How to Avoid the FOSU Trap and 7 Lessons for First-Time Solo Business Owners

Transcript of my newsletter from 23rd November

Hey there,

When I first started out, I had to take any business that came my way – and many new solo business owners are in the same position!

As a result, I often suffered from FOSU – because I didn’t want to risk losing the business.

And that stressed me out more times than I care to remember.

This week’s links go to an article on the importance of avoiding the FOSU trap, plus why you should avoid mixing business and personal finances, 7 important lessons for new solo business owners and 4 tools you will need.

Why and how to avoid the FOSU trap

The pressure to take any and all projects, and put up with all sorts of requests, when you first start out, just so you can pay the bills, is huge for many first-time solo business owners.

I remember those times like they were yesterday, even though they are now more than 10 years in the past!

Here’s how to avoid some of that stress:

How to avoid the FOSU trap

Why you should not mix personal and business finances

I covered this in my solo business tutorial.

Here are views and comments from 14 experienced solo business owners, accountants and consultants, on how important it is to keep your personal finances separate from your business finances.

14 Insights into why you should separate your business and personal finances

7 lessons from first time solo business owners

The heady feelings as you launch your new solo business can often obscure some realities that would better prepare you for the journey ahead!

Here are 7 different lessons that successful solo business owners learned the hard way:

7 valuable tips for first-time solo business owners

4 tools that all new solo businesses will need

These four tools are really indispensable for any solo business, and I covered two of them in my solo business tutorial.

As I covered in that, the key to growing a successful business is knowing your ideal customer and knowing what their key pain point is, so you can develop a solution they will willingly buy.

These tools are an essential part of being able to do that:

4 essential tools for all solopreneurs

Fun flashback

The Moody Blues had a loonngg career! From their early hits like ‘Go now’ through to this one in the mid-70s – Nights in White Satin – they are still a favourite of mine:

If you’d like to browse through previous newsletters you can find them all here.

If there’s someone you know who’s thinking about starting a solo business, or struggling to get one going, please forward this email to them.

And, if you received it as a forward from someone else, why not join us?

OK, let me know if you have any questions, thoughts or comments (just hit Reply), and have a great week!

Best,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.