Summary

The article discusses the importance of managing growth and setting boundaries as a solopreneur to maintain personal well-being and happiness.

Abstract

The article emphasizes the challenges and lessons of solopreneurship, highlighting the story of Vanessa Lau as a cautionary tale of burnout despite financial success. It suggests that solopreneurs should aim for sustainable growth rather than chasing endless expansion, referencing Paul Jarvis's concept of a "Company of One." The author reflects on their own experience of reaching six figures and the subsequent stress, leading to a reevaluation of business goals. The article advocates for setting a profit cap, such as $500K per year, to prioritize life quality and introduces "The Wince Test" as a method for selecting projects that align with personal values and happiness.

Opinions

Solopreneurs should question the assumption that growth is always beneficial and consider the impact of expansion on their personal lives.
The author initially struggled with the idea of limiting business growth but came to understand the value of a sustainable income that doesn't compromise well-being.
Vanessa Lau's experience serves as a powerful example of the need to balance ambition with self-care to avoid burnout.
The article promotes the idea that solopreneurs can achieve success by staying small and focusing on the quality of work and life satisfaction.
"The Wince Test" is presented as a practical tool for solopreneurs to evaluate opportunities based on personal reaction and alignment with their core values.
The author encourages readers to reject projects and advice that don't resonate with them and to embrace opportunities that excite them, even if they feel out of reach.
The article suggests that financial success should not come at the cost of mental health and that solopreneurs should prioritize their well-being above all.

The Hidden Trick to Being A Rich and Happy Solopreneur.

I’ve adjusted my financial goals.

One-person businesses are becoming the norm, not the exception.

Even Google is working with more freelancers than employees.

But from a human perspective, solopreneurship is still new.

We’re still learning to deal with being our own bosses and being good to ourselves. Setting boundaries but also doing good work. Striving to grow, but also grow the right way.

There’s just a lot to unpack — but what I want to talk about today is growth.

A one-person growth story that serves as a lesson.

Have you heard of Vanessa Lau? I hadn’t until a few days ago, yet now, she’s all I can think about.

Her story needs to be taught in solopreneurship schools if there ever are some.

She’s a multiple 7-figure solopreneur-turned-business-owner with 275K followers on Instagram who recently almost closed down shop.

Here’s the message she posted across multiple social media platforms:

In short, she’s closing down her signature coaching programs, giving up speaking engagements, downsizing her team from 9 people to just 1 person, and trading her Porsche for a more viable option.

You can feel both the burnout in her message, can’t you? The burnout and the strength it takes.

“I stepped down from all my speaking engagements, including the ones that I’ve had on my vision board since I started this business.”

Wow!

This reminded me to remind you…

“Company of One” was published in 2019 in 20+ languages across the globe. Its author, Paul Jarvis, is featured in Bloomberg, The Financial Times, Forbes, CNBC, USA Today, and more.

So what I’m about to tell you, it doesn’t come from me, a digital no one. It comes from someone who’s the real deal.

In “Company of One,” Jarvis makes a simple statement: “A company of one is simply a business that questions growth.”

“There’s a core assumption that growth is always good, is always unlimited, and is required for success. This fetishization of wanting more is and empty promise of happiness and fulfillment that never seems to come to fruition. If you are a company of one, your mind-set is to build your business around your life, not the other way around.” — Company of One: Why Staying Small Is the Next Big Thing for Business

When I first heard of this a few years ago, I was too driven to understand it. In the book, Jarvis argues that solopreneurs should limit their growth to $500K per year (and gives as an example Psychotactics, a company-of-one run by Sean D’Souza).

I was like, what? Why? Why limit my growth? Why not be a millionaire? A multi-millionaire?

I’m not saying I will be, but if I can be, why not?

Then I understood why not.

Until recently, my goal was $1 million per year.

Last year was the first year ever that I reached six figures, and it was… How do I put this? Bordering on suicidal.

Since most of my income came from copywriting clients, I had to hire some help for all the writing that had to get done. Managing people, tight deadlines, content creation efforts, and motherhood was insane.

And I wasn’t even making that much. Sure, I had marketing & pricing problems, I know — but still. My God!

Then I remembered the $500K rule, and it suddenly started to make sense.

I’m making the same profit this year but having much more fun.

Now, it’s just me, my husband, and AI. It works. We restructured our offerings a little, and it gave me time to pursue my content creation dreams on top of working with clients (which I still love to do within reason).

I still see opportunities to make insane amounts of money. Honestly, this is the best time in the history of humanity to be a writer & a solopreneur. I feel like I hit the jackpot.

But also, I don’t want a jackpot that will drive me crazy.

If you want to be a successful solopreneur, limit growth.

I know it sounds counterintuitive, but it makes perfect sense because it’s just you. Even if you have a helper, like me and Vanessa Lau, a one-person business is about you.

You’re the brand.

You’re the engine.

It’s. On. You.

And it’s on me.

And you know what? I can live a pretty good life with $500K per year. In fact, I’ve made it my goal to reach $500K per year while keeping my sanity and enjoying life.

When I say it’s my goal, I don’t mean it’s a milestone. It is the goal.

So, I came up with The Wince Test.

The wince test.

A couple of weeks ago, I said no to a $50K long-term client. I had the meeting, and then I felt myself wincing.

Great opportunity and all, but a wince? I knew I had to decline — and it became the ultimate test.

Every time I hear about a new way to make money, I run it through the wince test. I imagine working on it, and if it makes me wince, it’s not for me.

This one great life won’t be spent wincing. It will be spent writing and loving it all.

Maybe you don’t have Vanessa Lau’s problems yet, or even mine.

Still, create the right mindset now. Say no to projects you don’t really want to work on. Say no to advice that’s not your thing.

Say YES to opportunities that excite you, even if you’re not sure you have what it takes (which you do, but that’s another story).

Or maybe you do have Vanessa Lau’s problem? Then stop now, before it’s too late.

Don’t let stress destroy you. You destroy stress.

Final Words:

As much as I enjoy growing my wealth, I also realize that there’s a point of diminishing returns if I don’t take care of myself and my well-being. — Paul Jarvis

Take care of yourself first & let the other ones grow as much as they want to.

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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.