The rise of solopreneurs in the U.S. has reached 41.8 million, representing 85.8% of small businesses. However, a significant portion of these businesses fails early, with 21% failing in the first year and 50% within five years. Common pitfalls include not having a formal business plan and neglecting marketing efforts. To improve their chances of success, it's crucial for solopreneurs to work with structured plans and prioritize marketing strategies, ensuring they stay focused and competitive in their respective markets.
Stop working without a plan. Without a formal business plan, solopreneurs often find themselves pursuing the wrong opportunities, reducing profits and jeopardizing their business.
Cutting back on marketing when budgets are tight can have detrimental effects on solopreneur success. Marketing should remain a priority for growing a one-person business.
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