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#136: Tactical Tuesday: The Pros & Cons of Being a Solopreneur

Healthcare Entrepreneur Academy Podcast

Release Date: 11/10/2020

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OVERVIEW:

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:

  1. The pros of being a solopreneur include writing off business expenses, having a flexible schedule and having more control over your hourly rate. 
  2. The major drawback of being a solopreneur is it can cap your income, which is dependent on whether or not you work.
  3. 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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