#136: Tactical Tuesday: The Pros & Cons of Being a Solopreneur
Healthcare Entrepreneur Academy Podcast
Release Date: 11/10/2020
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info_outlineOVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the advantages and disadvantages of becoming a solopreneur.
EPISODE HIGHLIGHTS:
- A solopreneur is similar to an independent contractor, which includes workers like website developers, plumbers and healthcare workers who receive a 1099.
- Some of the pros of being a solopreneur are you can take advantage of write-offs, work a flexible schedule and establish your own hourly rate.
- Jason shares an example of how to evaluate your income potential as a self-employed practitioner. This includes looking at the profit per patient, how many patients are seen per day and how many hours are worked.
- Once earnings are calculated, focus on either charging more per patient, seeing more patients or reducing your expenses to increase revenue.
- What is capped income?
- One of the cons of being a solopreneur is it takes a lot of work to get started and run the business. If you take a vacation, you have no money coming in.
- When should you consider hiring a team?
- The goal is to produce multiple revenue streams that can operate without you.
- Jason’s closing advice is to start out as a solopreneur, learn your business, scale the business, build a team and implement processes to increase efficiency.
3 KEY POINTS:
- The pros of being a solopreneur include writing off business expenses, having a flexible schedule and having more control over your hourly rate.
- The major drawback of being a solopreneur is it can cap your income, which is dependent on whether or not you work.
- Being a solopreneur requires hard work - and if you want to scale up, you’ll need to think about building a team to improve your business model.
TWEETABLE QUOTES:
“(As a solopreneur) technically you own your own job, you don’t really own a business - you are self-employed." - Jason Duprat
RESOURCES MENTIONED:
Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/
Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/
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