it here. You will get a lot of suggestions from Publish0x community.

 

 

 

References

 

[1] A simple way to correctly interpret results of diagnostic medical tests or procedures

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-correctly-interpret-results-of-medical-diagn-xmypyxz

[2] Simple super food lists

https://www.publish0x.com/simple-solutions-to-complex-problems/simple-super-food-lists-sfls-xpzjkrq

[3] A simple way to solve the problem of lost or forgotten portable wireless keyboards.

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-solve-the-problem-of-lost-or-forgotten-porta-xdgjmrx

[4] A simple way to invest into micro businesses

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-invest-into-micro-businesses-xyekkzj

[5] A simple way to have a generated on demand (GOD) bitcoin wallet

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-have-generated-on-demand-god-bitcoin-wallets-xeedkxx

[6] Friendly arbitrage

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-make-money-by-means-of-friendly-arbitrage-xvyxvyy

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-procedure-to-practice-friendly-arbitrage-xxykqox

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-introduce-cashbacksrebates-into-friendly-arb-xglkgex

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-decipher-the-king-solomon-s-proverb-xgjjmpo

[7] A method to prevent spreading of harmful pathogens in public and private places

https://www.publish0x.com/simple-solutions-to-complex-problems/a-simple-way-to-prevent-spreading-of-harmful-pathogens-in-pu-xlzrgjr

[8] Practical data science and optimization: web scraping of crypto prices

https://www.publish0x.com/practical-data-science-and-optimization-in-example/practical-data-science-and-optimization-web-scraping-of-cryp-xozrjdl

[9] Optimal investment strategies

https://www.publish0x.com/simple-solutions-to-complex-problems/simple-optimal-bettinginvestment-strategies-xrnvojr

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I_g_o_r

I am curious about science, technologies and their applications to solving real problems.


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